Tanzania’s current account deficit narrowed by 9.5 percent in the year to May due to higher tourism arrivals and agricultural output amid a drop in imports, the central bank said yesterday.
The deficit narrowed to $3.98 billion (R40bn) in the 12 months to May from $4.38bn during the same period a year earlier.
The bank did not quantify it as as a percentage of gross domestic product.
“The overall balance of payments recorded a surplus of $652.8 million compared with a deficit of $44.3m recorded in the year ending May 2012,” the Bank of Tanzania said in its latest monthly economic report. – Reuters