Tanzania to rebase its GDP data

Tanzania’s government expects the size of the economy to grow by 20 percent after rebasing its gross domestic product (GDP) data to factor in expanding industries such as mining and natural gas. The revised figures would be released in September, Daniel Masolwa, a manager at the National Bureau of Statistics, said yesterday. He said the base year for computing economic output would be changed to 2007 from 2001. Mining accounts for 4 percent of its GDP although it is Africa’s fourth-largest gold producer. Tanzania, which has natural gas reserves estimated at 50.5 trillion cubic feet, is building a pipeline and plans to develop a liquefied natural gas plant to become an exporter. It already produces gas for domestic use. – Bloomberg