Tanzania Merchandise Imports (USD bn)

The economy should have delivered another solid performance at the close of 2022, following stronger annual GDP growth in the third quarter. Price pressures intensified in October–December, although inflation remained below the Central Bank’s 5.0% target. Meanwhile, annual personal credit growth accelerated sequentially through December, when it grew by nearly 30%. This, coupled with a relatively accommodative monetary policy stance, should have shielded consumers’ budgets, providing some spending support. Still, annual merchandise import growth more than halved in the three months to December compared to the previous three. Turning to the external sector, annual goods exports growth was higher on average in Q4 compared to Q3. In other news, the government recently authorized the importation of 90,000 tons of rice in a bid to bring down its price after a sharp decline in production.