Highlights of the fourth quarter GDP (October to December) by the National Bureau of Statistics (NBS) shows there is notable economic growth for the region’s countries.
Tanzania’s economy for instance expanded by 4.9 percent in 2021 up from 4.8 percent in the similar period in 2020. During the fourth quarter in 2021, GDP in absolute terms at current prices increased to 43.4trillion/- up from 40.4trillion/- recorded in the corresponding quarter in 2020.
Meanwhile, quarterly GDP at 2015 constant prices also increased to 36.9trillion/- up in 2021 from 35.2trillion/- in the period under review in 2020, equivalent to a growth of 4.9 percent.
Going by the growth trends for other countries of the region, Rwanda’s economy expanded by 10.3 percent in 2021 up from a negative growth of 0.6 percent in 2020. Uganda’s economy expanded by 5.2 percent in 2021 up from a negative growth of 0.4 in 2020.
Up to the release of the highlights last week, no reports for the period under review are available from the remaining Partner States.
Compilation of the fourth quarter GDP of the period under review used data from all economic activities. Compilation is consistent with the United Nations Statistics Division’s 2008 System of National Accounts.
According to the World Economic Outlook (WEO) January 2022 report, economic growth in the Southern Africa Development Community (SADC) region is expected to expand to 4.0 percent, equivalent to an increase by 0.3 percentage points compared to the October 2021 projection.
Economic growth for selected countries in the region indicate that South Africa economy expanded by 1.2 percent in the fourth quarter in 2021 compared to 2.5 percent increase in the corresponding period in 2020.
Other economic performance in the region include Mozambique’s economy expanded to 3.3 percent in 2021 up from a negative growth of 1.8 percent in 2020, Seychelle’s economy expanded to 0.1 percent in 2021 up from a negative growth of 5.0 percent in 2020 and Mauritius’s economy expanded to 6.2 percent up from a negative growth of 11.9 percent in 2020.
The projection of economic growth among sub-Saharan Africa countries consistent with the WEO January 2022 report indicates economic growth by 4.0 percent about 0.3 percentage point higher than the October 2021 projection.
South Africa economy is projected to grow by 4.6 percent in 2021 compared to a negative growth of 6.4 in 2020. Meanwhile, Nigeria’s economy is projected to grow at 3.0 percent in 2021 up from a negative growth of 1.8 percent in 2020.