Tanzania
Selected Issues and Statistical Appendix
Author: International Monetary Fund
Publication Date:
07 Sep 2004
eISBN:
9781451838411
Language:
English
Keywords:
ISCR; CR; Tanzania; debt; debt position; Tanzania shilling; development objective; substitution effect; appreciated equilibrium exchange rate; exchange rate premium; Exchange rates; Nominal effective exchange rate; Competition; dampening effect; Tanzania's export performance
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This Selected Issues paper analyzes trends in Tanzania’s external competitiveness and export performance. Using various multilateral and bilateral real exchange rates, the paper looks at developments in Tanzania’s real effective exchange rate since 1990. It evaluates the misalignment in the real exchange rate based on results from an equilibrium real exchange rate model that accounts for changes in the economic fundamentals. An analysis of other qualitative aspects of competitiveness is presented, and an assessment of public domestic debt evolution in Tanzania is also provided.

Abstract

This Selected Issues paper analyzes trends in Tanzania’s external competitiveness and export performance. Using various multilateral and bilateral real exchange rates, the paper looks at developments in Tanzania’s real effective exchange rate since 1990. It evaluates the misalignment in the real exchange rate based on results from an equilibrium real exchange rate model that accounts for changes in the economic fundamentals. An analysis of other qualitative aspects of competitiveness is presented, and an assessment of public domestic debt evolution in Tanzania is also provided.

I. External Competitiveness and Export Performance in Tanzania

A. Introduction

1. Recent experiences from many countries, most prominently in East Asia, have provided strong evidence of a positive link between export growth and economic growth. Hence, fostering competitiveness is important for Tanzania’s development objectives. Exports of traditional goods have long been an important source of revenue for the Tanzanian economy. More recently, exports of non-traditional goods, particularly gold and manufacturing, have been growing, bringing with them new technologies and opportunities for employment.

2. This section analyzes trends in Tanzania’s external competitiveness and export performance. It begins by examining the developments in the real effective exchange rate (REER) since 1990. To assess the evolution of the real exchange rate relative to economic fundamentals we estimate deviations of the real exchange rate from its equilibrium level, calculated from an econometric model using cointegrating vector equations.

3. However, external competitiveness has many facets, which are not captured by the real exchange rate. These include the cost of doing business, quality of infrastructure, and tax structure among others. Hence, the paper also presents an analysis of changes in these qualitative aspects of external competitiveness to the extent availability of data permits.

4. This paper is organized as follows. Using various multilateral and bilateral real exchange rates, subsection B looks at developments in Tanzania’s real effective exchange rate since 1990. Subsection C evaluates the misalignment in the real exchange rate based on results from an equilibrium real exchange rate model that accounts for changes in the economic fundamentals. Subsection D presents an analysis of other qualitative aspects of competitiveness. Subsection E contains an evaluation of Tanzania’s export performance and examines whether this performance supports the findings from the previous analysis. The last subsection concludes the paper.

B. Real Exchange Rate and Competitiveness

5. Starting with a pegged system in 1990, Tanzania has gradually introduced more flexibility to the exchange rate regime. Foreign exchange bureaus were authorized in 1992 to buy and sell foreign exchange at freely negotiated rates. In 1993, a weekly foreign exchange auction system was introduced, and the official exchange rate was guided by the average rate from these auctions. Consequently, the exchange rate premium in the parallel market gradually declined to below 10 percent of the official rate in 1993 from its peak of about 400 percent in 1986. A market-determined exchange rate was adopted, when an interbank foreign exchange market replaced the auction system in 1994.

6. The following analysis includes various multilateral and bilateral real exchange rates and REER indices based on different prices (e.g., consumer prices and wholesale prices) to check the robustness of real exchange rate developments. In addition, a comparison of real exchange rate developments with other EAC member countries is provided.

7. The real effective exchange rate appreciated in Tanzania in the second half of the 1990s. The REER based on trade-weighted consumer prices reveals a large real appreciation from 1996 to 2001 and a real depreciation since (Figure 1).1 Table 1 presents the weights for the REER index. Figure 1 also displays the nominal effective exchange rate and an index of the nominal exchange rate between the Tanzania shilling and the US. dollar. While the nominal effective exchange rate remained slightly depreciated, higher inflation in Tanzania than in its trading partners in the mid-1990s led to a real appreciation of about 25 percent between end-1995 and end-2000 (Table 2). Thereafter, the real effective exchange rate depreciated by 34.6 percent primarily owing to the weakening Shilling—which fell by 26 percent against the U.S. dollar during the last 3 years. This depreciation was associated with the accumulation of reserves by the BoT.

Figure 1.
Figure 1.

Tanzania: Real Effective Exchange Rate Trends, December 1990-January 2004

(Monthly, Index, 1995=100)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

Table 1.

Tanzania: Trade Weights for Real Effective Exchange Rate

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Source: IMF, Information Notice System (INS).
Table 2.

Tanzania: Real Effective Exchange Rates (REER’s) and their Components for Tanzania and Other Regional Economies

(Percent change)

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Source: IMF, Information Notice System (INS).Notes: NEER is the nominal effective exchange rate, while NER is an index of nominal exchange rate of local currency with respect to the US dollar.

8. Alternative measures of REER show similar patterns of real exchange rate developments. Both wholesale price index (WPI) and import price index of trading partners may be informative price indices, other than the consumer price index, to evaluate competitiveness as they capture different relative ratios of traded to non-traded goods (Hinkle and Montiel, 1999). Thus, three alternative REERs based on the wholesale and import prices of five major trading partners using only export weights are shown on Figure 2.2 Because the set of trading partners and weights are different from the INS database, we have also calculated REERs based on the CPl for those same partners. All three REERs display similar patterns (Figure 2). A large real appreciation is clearly evident from all three indices, as well as a subsequent real depreciation. However, the REERs based on the wholesale and import prices display larger volatility.

Figure 2.
Figure 2.

Tanzania: Export-Weighted Real Exchange Rates, 1990:1-2003:IV

(Quarterly, Index, 1995=100)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

9. Given Tanzania’s reliance on exports of primary products (e.g., agriculture crops and minerals), export prices are likely to be determined in the world market and in major currencies. Hence, bilateral real exchange rates with respect to major currencies are also informative about the competitiveness of the exports sector. Bilateral real exchange rates for the three major currencies (U.S. dollar, U.K. pound sterling, and Euro) are shown in Figure 3. All three bilateral real exchange rate indices are highly correlated and have similar patterns as the various indicators discussed above.

Figure 3.
Figure 3.

Tanzania: Bilateral Real Exchange Rates for Major Currencies, 1990:I-2003:IV

(Quarterly)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

10. Tanzania’s real exchange rate, relative to the other members of the EAC (Kenya and Uganda) and South Africa, substantially appreciated in the second half of the 1990s. However, since then, the sharp depreciation has allowed the country to regain competitive ground, even though its REER remains moderately more appreciated than that of Uganda and South Africa since 1995 (Figure 4 and Table 2). Even though in the late 1990s the loss in competitiveness was much smaller in Kenya than in Tanzania, currently, the real exchange rate index has returned, in both countries, to the 1990 level.

Figure 4.
Figure 4.

Tanzania: Regional Real Effective Exchange Rates, January 1990-February 2004

(Monthly, Index, 1995=100)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

11. Although the REER suggests an improvement in competitiveness, a full analysis requires an estimation of Tanzania’s equilibrium real exchange rate. The equilibrium real exchange rate is not a static parameter but rather a function of economic fundamentals—such as productivity or terms of trade—which vary over time. Hence, the real exchange rate evolves over time. That is, it is not stationary. For example, factors such as increased productivity, structural reform or a better external environment would justify a more appreciated equilibrium exchange rate. Thus, real exchange rate appreciations do not necessarily imply an erosion in competitiveness nor do depreciations imply a gain. To account for this, the next subsection estimates the equilibrium real exchange rate for Tanzania and calculates the current deviation of the real exchange rate from this indicator in an attempt to better capture any possible exchange rate misalignment.

A. Equilibrium Real Exchange Rate and Competitiveness

12. The real exchange rate is a function of economic fundamentals such as terms of trade, productivity, volume of trade and the existing policy stance, which vary over time. What we refer to as the equilibrium real exchange rate (ERER) is the level of the real exchange rate, determined by such fundamentals, that is consistent with both long run internal equilibrium (i.e., equilibrium in domestic goods and labor markets) and external equilibrium (i.e., a sustainable current account).1 Hence, in the long run, the ERER will vary with a vector of exogenous and policy variables which we refer to as macroeconomic fundamentals (F) and can be specified as the following:

E⁢R⁢E⁢Rt=α0+α⁢(Ft)+εt(1)

The empirical literature has identified a few variables as relevant determinants of the equilibrium exchange rate. These include (in logs) the terms of trade (TOT), factor productivity of Tanzania relative to its trading partners (RFP), government consumption as a proxy for policy stance and non-tradable demand (GC), trade openness (OPEN), and foreign capital flows-which, in the case of Tanzania will be proxied by official development assistance (AID). Thus, we will specify the model in equation (1) for Tanzania as:

E⁢R⁢E⁢Rt=β0+β1⁢T⁢O⁢Tt+β2⁢R⁢F⁢Pt+β3⁢G⁢Ct+β4⁢O⁢P⁢E⁢Nt+β5⁢A⁢I⁢D+εt(2)

Additionally, we use the external real exchange rate; measured as a ratio of domestic CPI to trade-weighted foreign prices, because data on the internal real exchange rate (i.e., relative prices of nontradable commodities to tradable commodities) is not available for Tanzania. Also, given the lack of data on relative factor productivity, we use the relative growth rate of real GDP per worker (RGDP), measured in PPP dollars. Finally, to capture public sector demand for nontradables we use government consumption expenditures as a share of GDP and trade openness as measured by total trade as a share of GDP.4 The data sample contains annual observations covering the period 1970–2003.

13. Prior to estimation of the long-run equilibrium real exchange rate we test for the time-series properties of all variables. Results for the Augmented Dickey-Fuller(ADF) test to check the existence of unit roots (Table 3). The ADF test show that all variables in the ERER model are nonstationary in levels but stationary in first differences. A group of non-stationary time series is cointegrated if there is a linear combination of them that is stationary; that is, the combination does not have a stochastic trend. The linear combination is called the cointegrating equation. As Table 4 shows, the residuals of equation (2) are stationary, hence the included variables are cointegrated.5

Table 3.

Tanzania: ADF Unit-Root Tests

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Table 4.

Tanzania: Cointegrating Vector for CPI-Based RER

Dependent Variable: Log(CPI-based real Exchange Rate) Included observations: 25 after adjusting endpoints

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14. The results of the long-run equilibrium real exchange rate model are reported in Table 4 and discussed below. As the variables are estimated in log form, the coefficients represent elasticities of the real exchange rate with respect to the economic fundamentals.

15. These coefficients represent the parameter of the long-run cointegrating vector that relates the equilibrium real exchange rate to the right-hand side variables. Overall, the obtained signs of the coefficients are the ones implied by theory and corroborated in other empirical work and are robust to different specifications:

  • The effects of a change in the Terms of Trade are theoretically ambiguous. An improvement in the terms of trade generates a positive income effect which leads to increase spending and demand for all goods, including nontradables, hence appreciating the real exchange rate. However, there is also a substitution effect from domestic to foreign goods that instead depreciates the real exchange rate. In the case of Tanzania, the substitution effect seems to dominate as an improvement in the terms of trade depreciates the exchange rate. However, the effects is small and the coefficient is not significant. Moreover, the coefficient’s sign is non-robust, as it tends to change when relative productivity is taken out of the equation.

  • Policy fundamentals also influence the equilibrium real exchange rate. Our proxy for an open trade regime has a negative estimated elasticity with respect to the real exchange rate, in line with the theoretical prediction that trade-liberalizing reforms depreciate the currency (Hinkle and Montiel, 1999). An increase in the total trade-to-GDP ratio will depreciate the equilibrium real exchange rate.

  • The estimated elasticity of the ERER with respect to government consumption, a proxy for public sector demand for nontradables, is positive. This result is consistent with previous empirical studies. An increase in government consumption expenditures will be consistent with an appreciation of the equilibrium real exchange rate. Both these coefficients are robust, but not significant.

  • The relative productivity variable influences the ERER in two ways. First, on the domestic level, the Balassa-Samuelson effect predicts that a higher productivity growth in the tradables sector than in the nontradables sector leads to an appreciation in the ERER by lowering the relative prices of tradables. Second, at an international level, higher productivity growth of a country relative to its partners causes higher demand for nontradables and thus appreciates its ERER. Empirical evidence from Tanzania is consistent with this hypothesis and, moreover, the coefficient shows a large and significant effect. Our results suggest that, as the Tanzanian economy is likely to grow at a faster pace than its trading partners, owing to both a “catching up” effect and the recent reforms aimed at increasing efficiency and investment, the equilibrium real exchange rate will appreciate further.

16. Tanzania has little access to borrowing from international capital markets, so financing for its current account deficit depends heavily on official flows, primarily official development assistance (ODA). In general, an increase in capital inflows (including aid flows) appreciates the real exchange rate by increasing the demand for nontradable commodities. Tanzania exhibits high aid dependence by any standard (e.g., an aid-to-GDP ratio has been higher than 10 percent in recent years) and aid dependency has raised concerns about external sector competitiveness.

17. Our results suggest that, as expected, the increase in aid flows appreciates the real exchange rate. The coefficient is robust and significant at the 10 percent level. However, through active liquidity management, the BoT has been able to achieve a real exchange rate that is in line with fundamentals. Figure 5 shows the fitted and actual values for the sample we study. Even though by the mid 1990s the exchange rate appeared overvalued, in recent years it has returned to equilibrium levels. The lower panel of Figure 5 attempts to disentangle the “permanent” component of the economy’s fundamentals by using a HP filter on the fitted values. Our econometric analysis shows that there is currently no evidence of an exchange rate misalignment.6

Figure 5.
Figure 5.

Tanzania: The Equilibrium Real Exchange Rate, 1980-2003

(Annual)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

18. In the sections below we complement our analysis by looking at other aspects of external competitiveness.

D. Qualitative Measures of Competitiveness

19. The real exchange rate is only one variable in the competitiveness equation. Other aspects, including infrastructure, institutions, taxes, financing, among others, can have very important effects, which may undermine the ground gained by maintaining a competitive exchange rate. This section covers these elements, highlighting comparisons with Kenya and Uganda, two of Tanzania’s main competitors and partner members of the EAC.

20. Tanzania embarked on a program of structural adjustment in the late 1980s and has since undertaken many measures to enhance efficiency and productivity in the economy. Similarly, Uganda started an economic reform program in 1986 and Kenya has, for a longer period, been a relatively market-oriented economy. All three countries export primary commodities and most of the manufactured exports from Kenya and Tanzania are agriculture related.

21. Important insights are gained from the World Economic Forum’s competitiveness indices. These are based on a combination of “hard” or quantitative data, and “soft” or survey data on trade, government, finance, labor, corruption, infrastructure and technology for 102 countries. Hence, this index allows us to get a sense of development matters that are important, but difficult to capture if one limits the analysis to conventional numerical indicators.

22. Tanzania ranks better than Kenya and Uganda in the overall Growth Competitiveness Index, although lower than South Africa (Table 5). This outcome is due to Tanzania’s better performance relative to its EAC counterparts on the Public Institutions Index, which includes, among others, measures of corruption and rule of law. Although there is still room for improvement, this highlights the very positive effect recent reforms have had on public management.

Table 5.

Tanzania: Competitiveness Index Rankings Relative to African Countries

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Source: World Economic Forum.

23. However, the study also reveals much weaker outcomes for both the Macroeconomic Environment Index and particularly, the Technology Index. On the macroeconomic side, access to credit is again highlighted as a problem area. Perhaps more surprising, on the technology side, is Tanzania’s low ranking on access to information and communications technology relative to Uganda, Kenya and South Africa. More globally, out of a total of 102 countries, Tanzania ranked 90 on technological progress and innovation.

24. These outcomes suggest that Tanzania must, in the medium term, start to shift efforts to technological improvement in order to enhance competitiveness but also to safeguard gains in growth. Ultimately, the key to long run growth lies in technological improvements. As a country reaches higher standards in areas such as institutions or infrastructure, further improvements will have a lower contribution to growth. This, however, will not be a constraint for technological progress, as technological innovation can always further productivity and efficiency in huge leaps of previously unimaginable means. That is, unlike most inputs to production, improvements in technology do not face diminishing returns.

25. The United Nations’ UNCTAD’s 2003 study on business climate in Africa (Table 6) reveals that the procedural burden for starting a business in Tanzania is comparable to that of other EAC member countries and slightly higher than the regional average. However, the costs in terms of GNI per capita of doing so are considerably higher than in both Kenya and Uganda, albeit lower than the regional average.

Table 6.

Tanzania: Business Climate Relative to Regional Competitors, 2003

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Source: UNCTAD.

Conditions covered by the indices include: availability of part-time and fixed-term contracts, working time requirements, minimum wage laws, and minimum conditions of employment. Each index assigns values between 0 and 100, with higher values representing more rigid regulations. The overall Employment Laws Index is an average of the three indices.

26. On the labor side, labor flexibility ranks very low compared to the EAC member countries and performs worse than the average for the region as a whole. Tanzania’s labor market is more rigid, offers worse conditions of employment and weaker employment laws and regulations. On enforcing contracts, however, the picture is much brighter, with the burden lower in terms of duration and monetary costs, although with higher procedural complexity.

27. Utility and input costs seem to be higher in Tanzania than in other EAC countries, in part because of higher taxes on fuel and VAT. Discussions in the recent Investors Roundtable suggest that Tanzanian businesses continue to pay twice as much for electricity and fuel than those in Kenya, although these costs are lower than in Uganda, partly because of the higher transportation costs resulting from its landlocked geographic position. Moreover, telecommunication costs in Tanzania are three times higher than in Kenya and two thirds higher than in Uganda.

28. Discussions of the May 2004 IMF mission with the business community have also highlighted a number of other structural bottlenecks to investment and production which include (i) excessive local government taxes levied on agricultural producers7 (ii) poor road infrastructure and (iii) inefficient crop boards which, despite reform efforts, continue to have monopsony power and are a threat to private sector involvement in production and financing of the agricultural sector.

29. The above discussion suggests that, notwithstanding significant improvements in public sector reform and gains on exchange rate competitiveness, Tanzania has substantial work ahead to make its business sector more competitive in the region. Costs of starting a new business remain high and, despite many years of reform, its tax system is still considered an obstacle for business growth. Tanzania’s banking system is perceived to be open, but it is considered as not serving adequately the credit demands of businesses, especially smaller firms. Tanzania’s labor market is excessively rigid hampering the country’s capacity to adapt to necessary changes in the business environment. And finally, Tanzania’s costs of transportation, utilities, telecommunications and information technology are considered a major hindrance for competitiveness.

E. Tanzania’s Export Performance in the 1990s

30. The growth rate of total exports was high in the first half of the 1990s, but then declined in the late 1990s, following a negative terms of trade shock and a real appreciation of the currency, significantly underperforming the average for developing countries and the regional average as well. However, since 2000 the growth rate has significantly picked up (Table 7 and Figure 6). The recovery in aggregate exports has been led mainly by increased gold exports as well as by manufacturing and fishing exports. However, after the decline of the late 1990s the traditional export sector has not shown much improvement despite the real depreciation (Figure 7).

Table 7.

Tanzania: Exports Growth, 1991-2003

(Annual average rate, in percent)

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Source: IMF, Direction of Trade Statistics.
Figure 6.
Figure 6.

Tanzania: Exports and the Real Effective Exchange Rate, 1993-2003

(Annual)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

Figure 7.
Figure 7.

Tanzania: Exports and the Real Effective Exchange Rate, 1993-2004 1/

(Annual)

Citation: IMF Staff Country Reports 2004, 284; 10.5089/9781451838411.002.A001

1/ Estimates for 2004 include staff projections.

31. In fact, from Figure 6 we can see that unlike the manufacturing sector which has been very responsive to movements in the REER (exports increased 14 percent for each percent depreciation of the REER), the traditional sector has been less responsive (traditional exports have decreased by 4 percent for each percent depreciation in the REER).8 This crude look at the properties of these series suggests that other factors, outside the REER, importantly affect export performance particularly of non-manufacturing exports.

32. These other factors include, as described above, structural bottlenecks in infrastructure, taxes, access to credit, utility and communication costs. In addition, given that many commodities such as tobacco, coffee, cotton and coffee are import intensive, an exchange rate depreciation may be having opposing effects on exports. On the one hand, a depreciation gives a boost to exports through price competitiveness. On the other hand, a depreciation increases production costs through more expensive imported inputs such as fertilizers, pesticides and irrigation systems. If the second, export dampening effect, dominates the first, further exchange rate depreciation will dampen as opposed to boost competitiveness.

F. Conclusions

33. After a period of real exchange rate appreciation in Tanzania over the late 1990s, the real exchange rate has depreciated and, according to our econometric analysis, is currently in line with fundamentals. However, the gains in competitiveness that this implies have been undermined by a number of structural bottlenecks, identified above, which are hampering export growth in the traditional sector. Hence, this paper suggests that a focus on reform in these sectors would help export performance.

References

  • Hinkle, Lawrence, and Peter Montiel, 1999, “Exchange Rate Misalignment: Concepts and Measurement for Developing Countries”, New York: Oxford University Press for the World Bank.

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  • World Economic Forum, “The Africa Competitiveness Report, 2003”, Geneva, Switzerland: World Economic Forum.

1

This index is calculated from the Information Notice System (INS) database of the IMF and covers 23 major trading partners.

2

Export weights for Germany, UK, Japan, Italy, and the United States were used.

1

Relationship to the PPP approach: The PPP approach to equilibrium exchange rates requires the choice of a single equilibrium rate for all periods, assuming no movements in fundamentals. The key difference with the approach taken here is that the equilibrium implies a given relationship between the real exchange rate and the fundamentals as opposed to a single value for the real exchange rate. The idea is that the fundamentals are time varying so that the equilibrium real exchange rate moves over time. The basic principle that it relies upon is that while the fundamentals may have permanent movements (i.e. may be nonstationary) the relevant function of the fundamentals is fixed at least for the time horizon considered.

4

This proxy is based on the argument that a more liberal trade regime leads to greater specialization in production and, hence, to a higher trade ratio.

5

Using Johansen (1991), we can reject the null hypothesis of no cointegration for the CPI-based real exchange rate and conclude that there is one cointegrating equation.

6

Parameter estimates are robust to different model specifications. However, the results are to be taken with caution as the sample size is small.

7

Even though the government has recently abolished a good number of such taxes and replaced them with central government transfers, implementation of such measures continues to lag behind.

8

This illustrative estimate of export elasticity is robust to the use of direct measures of the REER as well as REER misalignment. However, for firm conclusions on the magnitude of this elasticity a more exhaustive study, which controls for a broader range of relevant variables is necessary. Lack of adequate data prevents us from undertaking such study at this moment.

References

  • Bhundia, Ashok, 2002, “An Assessment of Public Debt Sustainability in Tanzania after the HIPC Initiative,” IMF Country Report No. 03/2, Washington, DC: IMF.

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  • Christensen, Jakob, 2004, “Domestic Debt Markets in Sub-Saharan Africa,” IMF Working Paper 04/46, Washington, DC: IMF.

  • Edwards, Sebastian, 2002, “Debt Relief and Fiscal sustainability,” NBER working paper 8939, Cambridge, Massachusetts: NBER.

  • Tanzania Ministry of Finance, 2002, “National Debt Strategy,” Dar es Salaam, Tanzania: MOF.

  • Tanzania Ministry of Finance, 2002-2003, “Quarterly Public Debt Report,” Dar es Salaam, Tanzania: MOF.

STATISTICAL APPENDIX

Table 1.

Tanzania: Gross Domestic Product at Constant 1992 Prices, 1997–2003

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Source: Tanzanian authorities.
Table 2.

Tanzania: Gross Domestic Product at Current Prices, 1997–2003

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Source: Tanzanian authorities.
Table 3.

Tanzania: Gross Domestic Product and Expenditure at Constant 1992 Prices, 1997–2003

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Source: Tanzanian authorities.

Includes goods and nonfactor services.

Table 4.

Tanzania: Gross Domestic Product and Expenditure at Current Prices, 1997–2003

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Source: Tanzanian authorities.
Table 5.

Tanzania: Production of Major Food Crops and Purchases of Principal Exports, 1997/98-2003/04

(In thousands of tons)

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Source: Tanzanian authorities.
Table 6.

Tanzania: Production of Selected Manufactured Commodities, 1997–2003

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Source: Tanzanian authorities.
Table 7.

Tanzania: Gross Capital Formation by Public and Private Sectors, 1997-2003

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Source: Tanzanian authorities.

Includes nonprofit organizations.

Includes rural noncommercial construction.

Includes only livestock.

Table 8.

Tanzania: Analysis of the Savings-Investment Relationship, 1997–2003

(At current prices)

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Source: Tanzanian authorities.

Includes nonprofit organizations.

Includes rural noncommercial construction.