Tanzania current account deficit narrows 9.5 pct in year to May

DAR ES SALAAM (Reuters) - 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 decline in imports, the central bank said.

The deficit narrowed to $3.98 billion in the 12 months to May from $4.38 billion during the same period last year. The bank did not say what it was as a percentage of the GDP.

"The overall balance of payments recorded a surplus of $652.8 million compared to a deficit of $44.3 million recorded in the year ending May 2012," the Bank of Tanzania said in its latest monthly economic report.

Gold exports, the country's top foreign exchange earner, declined to $1.97 billion in the year to May, from $2.51 billion a year ago, due to a decline in export volumes and prices.

Tanzania, which has a population of around 45 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.

Revenues from tourism rose to $1.617 billion from $1.451 billion a year ago as the country attracted more visitors.

The value of traditional exports rose by 13.4 percent in the year ending May 2013 to $850.7 million, largely driven by increased export volumes of coffee, cotton and cashew nuts.

The country's total bill for imports of goods and services fell 1.4 percent in the 12 months through May to $12.7 billion, while the value of its exports of goods and services increased 5.7 percent to $8.27 billion.

Gross official foreign exchange reserves held by the central bank rose to $4.283 billion in the year to May, or about four months of import cover, from $3.53 billion a year ago, the central bank said.

Source: http://news.yahoo.com/tanzania-current-account-deficit-narrows-9-5-pct-151205013.html

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