November 7, 2017 / 5:33 AM / 8 months ago

World Bank cuts Tanzania's 2017 GDP growth estimate to 6.6 pct

DAR ES SALAAM, Nov 7 (Reuters) - Tanzania’s gross domestic product (GDP) growth is seen slowing this year, hurt by cuts in government spending and a private sector slowdown, the World Bank said.

The World Bank forecast Tanzania’s full-year GDP growth at 6.6 percent versus the government’s 2017 growth target of 7.1 percent.

The bank said growth in the first half of this year had slowed compared with the same period in 2016.

“While the economy remains one of the highest performers in the region .. real GDP expanded at a slower rate of 6.8 percent in the first half of 2017 compared to 7.7 percent over the same period in 2016,” the bank said in its latest economic update for Tanzania published on Monday. (Reporting by Fumbuka Ng’wanakilala; Editing by George Obulutsa)

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