Dar es Salaam, Feb. 21 -- DAR ES SALAAM: THE economy is estimated to have grown by around 5 per cent in 2023, despite external shocks characterised by high inflation, geopolitical tension, tightened financial conditions and climate-related challenges, the Bank of Tanzania (BoT) said.

It said in its Monetary Policy Statement, Mid-Year Review 2023/24 issued on Monday that growth is projected to reach 5.5 per cent this year driven by improved business environment and public investment in infrastructure.

According to the statement, economic growth averaged 5.3 per cent in the first three quarters of 2023, driven mainly by agriculture, financial and insurance and mining and quarrying activities.

Zanzibars economy grew at 7 per cent in 2023,...