Revenue and foreign grants to Zanzibar amounted to TZS 62.3 billion

Revenue and foreign grants to Zanzibar

Revenue and foreign grants to Zanzibar amounted to Tsh62.3 billion in August 2018 of which Tsh 60.9 billion was revenue.

Domestic revenue collection was below the target by 5.1 per cent, with only income tax surpassing the target by 4.0 per cent.

Tax and nontax revenues were Tsh54.9 billion and 6.0 billion, respectively. Expenditure amounted to Tsh87.6 billion in August 2018, below the estimate by 6.3 per cent.

Recurrent expenditure was Tsh73.4 billion and Tsh14.3 billion was development expenditure, according to a Bank of Tanzania (BoT) report.

All expenditure categories were below estimates, except for wages and salaries.

Development expenditure was funded by local resources to the tune of Tsh8.2 billion and foreign resources to the tune of Tsh6.1 billion.

An overall deficit of Tsh4.7 billion was realized during August 2018 and was financed through programme loans. Goods and services exports increased by 37.5 percent in the year ending August 2018 to USD 236.4 million, due to an increase in both goods and services exports.

Much of the increase in the earnings came from clove exports, which fetched USD 55.1 million compared with USD 17.7 million, on account of volume.

Seaweed exports earnings also increased because of increase in volume, same as earnings from exports of fish and fish products, manufactured goods and other exports.

Fish and fish products export earnings increased almost tenfolds, owing to growing fish farming and growing markets, especially in destination countries.

Imported goods and services increased by 47.7 percent to USD 281.1 million from the year ending August 2017.

All major import categories, mostly food, food stuffs, and machinery, increased.

Capital and intermediate goods accounted for 73.2 percent of merchandise imports and 55.2 percent of imports of goods and services, while oil accounted for 30.4 percent of merchandise imports. Merchandise imports were 75.5 percent of total imports in the year ending August 2018. in Tanzania.

BoT Headquarters in Zanzibar
BoT Headquarters in Zanzibar


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