Transcript PER GBS 2010 fin 02

A REVIEW OF RECENT
MACROECONOMIC
PERFORMANCE
OUTLINE
•
•
•
•
OVERVIEW
GDP GROWTH
INFLATION
GOVERNMENT FINANCE
– Revenue
– Expenditure
– External Resources
• MONEY AND CREDIT DEVELOPMENTS
– Money Supply
– Credit to the Private Sector
– Interest Rates Developments
– Foreign Reserves
• EXTERNAL SECTOR PERFORMANCE
– Exports
– Imports
– Balance of Payments
OUTLINE (Contd)
• NATIONAL DEBT DEVELOPMENTS
– External Debt
– Domestic Debt
• FINANCIAL SECTOR REFORM
– The Second Generation Financial Sector Reform Program
• PRIVATE SECTOR DEVELOPMENT
– Public Private Partnership (PPP)
– Business Environment
• MKUKUTA
–
–
–
–
MKUKUTA-I at a Glance
MKUKUTA Financing
MKUKUTA-II
MDGs
• GLOBAL ECONOMIC AND FINANCIAL CRISIS
– Recovering from the Crisis and the Medium Term Outlook
OVERVIEW
• Strong economic performance
– Continued recovery of the world economy,
particularly during the first half of 2010
• Quarterly GDP growth
– 1st Quarter – 7.0% (2010), 3.4% (2009)
– 2nd Quarter – 7.1% (2010), 5.2% (2009)
• Annual GDP growth
2009 – 6.0%
2008 – 7.4%
2007 – 7.1%
OVERVIEW (Contd)
– Preliminary estimates for 2010 indicate high
growth to register in:
• Agriculture
• Fishing
• Mining and quarrying
• Manufacturing
• Wholesale and Retail Trade
• Electricity and gas
• Real Estate
• Business Services
Trends in selected macroeconomic indicators 2002 - 2009
2003
6.9
2004
7.8
2005
7.4
2006
6.7
2007
7.1
2008
7.4
2009
6.0
5.3
4.7
5.0
7.3
7.0
10.3
12.1
Exchange Rate (Tshs/USD) – annual averag
744.8
1038.9
1089.1
1129.2
1253.9
1196.3
1320.3
Exchange Rate (Tshs/USD) – end period
1063.6
1043.0
1165.5
1261.6
1132.1
1280.3
1317.4
Merchandise Exports (mil. US$) - FOB
1216.1
1473.1
1675.8
1917.6
2200.1
3045.8
3096.3
Merchandise Imports (mil. US$) - FOB
1933.5
2482.8
2997.6
3864.1
4860.6
6483.4
5775.7
Export/Import ratio (Goods) - %
62.9
59.3
55.9
49.6
45.3
45.0
53.6
Current Account Balance (% of GDP)
-1.0
-2.9
-6.1
-8.0
-9.4
-13.9
-8.7
Investment/GDP ratio ( % of GDP)
18.5
21.0
22.0
23.4
24.4
26.3
29.8
Foreign Direct Investment ( mil. USD)
308.2
330.6
494.1
597.0
647.0
679.3
645.0
Foreign Reserves (months of import)
9.2
2003/04
7.7
2004/05
6.0
2005/06
5.0
2006/07
4.8
2007/08
4.6
2008/09
5.7
2009/10
Govt. Domestic Revenue (% GDPmp)
11.2
11.8
12.4
14.1
15.9
16.2
15.2
Total Govt. Expenditure
- % GDPmp
19.3
21.2
23.5
23.0
22.8
7
26.7
Fiscal Bal. (before grants) - % GDPmp
-8.3
-9.7
-11.4
-9.9
-8.6
-9.3
-11.0
Fiscal Bal.(after grants)
-2.9
-4.9
-5.5
-4.9
-1.7
-4.5
-6.4
Average Deposit rate - %
2.4
2.5
2.61
2.54
2.59
2.68
2.70
Average Lending rate - %
14
14.4
15.4
16.4
16.03
16.05
15.03
Real GDP Growth - %
Inflation - annual average - %
- % GDPmp
Domestic debt
- % GDPmp
10.5
11.3
14.5
16.6
14.2
12.5
20.5
External Debt
- % GDPmp
47.4
42.9
38.5
17.3
18.0
20.9
22.5
Total Public Debt - % GDPmp
57.6
53.9
52.1
34.0
32.3
33.6
42.4
External debt service/Exports - %
3.4
5.3
4.2
1.3
1.3
1.0
1.4
Domestic debt service/Domestic revenue - %
5.2
5.4
8.5
7.3
7.1
5.1
4.7
REAL GDP GROWTH RATES
ECONOMIC ACTIVITY
Agriculture, Hunting and Forestry
Crops
Livestock
Hunting and Forestry
Fishing
Industry and construction
Mining and quarrying
Manufacturing
Electricity, gas
Water supply
Construction
Services
Trade and repairs
Hotels and restaurants
Transport
Communications
Financial intermediation
Real estate/ business services
Public administration
Education
Health
Other social/personal services
Gross Value Added before adjustments
less FISIM
Gross Value Added at constant 2001 basic
prices
add Taxes on products
GDP at constant 2001 market prices
2001
4.9
5.3
4.0
3.6
4.8
6.6
13.9
5.0
5.9
3.5
7.6
6.4
6.4
4.8
4.9
8.7
6.9
4.2
10.5
11.4
5.6
3.1
6.0
2.5
2002
4.9
5.6
2.8
3.3
6.8
9.4
16.9
7.5
6.2
2.8
11.9
7.7
8.3
6.4
5.9
10.4
10.1
7.1
9.2
7.0
8.6
2.1
7.2
8.7
2003
3.1
3.2
2.2
3.0
6.0
10.9
17.1
9.0
7.2
4.5
13.8
7.8
9.7
3.2
5.0
15.6
10.7
6.5
9.6
2.8
8.7
2.0
6.9
11.7
2004
5.9
6.6
4.1
2.7
6.7
10.9
16.0
9.4
7.5
5.2
13.0
7.8
5.8
3.6
8.6
17.4
8.3
6.8
13.6
4.0
7.8
3.0
7.8
10.1
2005
4.3
4.4
4.4
3.6
6.0
10.4
16.1
9.6
9.4
4.3
10.1
8.0
6.7
5.6
6.7
18.8
10.8
7.5
11.4
4.0
8.1
2.6
7.4
11.8
2006
3.8
4.0
2.4
4.6
5.0
8.5
15.6
8.5
-1.9
6.2
9.5
7.8
9.5
4.3
5.3
19.2
11.4
7.3
6.5
5.0
8.5
3.7
6.8
14.9
2007
4.0
4.5
2.4
2.9
4.5
9.5
10.7
8.7
10.9
6.5
9.7
8.1
9.8
4.4
6.5
20.1
10.2
7.0
6.7
5.5
8.8
3.2
7.3
15.3
2008
4.6
5.1
2.6
3.4
5.0
8.6
2.5
9.9
5.4
6.6
10.5
8.5
10.0
4.5
6.9
20.5
11.9
7.1
7.0
6.9
9.0
3.1
7.5
11.0
2009
3.2
3.4
2.3
3.5
2.7
7.0
1.2
8.0
8.4
5.6
7.5
7.2
7.5
4.4
6.0
21.9
9.0
6.8
4.4
7.1
6.9
3.2
6.1
8.7
6.0
6.0
6.0
7.2
7.2
7.2
6.9
6.9
6.9
7.8
7.8
7.8
7.4
7.4
7.4
6.7
6.8
6.7
7.2
6.9
7.1
7.4
7.8
7.4
6.0
5.8
6.0
Quarterly Real GDP Growth; 2004-2010
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2004
2005
2006
First quarter
2007
2008
Second quarter
2009
2010
GDP Growth Rates
9.0%
8.0%
7.8%
7.2%
7.0%
Percent
6.0%
7.4%
6.9%
7.1%
7.4%
6.7%
6.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2001
2002
2003
2004
2005
Years
2006
2007
2008
2009
INFLATION TRENDS
• Inflation Series Rebased
– 2007 HBS Data (Sept 2010 = 100)
– Includes Both Urban and Rural Consumption
– Reclassification of consumption baskets to the
international Classification of Individual
Consumption by Purpose – COICOP
– Use of Geometric Mean instead of Arithmetic
Mean in the computation of indices
INFLATION TRENDS
Inflation remained high during 2009
– Double digits (Dec. 2008 – Jan. 2010)
• Food shortages
– Drought
– Cross-border trade (Food shortages in neighbouring
countries)
• Petroleum prices
• Inflation started declining in Jan. 2010
– Single digits (Feb. 2010 – Todate)
• Improved food supplies, following good harvests
• Decline in Petroleum prices
• Prudent fiscal and monetary policies
Monthly Inflation Trends 2008 - 2010
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
2008
2009
Headline Inflation
Food Inflation
2010
Non Food Inflation
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
0.0%
Government Finance
• Revenues
– 2009/10 characterized by shortfalls in domestic revenue
• 2009/10 Tshs. 4,661,540 million (15.2% GDPmp)
• 2008/09 Tshs. 4,293,075 million (16.2% GDPmp)
– Slower growth in taxable production activities (GFC)
– Postponement of some revenue measures (adverse impact on
tourism)
– Nonetheless revenue collection in 2009/10 increased, in
absolute terms, by 8.6%
– Monthly average collection has doubled from Tshs. 174.8
billion in 2005/06 to Tshs. 388.5 billion in 2009/10
13
Government Finance
(Contd)
• Expenditure
– 2009/10 Total expenditure below targets
• 2009/10 - 92.0% of estimate (equiv. to 26.7% of GDPmp)
• 2008/09 - 95.0% 0f estimate ( equiv. to 25.7% of GDPmp)
was Dev.
– Both recurrent and development expenditures 8% below budget
estimates
– Expenditure during the first quarter of 2010/11 was
84.0% of the target, compared to 88.4% during first
quarter of 2009/10
14
National Debt
• National debt stock, as at end-September 2010 was
US$ 8,498.07 million,
– External debt US$ 6,196.3 million
• o/w US$ 5,451.9 million is Disbursed Outstanding Debt
US$ 744.4 million is Interest Arrears
– Domestic debt US$ 2,301.77 million
• Equiv. to Tshs. 3,330,894.93 million
• Government is the largest borrower, owing 80.7%
of the total external debt followed by the private
sector (13.7%) and public corporations (5.6%)
15
Developments in Key Debt Indicators
• Public debt as a percentage of GDP decreased from 65.2%
•
•
•
•
in 2000/01 to 42.4% recorded in 2009/10.
External debt as percentage of GDP declined from 55.6%
in 2000/01 to 22.5% in 2009/10.
Domestic debt as a percentage of GDP has been increasing
over time, from 10.3% in 2000/01 to 20.5% in 2009/10
External debt service as a percentage of exports dropped
significantly from 10.5% percent in 2000/01 to 1.4% in
2009/10
The trends in debt indicators is reflective of measures taken
in improving revenue collection and debt cancellation under
the enhanced HIPC and MDRI.
Money and Credit Developments
During the year ending September 2010
– M2 grew at an annual rate of 20.8%, less than
24.5% in August 2010, but higher than 19.9%
in Sept 2009.
– M3 grew by 22.6%, less than 26.4% in August
2010 but higher than 19.5% in Sept. 2008.
– Slowdown in the growth rate of both net domestic and
foreign assets of the banking system
17
Money and Credit Developments (contd)
Credit Developments
– Credit to the private sector increased by 18.5%,
compared to 26.6% 10the period ended Sept 2009.
• Cautious stance of banks in the wake of the GFC
– No significant change in the composition of
credit to various activities
– Personal loans continued to dominate with
20.1% of total loans; followed by trade
(16.0%) agriculture (12.1%) and transport and
communication (9.2%)
18
Money and Credit Developments (Contd)
Interest Rates
– Overall time deposit rates improved to an average of 6.03%,
albeit slightly lower than 6.73% in Sept 2009.
– Overall lending rates decreased to an average of 14.31%,
from 14.9 in Sept 2009
– The overall weighted average yields of Treasury bills
increased to 5.06 percent in September 2010 from 3.86
percent recorded in the preceding month and 4.52 percent
recorded in the corresponding period in 2009.
– The overall inter-bank cash market interest rates increased
to 1.65 percent in September 2010, from 1.09 percent
recorded in the preceding month and 1.34 percent recorded
in September 2009.
Money and Credit Developments (Contd)
Exchange Rates
– The Tanzania shilling has continued to depreciate over
time.
• Low levels of exports compared to imports
• Increased demand for foreign exchange
• General strengthening of the US Dollar against major
currencies across the world
– End period
• Sept 2010 (Tshs. 1,494.81)
• Sept 2009 (Tshs. 1,445.23)
Dep(3.43%)
– On annual basis
• Year ending Sept 2010 (Tshs. 1,494.8)
• Year ending Sept 2009 (Tshs. 1,308.82)
Dep(14.21%)
Second Generation Financial Sector Reform
• Tanzania’s financial sector is undergoing
comprehensive reforms
• Recent assessment of the program has shown
substantial progress in the development and
stability of the financial sector and liquidity
management
– The banking system is generally well capitalized and
sound, notwithstanding a modest increase in
non-performing loans in the wake of the GFC
21
Second Generation Financial Sector Reform
Recent Developments
• The Government has approved a framework that allows the
TIB to operate as a Development Finance Institution (DFI)
with a window for lending to the agricultural sector.
• The Government has adopted the Tanzania Inter-Bank
Settlement System (TISS), aimed at speeding up payments
and reducing expenditure floats.
• The Government, is currently reviewing the microfinance
policy, with the aim of providing diversified financial
services on a long and sustainable basis for the whole
population, especially the poor and low income groups.
22
External Trade Performance
• Exports
–
Export of goods grew by 24.6%, from USD 792.3 million
in the quarter ending June 2010, to USD 986.9 million in
the quarter ending Sept 2010.
– Increased value of tradition exports, especially
coffee (63.9%) and tobacco (29.0).
– Recovery in export prices of cotton (14.7%), tobacco (39.8%)
and cloves (73.1%)
– Improvement in non-traditional exports, especially
manufactured goods (53.1%) and other exports (40.3%)
–
Services receipts grew by 34.3%
– Good performance of tourism and transportation activities
23
Share of Goods Export Earnings – 1st Quarter 2010/11
Other Non-Traditional
12.2%
Re-exports
4.5%
Coffee
0.9%
Cotton
4.4%
Tobacco
4.4%
Cashewnuts
0.0%
Hortcultutal products
0.6%
Fish and Fish products
3.2%
Gold
37.3%
Manufactured Goods
31.5%
Diamond and Other
Minerals
1.2%
24
• Imports
– Imports of goods and services grew by 6.4% during the
first quarter of 2010/11
– Imports of goods grew by 5.5% during the first quarter of
2010/11
• Increased imports of intermediate goods, particularly
fertilizer, building and construction materials, and transport
equipment
– Service payments increased by 10.8%
25
Balance of Payments
• During the year ending September 2010, overall
Balance of Payments recorded a deficit of USD 25.7
million, compared with a surplus of USD 619.8 million
recorded in the corresponding period in 2009.
– Widening of the current account deficit by 13.2 percent to
USD 2,570.9 million, following a significant decline in official
current transfers.
• Gross official reserves stood at USD 3,589.6 million,
compared to USD 3,563.8 million recorded in Sept.
2009.
– Enough to cover about 5.1 months of imports of goods and
services
26
Current Account Balance (US Dollars million)
2009p
2010
Jul - Sep
Jan - Mar
Apr - Jun
Jul - Sep
Change
-799.1
782.2
1,581.3
-859.1
805.6
1,664.7
-906.0
792.3
1,698.3
-804.2
986.9
1,791.1
-11.2
24.6
5.5
74.1
527.3
453.3
15.4
438.4
423.0
66.0
446.7
380.7
178.3
600.0
421.7
170.4
34.3
10.8
Goods and Services (Net)
Exports of Goods and Services
-725.0
1,309.5
-843.7
1,244.0
-840.0
1,238.9
-625.9
1,586.9
-25.5
28.1
Imports of Goods and Services
Income Account (Net)
Receipts
Payments
Current transfers (Net)
Inflows
2,034.5
-15.1
46.6
61.6
374.5
392.6
366.1
18.1
-365.5
2,087.7
-12.8
35.0
47.8
27.9
176.7
148.8
18.1
-828.6
2,079.0
-38.9
32.2
71.1
30.5
48.6
23.8
18.1
-848.4
2,212.8
-38.7
39.4
78.2
163.6
186.0
159.0
22.4
-501.0
6.4
-0.5
22.4
9.9
436.2
283.0
568.9
24.2
-40.9
Item
Goods Account (Net)
Exports*
Imports
Services Account (Net)
Receipts
Payments
o/w Official transfers
Outflows
Current Account Balance
2010p
%
Private Sector Development
• The Government has approved the Public Private
Partnerships (PPPs) Policy in October, 2009.
– The Policy is aimed at encouraging the private sector to
participate effectively in economic development and
poverty reduction.
– A PPP Unit has already been established at the Ministry
of Finance
• The cost of doing business in Tanzania has
increased from 126th country in 2008 to 131st out
of 183 countries in 2009 (World Bank report ‘Doing
Business 2010: Reforming Through Difficult Times)
28
Private Sector Development (Contd)
• The Tanzania Investment Centre (TIC) approved
572 projects in 2009, compared to 871 projects
approved in 2008
– Due to the impact of the GFC
• Most investors attracted in
–
–
–
–
Manufacturing (183 projects)
Tourism (151 projects)
Commercial buildings (81 projects)
Transportation (61 projects)
29
Performance of MKUKUTA I at a Glance
• Good progress made in implementation of MKUKUTA
–
Overall, macroeconomic stability remaining on track
Cluster I
• GDP and other macroeconomic fundamentals
remained stable despite some shocks
–
–
GDP performed relatively well with annual average growth
rat 6.9% during the period of five years since 2005
However the incidence of income poverty did not change
significantly
Performance of MKUKUTA I at a Glance
Cluster II
 The investments in education and health in the recent
past have enabled Tanzania to record improvement
on the Human Development Index
 According to the HDR of UNDP, Tanzania has made
improvements, though marginal, in human
development by ranking 148th from 149th position
held last year, the rest of EAC countries ranked as follows:
 Kenya -128; Uganda-143; Rwanda-152 and Burundi-166.
 Water supply services have also improved, with the
proportion of the population with access to clean and
safe water in rural areas increasing from 53.1 percent
in 2005 to 58.7 percent in 2009; and from 74 percent
to 84 percent in the same timeframe in urban areas.
31
Performance of MKUKUTA I at a Glance (Contd)
Cluster III
 There has been notable progress in
good
governance and accountability
 Efforts to curb corruption and instil a culture of
integrity have been intensified under the National
Anti-Corruption Strategy and Action Plan (NACSAP)
 Investigations of 706 cases associated with
corruption were completed
 Compliance level with the Public Procurement Act by
both public and other bodies procuring entities also
improved
 Systems for public financial management, which
include auditing, procurement and budgeting, are in
place and functioning well.
32
MKUKUTA I Financing
 MKUKUTA financing has continued to be the
responsibility of the Government, private sector, NGOs,
CSOs and development partners, and the communities.
 However, besides the contribution of development
partners, it has been rather difficult to ascertain the
actual amount spent by the private sector, NGOs and
CSO to implement MKUKUTA.
 Non-state actors’ financing is not easily captured in the
Government budgeting framework.
 The share of the Government budget financing
MKUKUTA has been increasing every year from 54.1
percent of the total budget in 2005/06 to 71.2 percent
in 2009/10.
 Government is reducing recurrent expenditure and
emphasis has been placed on investment in
infrastructure as key for the future growth of the
economy.
MKUKUTA II




Development of MKUKUTA II follows the end of
implementation of MKUKUTA I
MKUKUTA II is a continuation of the Government’s and
national commitments to accelerate economic growth
and fight poverty.
The strategy will continue to be an organizing
framework for rallying national efforts in the next
5 years (2010/11 – 2014/15) in accelerating povertyreducing growth, by pursuing pro-poor interventions
and addressing implementation bottlenecks.
MKUKUTA II continues to be a medium term
mechanism for achieving the aspirations of Tanzania’s
Development Vision (Vision 2025) and the MDGs
MKUKUTA II
 Approved in mid October 2010
 A major shift from its predecessors is the high drive and
scaling-up on the role and participation of the private
sector in economic growth and employment through
strengthening business climate for efficient use of factors
of production, investing in people and infrastructure
development, and maintaining the already achieved socioeconomic progress.
 MKUKUTA II translates Vision 2025 aspirations and
sector policies and strategies into measurable broad
outcomes, and operational targets respectively.
 Social protection is also mainstreamed in MKUKUTA II
and thus will be financed under the umbrella of
MKUKUTA II financing framework.
 Spending plans to implement MKUKUTA II were
included in the FY 2010/11 budget.
Millennium Development Goals - MDGs
 Tanzania is among few countries in Sub-Saharan Africa
that have achieved notable progress in implementing
some of the MDGs targets.
 Social indicators, particularly primary education enrolment and
reduction in infant and child mortality.
 During the MDGs summit in New York in September 2010,
Tanzania was awarded a Certificate for Performance
towards the MDG enrolment target in education, which is
on track and likely to be achieved in 2015.
 Income poverty, though declining is still high level
 HIV/AIDS still remains to be a single most impoverishing
force facing people and households in Tanzania.
Millennium Development Goals – MDGs (Contd)
• Achievements made in areas of voluntary testing and
counseling, this is manifested in the number of people
who tested for HIV in 2009, after the launch of the
National Campaign.
• Generally, the country is in a position to achieve most of
the MDGs by 2015 however, nonetheless, more efforts
need to be directed towards addressing the following:
– HIV/AIDS pandemic.
– maternal mortality.
– strengthening institutional, structural, policy and infrastructural
capacity.
– improving efficiency in resource mobilization.
– strengthening the PRS focus on MDGs as a strategic tool for
meeting the 2015 target.
37
Limitations in MDG Indicators
 Some MDG indicators miss other dimensions of
progress made so far e.g ownership (HBS 2007) vis a
vis income poverty
 Some indicators are missing and their proxies are
not adequate, e.g Indicators related to environment.
 There is limited comparability of some indicators over
time, which renders them difficult to assess progress
 Overemphasis on enrolment (quantity) vis a vis quality of
education
 Proportion of the population with access to clean water vis
a vis frequency of water availability
 While it is important to focus on these indicators
(MDGs), measures are needed to improve supply of
other inputs so as to maintain the quality of services
provided
38
The Global Economic Recovery and the Medium
Term Outlook
• The world economy is recovering from its most severe
downturn since the Great Depression of the 1930s.
•
The global economy is forecast to grow by 4.8
percent in 2010 (October 2010 IMF-WEO )
• The recovery however is still very fragile and uneven due to
persistent high unemployment rates in the developed countries
and increased rates of underemployment and vulnerable
employment in many developing countries.
•
The lack of recovery in employment presents a risk
for output recovery as it holds down consumption and
investment demand.
•
Fiscal and monetary stimulus measures have
prevented the global recession from turning into a
new depression and remains the main driving force in
the ongoing recovery.
The Global Economic Recovery and the Medium
Term Outlook (Contd)
• But such stimuli have also widened fiscal deficits in
•
a number of countries, especially in many advanced
economies, where public debt is approaching critical
levels.
Developing economies, particularly in Sub-Saharan
Africa which were less affected by the global
downturn are experiencing solid domestic demand
growth.
– Output in this region is projected to accelerate to 5.0
percent in 2010 and 5.5 percent in 2011.
– However, many countries in the region are likely to face
challenges in their budgets particularly those depending
much on foreign aid, due to budget deficits and associated
measures to cut the budget in advanced economies and
hence likely to reduce aid and private financial flows to the
region.
The Global Economic Recovery and the Medium
Term Outlook (Contd)
•
•
In Tanzania, on the assumption of successful
implementation of economic policies and favourable
weather conditions, economic activities are expected
to pick up in the medium term, with a real GDP
growth bouncing back to 7.0% in 2010.
– Thereafter, growth is projected to increase to 7.2% by 2011 as
the economy stabilizes, and continues to grow above 7.0% in
the medium term.
In the medium term:
– Agriculture is expected to grow to by an average of 4.4 percent
– Manufacturing is expected to grow by an average of 10.7
percent
– Construction is expected to grow by an average of 11.2 percent
– Transport is expected to grow by an average of 9.2 percent
– Financial Intermediation is expected to grow by an average of
10.0 percent
THANK YOU
FOR
YOUR ATTENTION