Tourism earnings up 15% in year to May

01Aug 2018
By Financial Times Reporter
Financial Times
Tourism earnings up 15% in year to May

PROMOTIONAL activities implemented by the government and private sector have contributed to the increase in the number of tourist arrivals in the year to May.

Travel receipts, which accounted for 60.4 per cent of services receipts, grew by 14.6 per cent to $2,414.4 million owing to increase in number of tourist arrivals, the central bank noted in the June Monthly Economic Review (MER).

According to the Bank of Tanzania (BoT), the services account improved by 14.9 per cent to a surplus of $1,828.8 million in the year ending May 2018, following increase in services receipts that grew by 9.0 per cent to $3,995.8 million.

“Registered growth in services was largely caused by increase in travel and transport receipts,” the central bank notes in the new MER released last week. Receipts from transport services—which hold 30.4 per cent of services receipts—was $1,214.7 million, higher than $1,119.3 million in the year to May 2017 following an increase in transit goods to-and-from neighbouring countries. 

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