34% Growth in Personal Activities Credit to June

TLDR

• Credit to the trade sector grew 60 percent year-on-year to June 2023, marking the strongest increase among major economic activities.
• The Bank of Tanzania Monthly Economic Review indicates that trade credit growth accelerated from 21.3 percent in June 2022, reflecting stronger demand for working capital and business expansion.
• Credit to transport and communication increased by 46 percent in June 2023, up from 26 percent a year earlier, indicating heightened financing activity in logistics and related services.
• Agricultural lending rose by 40 percent compared to 30 percent a year earlier, showing increased financing in a sector vital for production and export earnings.
• Credit for personal activities strengthened by 34 percent from 14 percent a year earlier, while lending to building and construction grew by 30 percent from 26 percent.