The economic growth in Tanzania this year is expected to reach nearly 8 percent, outshooting the projected 7-percent growth target, according to the economic indicators released by the Bank of Tanzania.

The country's central bank said that this year's gross domestic product growth might reach 8 percent.

Central bank Governor Daudi Ballali told local media that his institution expected "a remarkable economic growth this year".

He attributed the expected strong growth to a strong macro- economy stability.

Despite the fact that oil price hikes had pushed year-to-year inflation rate of October 2005 to 4.7 percent in Tanzania, Ballali said that the central bank would try to control inflation below 5 percent.

The central bank is managing the inflation through containing the growth of the money in circulation outside the banks and the total shilling deposits held by commercial banks in the country.

Source: Xinhua