mwanamichakato
JF-Expert Member
- Mar 20, 2015
- 1,166
- 1,070
Recent research confirms manufacturing has been immensely important to the prosperity of nations, with over 70% of the income variations of 128 nations explained by differences in manufactured product export data alone.
Any increase in production leads to economic growth as measured by GDP. This metric merely represents the total production of all goods and services in an economy. Improved economic growth raises the standard of living by lowering costs and raising wages.
With growth in productivity, an economy is able to produce—and consume—increasingly more goods and services for the same amount of work. Productivity is important to individuals (workers and consumers), business leaders, and analysts (such as policymakers and government statisticians).
The sector employs around 306,180 workers mainly in the urban areas. The sector contributes to the Tanzania economy through revenue collection of import and export sales, corporate tax, and income tax, contributing about 18.1% foreign exchange to the government.
By stimulating further action along the value chains—from raw materials to finished goods—manufacturing expands Tanzania export base and boosts our GDP. Manufacturing also strengthens economies by cascading growth in other sectors.
Any increase in production leads to economic growth as measured by GDP. This metric merely represents the total production of all goods and services in an economy. Improved economic growth raises the standard of living by lowering costs and raising wages.
With growth in productivity, an economy is able to produce—and consume—increasingly more goods and services for the same amount of work. Productivity is important to individuals (workers and consumers), business leaders, and analysts (such as policymakers and government statisticians).
The sector employs around 306,180 workers mainly in the urban areas. The sector contributes to the Tanzania economy through revenue collection of import and export sales, corporate tax, and income tax, contributing about 18.1% foreign exchange to the government.
By stimulating further action along the value chains—from raw materials to finished goods—manufacturing expands Tanzania export base and boosts our GDP. Manufacturing also strengthens economies by cascading growth in other sectors.