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Economy of Tanzania
.jpg) Dar es Salaam, the financial centre of Tanzania | |
| Currency | Tanzanian shilling (TSh) |
|---|---|
| 1 July – 30 June | |
Trade organisations | AU, AfCFTA (signed), EAC, SADC, WTO |
Country group |
|
| Statistics | |
| Population |  70,641,120 (2024)[3] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| 3.9% (2020 est.)[8] | |
| 12% (2014)[9] | |
Population below poverty line | |
| 40.5 medium (2017)[12] | |
Labour force | |
Labour force by occupation | Agriculture: 50%[17]: page 56 |
| Unemployment | 2.2% (2017)[18] |
Main industries | agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer[7] |
| External | |
| Exports | $5.6685 billion (105th; October 2015)[19] |
Export goods | gold, tobacco, cashews, sesame seeds, refined petroleum |
Main export partners |  India 27% United Arab Emirates 11% South Africa 9% Kenya 5% Rwanda 5% (2022)[20] |
| Imports |  $10.441 billion (FOB; October 2015)[19] |
Import goods | refined petroleum, palm oil, packaged medicines, cars, wheat |
Main import partners |  China 30% India 18% United Arab Emirates 11%  Democratic Republic of the Congo 5%  Saudi Arabia 2% (2022)[20] |
FDI stock | $12.715 billion (2013)[21] |
| –4.002 billion (October 2015)[19] | |
Gross external debt | $15.4 billion (October 2015)[19] |
| Public finances | |
 37% of GDP (2017 est.)[7] | |
| –1.8% (of GDP) (2017 est.)[7] | |
| Revenues | $12.88 billion (2022 est.) |
| Expenses | $14.91 billion (2022 est.) |
| Economic aid | $490 million (recipient; 2014)[22] |
| n/a (TBD) | |
| $4,383.6 million (4.5 months of imports; 2013)[19] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Tanzania is a lower-middle income economy[23][24] that is centered around Manufacturing, Tourism, Agriculture, and financial services.[25] Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.[26]
Following the rebasing of the economy in 2014, the GDP increased by a third to $58.1 billion.[27]
In 2020, the real GDP of Tanzania grew by 4.8% reaching US$89.5 billion versus US$82.9 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa.[28]
It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. According to World Bank data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 6 percent in 2020/21, which is supported by large infrastructure spending.[29][30]
The World Bank (WB) expects the economic growth of Tanzania to slow to 2.5% in 2020[31] due to the COVID-19 pandemic which has affected the labor market, the production capacity, and productivity. Tourism has halted, and exports of manufacturing and agricultural goods slumped.
On 7 September 2021, the IMF approved US$567.25 million in emergency financial assistance to support Tanzania’s efforts in responding to the COVID-19 pandemic[32] by addressing the urgent health, humanitarian, and economic costs.
The IMF projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022,[33] and 6.0% in 2026.
According to the World Bank, the GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.
The value of Tanzania's GDP at current prices reached USD 105.1 billion in 2022.[34]
The World Bank projects Tanzania's GDP growth to reach 5.1% in 2023.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 1 July 2020.
- ^ "Census Information Dissemination Platform". sensa.nbs.go.tz. Retrieved 31 July 2024.
- ^ a b c "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 11 October 2023.
- ^ "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 11 October 2023.
- ^ Global Economic Prospects, June 2020. World Bank. 8 June 2020. p. 80. doi:10.1596/978-1-4648-1553-9. ISBN 978-1-4648-1553-9. S2CID 225749731. Retrieved 1 July 2020.
- ^ a b c d "AFRICA :: TANZANIA". CIA.gov. Central Intelligence Agency. Retrieved 16 March 2020.
- ^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 1 July 2020.
- ^ "BoT: Weighted Average Interest Rate Structure" (PDF). Bank of Tanzania. 2014. Retrieved 9 December 2014.
- ^ "Poverty headcount ratio at national poverty lines (% of population) - Tanzania". data.worldbank.org. World Bank. Retrieved 21 March 2020.
- ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Tanzania". data.worldbank.org. World Bank. Retrieved 1 July 2020.
- ^ "GINI index (World Bank estimate) - Tanzania". data.worldbank.org. World Bank. Retrieved 21 March 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 22 May 2023.
- ^ "Labor force, total - Tanzania". data.worldbank.org. World Bank & ILO. Retrieved 11 July 2023.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Tanzania". data.worldbank.org. World Bank & ILO. Retrieved 17 March 2020.
- ^ "Statistical Abstract 2013, National Bureau of Statistics, Tanzania Ministry of Finance, July 2014, accessed 22 October 2014" (PDF). Archived from the original (PDF) on 17 April 2015.
- ^ Human Development Data (1990–2017). (30 January 2019). Human Development Reports. Retrieved from http://hdr.undp.org/en/data#a%7C
- ^ a b c d e "BoT: Monthly Economic Review" (PDF). Bank of Tanzania. November 2015. Archived from the original (PDF) on 25 March 2021. Retrieved 1 January 2016.
- ^ a b "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 October 2022.
- ^ "World Investment Report 2014: Investing in the SDGs: An Action Plan" (PDF). UNCTAD. 2014. p. 210. Retrieved 9 December 2014.
- ^ "UK and international donors suspend Tanzania aid after corruption claims". The Guardian. 13 October 2014. Retrieved 9 December 2014.
- ^ "New World Bank country classifications by income level: 2020-2021". World Bank. 1 July 2020.
- ^ "Tanzania joins middle income status ahead of schedule". The Citizen. 2 July 2020.
- ^ Mascarenhas, Adolfo C.; Bryceson, Deborah Fahy; Ingham, Kenneth; Chiteji, Frank Matthew (8 September 2020). "Tanzania". Britannica. Encyclopædia Britannica. Retrieved 1 November 2020.
- ^ "Tanzania: The Story of an African Transition" (PDF). International Monetary Fund. 2009.
- ^ "UPDATE 2-Tanzania's GDP expands by 32 pct after rebasing – officials". Reuters. 19 December 2014. Archived from the original on 19 December 2014. Retrieved 19 December 2014.
- ^ "The Economy of Tanzania - 2021 Update". TanzaniaInvest. Retrieved 26 January 2021.
- ^ "Tanzania's economy on the rise in 2020". Expogr. Retrieved 26 June 2020.
- ^ "Tanzania, Kenya among the top 10 economies in Africa". The Citizen. 12 June 2020.
- ^ "Overview". World Bank. Retrieved 26 January 2021.
- ^ "IMF Approves USD 567.25 M to Help Tanzania Tackle Covid-19 Pandemic". TanzaniaInvest. 8 September 2021. Retrieved 2 November 2021.
- ^ "The Economy of Tanzania in 2021 and 2022 - Nov 2021 Update". TanzaniaInvest. Retrieved 2 November 2021.
- ^ "Tanzania Economy Archives". TanzaniaInvest. Retrieved 29 April 2023.
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