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Tanzania Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Tanzania Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Tanzania has achieved high growth rates based on its vast natural resource wealth and tourism with GDP growth in 2009-17 averaging 6%-7% per year. Dar es Salaam used fiscal stimulus measures and easier monetary policies to lessen the impact of the global recession and in general, benefited from low oil prices. Tanzania has largely completed its transition to a market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining.

The economy depends on agriculture, which accounts for slightly less than one-quarter of GDP and employs about 65% of the work force, although gold production in recent years has increased to about 35% of exports. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular.

The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry's total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. Banking reforms have helped increase private-sector growth and investment.

The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging infrastructure, including rail and port, which provide important trade links for inland countries. In 2013, Tanzania completed the world's largest Millennium Challenge Compact (MCC) grant, worth $698 million, but in late 2015, the MCC Board of Directors deferred a decision to renew Tanzania’s eligibility because of irregularities in voting in Zanzibar and concerns over the government's use of a controversial cybercrime bill.

The new government elected in 2015 has developed an ambitious development agenda focused on creating a better business environment through improved infrastructure, access to financing, and education progress, but implementing budgets remains challenging for the government. Recent policy moves by President MAGUFULI are aimed at protecting domestic industry and have caused concern among foreign investors.

GDP (purchasing power parity):
$162.5 billion (2017 est.)
$153.3 billion (2016 est.)
$143.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 75
[see also: GDP country ranks ]

GDP (official exchange rate):
$51.76 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6% (2017 est.)
7% (2016 est.)
7% (2015 est.)
country comparison to the world: 34
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,200 (2017 est.)
$3,100 (2016 est.)
$3,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 193
[see also: GDP - per capita country ranks ]

Gross national saving:
25% of GDP (2017 est.)
23.1% of GDP (2016 est.)
24.9% of GDP (2015 est.)
country comparison to the world: 60
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.4% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 36.1% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -8.7% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -20.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 23.4% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.6% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (manioc, tapioca), bananas, fruits, vegetables; cattle, sheep, goats

Industries:
agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer

Industrial production growth rate:
12% (2017 est.)
country comparison to the world: 8
[see also: Industrial production growth rate country ranks ]

Labor force:
24.89 million (2017 est.)
country comparison to the world: 26
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 66.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 6.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 26.6% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.3% (2014 est.)
country comparison to the world: 144
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.8% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.6% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
37.6 (2007)
34.6 (2000)
country comparison to the world: 82
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 7.873 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 8.818 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
15.2% (of GDP) (2017 est.)
country comparison to the world: 192
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.8% (of GDP) (2017 est.)
country comparison to the world: 100
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
37% of GDP (2017 est.)
38% of GDP (2016 est.)
country comparison to the world: 141
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.3% (2017 est.)
5.2% (2016 est.)
country comparison to the world: 175
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.25% (31 December 2010)
3.7% (31 December 2009)
country comparison to the world: 38
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.62% (31 December 2017 est.)
15.96% (31 December 2016 est.)
country comparison to the world: 24
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.002 billion (31 December 2017 est.)
$4.641 billion (31 December 2016 est.)
country comparison to the world: 105
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.002 billion (31 December 2017 est.)
$4.641 billion (31 December 2016 est.)
country comparison to the world: 108
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.045 billion (31 December 2017 est.)
$9.616 billion (31 December 2016 est.)
country comparison to the world: 110
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.803 billion (31 December 2012 est.)
$1.539 billion (31 December 2011 est.)
$1.264 billion (31 December 2010 est.)
country comparison to the world: 101
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.464 billion (2017 est.)
-$2.137 billion (2016 est.)
country comparison to the world: 155
[see also: Current account balance country ranks ]

Exports:
$4.971 billion (2017 est.)
$5.697 billion (2016 est.)
country comparison to the world: 109
[see also: Exports country ranks ]

Exports - partners:
India 21.8%, South Africa 17.9%, Kenya 8.8%, Switzerland 6.7%, Belgium 5.9%, Democratic Republic of the Congo 5.8%, China 4.8% (2017)

Exports - commodities:
gold, coffee, cashew nuts, manufactures, cotton

Imports:
$7.869 billion (2017 est.)
$8.464 billion (2016 est.)
country comparison to the world: 112
[see also: Imports country ranks ]

Imports - commodities:
consumer goods, machinery and transportation equipment, industrial raw materials, crude oil

Imports - partners:
India 16.5%, China 15.8%, UAE 9.2%, Saudi Arabia 7.9%, South Africa 5.1%, Japan 4.9%, Switzerland 4.4% (2017)

Reserves of foreign exchange and gold:
$5.301 billion (31 December 2017 est.)
$4.067 billion (31 December 2016 est.)
note: excludes gold
country comparison to the world: 94
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$17.66 billion (31 December 2017 est.)
$15.21 billion (31 December 2016 est.)
country comparison to the world: 97
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Tanzanian shillings (TZS) per US dollar -
2,243.8 (2017 est.)
2,177.1 (2016 est.)
2,177.1 (2015 est.)
1,989.7 (2014 est.)
1,654 (2013 est.)


NOTE: 1) The information regarding Tanzania on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tanzania Economy 2019 information contained here. All suggestions for corrections of any errors about Tanzania Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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