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.
6.98% (2019 est.)
6.95% (2018 est.)
6.78% (2017 est.)
3.4% (2019 est.)
3.5% (2018 est.)
5.3% (2017 est.)
Moody's rating: B2 (2020)
$149.785 billion (2019 est.)
$141.585 billion (2018 est.)
$134.274 billion (2017 est.)
note: data are in 2010 dollars
$60.633 billion (2019 est.)
$2,660 (2019 est.)
$2,590 (2018 est.)
$2,530 (2017 est.)
note: data are in 2010 dollars
30.5% of GDP (2017 est.)
23.1% of GDP (2016 est.)
24.9% of GDP (2015 est.)
agriculture: 23.4% (2017 est.)
industry: 28.6% (2017 est.)
services: 47.6% (2017 est.)
household consumption: 62.4% (2017 est.)
government consumption: 12.5% (2017 est.)
investment in fixed capital: 36.1% (2017 est.)
investment in inventories: -8.7% (2017 est.)
exports of goods and services: 18.1% (2017 est.)
imports of goods and services: -20.5% (2017 est.)
Overall score: 54.5 (2020)
Starting a Business score: 74.4 (2020)
Trading score: 20.2 (2020)
Enforcement score: 61.7 (2020)
cassava, maize, sweet potatoes, sugar cane, rice, bananas, vegetables, milk, beans, sunflower seed
agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer
12% (2017 est.)
24.89 million (2017 est.)
agriculture: 66.9%
industry: 6.4%
services: 26.6% (2014 est.)
10.3% (2014 est.)
26.4% (2017 est.)
40.5 (2017 est.)
34.6 (2000)
lowest 10%: 2.8%
highest 10%: 29.6% (2007)
revenues: 7.873 billion (2017 est.)
expenditures: 8.818 billion (2017 est.)
15.2% (of GDP) (2017 est.)
-1.8% (of GDP) (2017 est.)
37% of GDP (2017 est.)
38% of GDP (2016 est.)
1 July - 30 June
-$1.313 billion (2019 est.)
-$1.898 billion (2018 est.)
$7.827 billion (2017 est.)
$5.697 billion (2016 est.)
India 20%, United Arab Emirates 13%, China 8%, Switzerland 7%, Rwanda 6%, Kenya 5%, Vietnam 5% (2019)
gold, tobacco, cashews, sesame seeds, refined petroleum (2019)
$9.972 billion (2017 est.)
$8.464 billion (2016 est.)
China 34%, India 15%, United Arab Emirates 12% (2019)
refined petroleum, palm oil, packaged medicines, cars, wheat (2019)
$5.301 billion (31 December 2017 est.)
$4.067 billion (31 December 2016 est.)
note: excludes gold
$22.054 billion (2019 est.)
$20.569 billion (2018 est.)
Tanzanian shillings (TZS) per US dollar -
2,319 (2020 est.)
2,300 (2019 est.)
2,299.155 (2018 est.)
1,989.7 (2014 est.)
1,654 (2013 est.)
NOTE: The information regarding Tanzania on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Tanzania 2021 information contained here. All suggestions for corrections of any errors about Tanzania 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.