Tanzania Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

emerging lower middle-income East African economy; resource-rich and growing tourism; strong post-pandemic recovery from hospitality, electricity, mining, and transit sectors; declining poverty; stable inflation; gender-based violence economic and labor force disruptions

Real GDP (purchasing power parity)

$159.326 billion (2021 est.)

$152.788 billion (2020 est.)

$149.798 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.28% (2021 est.)

2% (2020 est.)

5.8% (2019 est.)

Real GDP per capita

$2,600 (2021 est.)

$2,600 (2020 est.)

$2,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$60.633 billion (2019 est.)

Inflation rate (consumer prices)

3.69% (2021 est.)

3.29% (2020 est.)

3.46% (2019 est.)

Credit ratings

Moody's rating: B2 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 23.4% (2017 est.)

industry: 28.6% (2017 est.)

services: 47.6% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

cassava, maize, sweet potatoes, sugar cane, rice, bananas, vegetables, milk, beans, sunflower seed

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

6.5% (2021 est.)

Labor force

29.863 million (2021 est.)

Labor force - by occupation

agriculture: 66.9%

industry: 6.4%

services: 26.6% (2014 est.)

Unemployment rate

2.65% (2021 est.)

2.53% (2020 est.)

2.22% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 4.6%

male: 3.7%

female: 5.5% (2021 est.)

Population below poverty line

26.4% (2017 est.)

Gini Index coefficient - distribution of family income

40.5 (2017 est.)

Average household expenditures

on food: 33.1% of household expenditures (2018 est.)

on alcohol and tobacco: 4.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 29.6% (2007)

Budget

revenues: $8.968 billion (2019 est.)

expenditures: $10.017 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.8% (of GDP) (2017 est.)

Public debt

37% of GDP (2017 est.)

38% of GDP (2016 est.)

Taxes and other revenues

11.7% (of GDP) (2018 est.)

Fiscal year

1 July - 30 June

Current account balance

-$1.122 billion (2020 est.)

-$1.512 billion (2019 est.)

-$2.262 billion (2018 est.)

Exports

$8.555 billion (2020 est.) note: data are in current year dollars

$9.659 billion (2019 est.) note: data are in current year dollars

$8.307 billion (2018 est.)

Exports - partners

India 15%, United Arab Emirates 15%, Switzerland 14%, Uganda 12%, China 7% (2020)

Exports - commodities

gold, cashews, copper, precious metals, legumes (2020)

Imports

$9.181 billion (2020 est.) note: data are in current year dollars

$10.576 billion (2019 est.) note: data are in current year dollars

$10.399 billion (2018 est.)

Imports - partners

China 34%, Democratic Republic of the Congo 14%, India 12%, United Arab Emirates 6%, South Africa 3% (2020)

Imports - commodities

copper, refined petroleum, packaged medicines, palm oil, wheat (2020)

Reserves of foreign exchange and gold

$5.05 billion (31 December 2018 est.)

$5.888 billion (31 December 2017 est.)

$4.067 billion (31 December 2016 est.)

note: excludes gold

Debt - external

$22.054 billion (2019 est.)

$20.569 billion (2018 est.)

Exchange rates

Tanzanian shillings (TZS) per US dollar -

2,297.764 (2021 est.)

2,294.146 (2020 est.)

2,288.207 (2019 est.)

2,263.782 (2018 est.)

2,228.857 (2017 est.)

NOTE: The information regarding Tanzania on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Tanzania 2023 information contained here. All suggestions for corrections of any errors about Tanzania 2023 should be addressed to the CIA or the source cited on each page.