Tanzania Economy - 2024

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.)

Unemployment rate

2.65% (2021 est.)
2.53% (2020 est.)
2.22% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 4.6% (2021 est.)

male: 3.7%

female: 5.5%

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)

Remittances

0.52% of GDP (2020 est.)
0.71% of GDP (2019 est.)
0.72% of GDP (2018 est.)

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 -

Exchange rates:
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.)