Tanzania has benefited from a relatively stable political environment and reasonable macroeconomic policies that has allowed it to maintain sustained 6 to 7% growth rates since 2000. The COVID-19 novel coronavirus crisis of 2020/21 did not spare Tanzania, but economically it fared better than many o Contact online >>
Tanzania has benefited from a relatively stable political environment and reasonable macroeconomic policies that has allowed it to maintain sustained 6 to 7% growth rates since 2000. The COVID-19 novel coronavirus crisis of 2020/21 did not spare Tanzania, but economically it fared better than many of its neighbors.
Tanzania''s economy is expected to expand at a CAGR of 6.2% over 2023-2028, largely due to government efforts to enhance the mining industry and infrastructure. Current trade trends indicate a shift towards increased self-reliance and a focus on high-value commodity exports.
Tanzania''s economy increased by roughly five percent in 2021. For 2022, the country''s GDP is expected to keep stable. Still recovering from the impacts of the COVID-19 pandemic, the Tanzanian
Tanzania''s Gross Domestic Product (GDP) growth in the last 12 years has been extremely strong, averaging close to 7 percent annually. This rate is high, but still lower than that of successful emerging countries when the nation''s high population growth rate of about 3 percent is factored into the equation.
In 2023, Tanzania''s GDP grew by 5.3%, driven by increased private and public spending, and broadened tax collection. GDP per capita remained lower than the regional average however. Tanzania''s economy is expected to expand at a CAGR of 6.2% over
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World Bank - Country Overview
World Bank Publication – Tanzania Economic Update – Raising the Bar
The United Republic Tanzania is an attractive market for U.S. exporters due to its relatively large population estimated to be 62 million people. This makes Tanzania the 24th largest country by population, larger than South Africa and slightly smaller than Italy (source CIA World Fact Book). In addition to its large population, Tanzania reached an important milestone in July 2020, when it formally graduated from low-income country (LIC) to lower-middle-income country (LMIC) status. Tanzania''s achievement reflects sustained macroeconomic stability that have supported growth as well as the country'' s rich natural endowments and strategic geographic position.
The COVID-19 pandemic has hit global travel and tourism especially hard, which is particularly problematic for Tanzania with the sector contributing at least 17 percent of GDP in 2019 and attracted about 25 percent of FDI inflows in 2017 (US$247 million). The economic damage from tourism was partially offset by growth in the price of gold, a key export commodity for Tanzania.
Tanzania has an ambitious industrialization plan to transform into a middle-income economy by 2030. Energy and transportation infrastructure sectors must become more reliable and efficient if Tanzania is to reach this goal. The Government of Tanzania (GoT) is focusing on developing local industries and investing in large infrastructure, energy, and agricultural sector development, which present opportunities for U.S. exports. The private sector is also investing heavily in the mining industry after years of underinvestment.
Growth has been driven primarily by transportation, infrastructure projects, communications, agriculture, manufacturing, electricity (especially renewable sources), wholesale and retail trade, travel and tourism, real estate, and business services. U.S. exporters will find many opportunities in these sectors and products and services that will help Tanzanian industry move up the value chain in agriculture (processing and packaging equipment), mining (refining and smelting), and other key sectors.
Public and private sector participants are concerned about GoT policies that have raised questions about long-term prospects for foreign direct investment (FDI) and has fostered a more challenging business environment. Aggressive revenue collection (taxation and audit) practices and difficulties in obtaining work permits for expat workers to manage their investments have been particularly challenging.
Tanzania''s main trading partner is China ($4,960 million total trade), India ($2,313 million), the European Union (EU) ($1,542 million) followed by Kenya, South Africa and the U.S. in 6th position with $367 million. Neighboring countries of the Southern African Development Community (SADC) and East African Community (EAC) countries make up a smaller, but still significant part of Tanzania trading relationship.
The United States had a $124 million positive trade balance with Tanzania with a total trading relationship (exports plus imports) of $367 million. U.S. key exports to Tanzania are Liquid Propane Gas ($100 million), Aircraft parts ($33 million), Automotive and Agricultural Machinery and Parts ($25 million) and Chemicals and Fertilizers ($13 million).
Tanzania exported $121 million of products to the U.S. Tanzanian exports can be broken down into three main areas: Precious/Semi-Precious Stones; Apparel; and Raw agricultural products.
Basic Economic Statistics: (2022)
Political & Economic Environment
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Tanzania: Gross domestic product (GDP) in current prices from 1989 to 2029 (in billion U.S. dollars)
Tanzania: Growth rate of the real gross domestic product (GDP) from 2019 to 2029 (compared to the previous year)
Tanzania: Gross domestic product (GDP) per capita in current prices from 1989 to 2029 (in U.S. dollars)
GDP growth rate in Tanzania in the fourth quarter 2023, by economic activity
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