Tanzania Economic Outlook
June 21, 2022The economy should have accelerated so far this year, as surging private-sector credit growth in January–April likely aided demand. Focusing on H2, a nearly 25% increase in the minimum wage, strong foreign investment inflows, a fuel subsidy package and the recently-announced expansionary FY 2023 budget will further aid momentum. In the budget, the government expects to more than double spending on agriculture relative to FY 2022, with extra support for irrigation projects, fertilizer, and livestock and fishery schemes. Overall government spending is set to rise roughly 9% year on year. In early June, the IMF announced a staff-level agreement on a USD 1.1 billion extended credit facility, which aims to boost social spending, increase fiscal revenue and advance structural reforms. The agreement must now be approved by the Fund’s Executive Board.
Tanzania Economic GrowthEconomic growth is set to pick up this year, as large infrastructure projects, strong credit provision, higher wages and a supportive FY 2023 budget bolster domestic demand. However, extreme weather events and a more adverse external environment cloud the outlook. FocusEconomics panelists forecast GDP to expand 5.4% in 2022, which is up 0.1 percentage points from last month’s forecast, and 5.9% in 2023.
Tanzania Economy Data
5 years of Tanzania economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.73||0.0 %||Dec 31|
|Exchange Rate||2,300||0.0 %||Jan 01|
|Stock Market||1.2||0.0 %||Jan 06|
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