Tanzania skyline

Tanzania Economy

Tanzania's economy in numbers:

Nominal GDP of USD 78.0 billion in 2023.

Nominal GDP of USD 73.2 billion in 2022.

GDP per capita of USD 1,191 compared to the global average of USD 10,589.

GDP per capita of USD 1,231 compared to the global average of USD 10,589.

Average real GDP growth of 5.9% over the last decade.

Average real GDP growth of 6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 45% of overall GDP, manufacturing 8%, other industrial activity 21%, and agriculture 26%. Looking at GDP by expenditure, private consumption accounted for 57% of GDP in 2021, government consumption 9%, fixed investment 43%, and net exports -9%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 14% of total merchandise exports, mineral fuels 1%, food 31%, ores and metals 4% and agricultural raw materials 3%, with other categories accounting for 47% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 21%, food 8%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 7 billion in 2022, while total imports were USD 14 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.9% in the decade to 2022. To read more about GDP growth in Tanzania, go to our dedicated page.

Fiscal policy:

Tanzania's fiscal deficit averaged 2.8% of GDP in the decade to 2021. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.5% in the decade to 2022. For more information on Tanzania's unemployment click here.

Inflation:

Inflation averaged 5.9% in the decade to 2022. Go to our Tanzania inflation page for extra insight.

Monetary Policy:

Tanzania's monetary policy rate ended 2022 at 5.00%, down from 12.00% a decade earlier. See our Tanzania monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the shilling weakened by 32.2% vs the U.S. dollar. For more info on the shilling, click here.
Year-on-year economic growth rose in Q1 from Q4 2023 due to larger expansions in the industrial and services sectors. That said, the agricultural sector lost traction. Shifting to Q2, data at hand indicates that economic growth remained strong. Goods exports expanded at a faster clip relative to Q1, while private-sector credit continued to grow at a rapid pace. Turning to Q3, momentum seemingly strengthened further. In July–August, merchandise exports growth gained traction, and credit continued to expand at a healthy rate. In other news, the police recently arrested several opposition leaders that were planning protests in the wake of the abduction and murder of a number of politicians. However, while social instability is rising in the run-up to November’s local elections and 2025 general elections, the incumbent Chama Cha Mapinduzi party is set to remain in power, ensuring policy continuity.
Projections out to 2034.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Tanzania in the coming years? FocusEconomics collects projections out to 2034 on 43 economic indicators for Tanzania from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Tanzania economy. To download a sample report on the Tanzania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Tanzania Economic Data

2019 2020 2021 2022 2023
Population (million) 56.3 58.0 59.7 61.5 63.3
GDP (USD bn) 58.4 62.8 67.5 73.5 78.0
GDP per capita (USD) 1,037 1,084 1,130 1,195 1,231
GDP (TZS bn) 134,540 145,384 156,167 170,820 188,788
Economic Growth (Nominal GDP, ann. var. %) 8.5 8.1 7.4 9.4 10.5
Economic Growth (GDP, ann. var. %) 6.9 4.5 4.8 4.7 5.1
Domestic Demand (ann. var. %) 4.6 5.4 5.9 5.5 -
Private Consumption (ann. var. %) 2.8 5.3 5.0 2.2 -
Government Consumption (ann. var. %) 2.3 2.6 3.3 3.1 -
Fixed Investment (ann. var. %) 14.3 7.2 5.3 5.2 -
Exports (G&S, ann. var. %) 18.0 -17.0 11.7 17.9 -
Imports (G&S, ann. var. %) 4.2 -8.5 22.9 31.4 -
Fiscal Balance (% of GDP) -2.1 -2.6 -3.5 -3.9 -3.5
Public Debt (% of GDP) 40.4 41.3 43.4 44.9 46.9
Money (ann. var. of M2 %) 11.8 8.2 17.6 12.1 11.9
Inflation (CPI, ann. var. %, eop) 3.8 3.2 4.2 4.8 3.0
Inflation (CPI, ann. var. %, aop) 3.4 3.3 3.7 4.3 3.8
Central Bank Rate (%, eop) 7.00 5.00 5.00 5.00 5.00
Exchange Rate (TZS per USD, eop) 2,295 2,317 2,304 2,332 2,510
Exchange Rate (TZS per USD, aop) 2,304 2,313 2,314 2,324 2,421
Current Account Balance (USD bn) -1.3 -1.5 -2.4 -5.5 -3.0
Current Account Balance (% of GDP) -2.3 -2.3 -3.5 -7.5 -3.8
Merchandise Trade Balance (USD bn) -3.2 -1.5 -3.2 -7.0 -6.1
Merchandise Exports (USD bn) 5.4 6.4 6.8 7.2 7.7
Merchandise Imports (USD bn) 8.6 7.8 10.0 14.2 13.7
Merchandise Exports (ann. var. %) 25.3 18.5 6.0 6.9 6.5
Merchandise Imports (ann. var. %) 1.1 -9.1 27.7 42.0 -3.4
Foreign Direct Investment (USD bn) 1.2 0.9 1.2 1.3 1.3
International Reserves (USD bn) 5.6 4.8 6.4 5.2 5.5
International Reserves (months of imports) 7.8 7.3 7.7 4.4 4.8
External Debt (USD bn) 24.2 25.5 28.5 30.2 -
External Debt (% of GDP) 41.4 40.6 42.2 41.1 -

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