Tanzania skyline

Tanzania Economy

Tanzania's economy in numbers:

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.

Average real GDP growth of 5.9% 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 slowed in Q4 2023 on weaker expansions in the agricultural and industrial sectors. Shifting to 2024, available data suggests that the economy lost further steam in Q1. Both merchandise exports and private sector credit grew at slower annual clips than in Q4. Turning to the second quarter, early data is optimistic. Credit growth remained healthy in April–May, while inflation was virtually unchanged in Q2 from Q1, boding well for domestic activity. Additionally, merchandise exports growth accelerated in the first two months of the quarter compared with Q1. In other news, in mid-June, the government presented the budget for the fiscal year that started in July. The draft envisages a 2.9% fiscal deficit, largely in line with our Consensus. Shortly afterward, the IMF approved USD 768 million in funding for green policies and USD 149 million for budget support.
Projections out to 2033.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 12 expert analysts.

Want to get insight on the economic outlook for Tanzania in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Tanzania from a panel of 12 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) 58.3 62.9 67.6 73.2 78.9
GDP per capita (USD) 1,036 1,084 1,132 1,191 1,246
GDP (TZS bn) 134,384 145,430 156,375 170,256 191,142
Economic Growth (Nominal GDP, ann. var. %) 8.4 8.2 7.5 8.9 12.3
Economic Growth (GDP, ann. var. %) 7.0 4.8 4.9 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 -
Public Debt (% of GDP) 40.4 41.3 43.4 44.9 -
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 -2.9
Current Account Balance (% of GDP) -2.3 -2.3 -3.5 -7.5 -3.7
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 41.2 -

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