Tanzania - Economy
How is the economy of Tanzania? Based on the information we have, Tanzania has a 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. Key agricultural products in this country include: cassava, maize, sweet potatoes, sugarcane, bananas, milk, rice, vegetables, beans, sunflower seeds (2022).
More about the economy of Tanzania
Labor force 31.219 million (2023 est.)
Industrial production growth rate 3.9% (2023 est.)
Industries agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer
Population below poverty line 26.4% (2018 est.)
Taxes and other revenues 11.47% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Tanzanian shillings (TZS) per US dollar -
Exchange rates 2021 2,297.764 (2021 est.)
Exchange rates 2020 2,294.146 (2020 est.)
Exchange rates 2019 2,288.207 (2019 est.)
Exchange rates 2018 2,263.782 (2018 est.)
Exchange rates 2017 2,228.857 (2017 est.)
Debt - external
Debt - external 2022 $15.913 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2018 $5.05 billion (2018 est.)
Reserves of foreign exchange and gold 2017 $5.888 billion (2017 est.)
Reserves of foreign exchange and gold 2016 $4.351 billion (2016 est.)
Current account balance
Current account balance 2022 -$5.384 billion (2022 est.)
Current account balance 2021 -$2.388 billion (2021 est.)
Current account balance 2020 -$1.459 billion (2020 est.)
Public debt
Public debt 2017 37% of GDP (2017 est.)
Budget
Revenues $9.114 billion (2014 est.)
Expenditures $8.926 billion (2014 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.42% of GDP (2023 est.)
Remittances 2022 0.92% of GDP (2022 est.)
Remittances 2021 0.79% of GDP (2021 est.)
Household income
Lowest 10% 2.9% (2018 est.)
Highest 10% 33.1% (2018 est.)
Average household expenditures
On food 27.9% of household expenditures (2022 est.)
On alcohol and tobacco 1.6% of household expenditures (2022 est.)
Imports
Imports 2022 $16.674 billion (2022 est.)
Imports 2021 $11.61 billion (2021 est.)
Imports 2020 $9.151 billion (2020 est.)
Imports (partners) China 30%, India 18%, UAE 11%, Democratic Republic of the Congo 5%, Saudi Arabia 2% (2022)
Comodities Imports force refined petroleum, refined copper, garments, fertilizers, plastics (2022)
Exports
Imports 2022 $16.674 billion (2022 est.)
Imports 2021 $11.61 billion (2021 est.)
Imports 2020 $9.151 billion (2020 est.)
Exports (partners) India 27%, UAE 11%, South Africa 9%, Kenya 5%, Rwanda 5% (2022)
Comodities Exports force gold, raw copper, refined copper, copper ore, coconuts/Brazil nuts/cashews (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $234.05 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $222.506 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $212.79 billion (2021 est.)
GDP (official exchange rate) $79.158 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $3,600 (2023 est.)
Real GDP per capita 2022 $3,500 (2022 est.)
Real GDP per capita 2021 $3,500 (2021 est.)
GDP - composition, by sector of origin
Agriculture 23.7% (2023 est.)
Industry 27.7% (2023 est.)
Services 28.9% (2023 est.)
GDP - composition, by end use
Household consumption 53.8% (2023 est.)
Government consumption 8.1% (2023 est.)
Investment in fixed capital 42% (2023 est.)
Investment in inventories -1.7% (2023 est.)
Exports of goods and services 17.8% (2023 est.)
Imports of goods and services -20% (2023 est.)
Unemployment rate
Unemployment rate 2023 2.61% (2023 est.)
Unemployment rate 2022 2.61% (2022 est.)
Unemployment rate 2021 2.81% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 3.5% (2023 est.)
Male 2.6% (2023 est.)
Female 4.4% (2023 est.)
All Important Facts about Tanzania

Want to know more about Tanzania? Check all different factbooks for Tanzania below.

Tanzania is found in Eastern Africa