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: maize, cassava, sweet potatoes, bananas, milk, sugarcane, rice, vegetables, beans, sunflower seeds (2023).
More about the economy of Tanzania
| Labor force | 32.983 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5.2% (2024 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 | 11.5% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Tanzanian shillings (TZS) per US dollar - |
| Exchange rates 2024 | 2,597.9 (2024 est.) |
| Exchange rates 2023 | 2,383.043 (2023 est.) |
| Exchange rates 2022 | 2,303.034 (2022 est.) |
| Exchange rates 2021 | 2,297.764 (2021 est.) |
| Exchange rates 2020 | 2,294.146 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $17.513 billion (2023 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 2023 | -$2.958 billion (2023 est.) |
| Current account balance 2022 | -$5.482 billion (2022 est.) |
| Current account balance 2021 | -$2.374 billion (2021 est.) |
| Budget | |
| Revenues | $9.114 billion (2014 est.) |
| Expenditures | $8.926 billion (2014 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1% of GDP (2023 est.) |
| Remittances 2022 | 0.9% of GDP (2022 est.) |
| Remittances 2021 | 0.8% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.9% (2018 est.) |
| Highest 10% | 33.1% (2018 est.) |
| Average household expenditures | |
| On food | 26.2% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.3% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $16.059 billion (2023 est.) |
| Imports 2022 | $16.674 billion (2022 est.) |
| Imports 2021 | $11.61 billion (2021 est.) |
| Imports (partners) | China 32%, India 13%, UAE 9%, Saudi Arabia 5%, Japan 4% (2023) |
| Comodities Imports force | refined petroleum, plastics, garments, fertilizers, wheat (2023) |
| Exports | |
| Imports 2023 | $16.059 billion (2023 est.) |
| Imports 2022 | $16.674 billion (2022 est.) |
| Imports 2021 | $11.61 billion (2021 est.) |
| Exports (partners) | India 15%, UAE 14%, Uganda 12%, South Africa 10%, China 6% (2023) |
| Comodities Exports force | gold, refined petroleum, dried legumes, refined copper, coal (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $246.706 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $233.786 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $222.506 billion (2022 est.) |
| GDP (official exchange rate) | $78.78 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $3,700 (2024 est.) |
| Real GDP per capita 2023 | $3,600 (2023 est.) |
| Real GDP per capita 2022 | $3,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 23.4% (2024 est.) |
| Industry | 28.7% (2024 est.) |
| Services | 28.4% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 52.9% (2024 est.) |
| Government consumption | 9.2% (2024 est.) |
| Investment in fixed capital | 41.4% (2024 est.) |
| Investment in inventories | -1.6% (2024 est.) |
| Exports of goods and services | 19.8% (2024 est.) |
| Imports of goods and services | -21.7% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.6% (2024 est.) |
| Unemployment rate 2023 | 2.6% (2023 est.) |
| Unemployment rate 2022 | 2.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 3.3% (2024 est.) |
| Male | 2.6% (2024 est.) |
| Female | 4.2% (2024 est.) |
All Important Facts about Tanzania
Want to know more about Tanzania? Check all different factbooks for Tanzania below.
