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 2019 | $22.054 billion (2019 est.) |
| Debt - external 2018 | $20.569 billion (2018 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 | $8.968 billion (2019 est.) |
| Expenditures | $10.017 billion (2019 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 | 27.4% of household expenditures (2021 est.) |
| On alcohol and tobacco | 1.6% of household expenditures (2021 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 | 23.4% (2017 est.) |
| Industry | 28.6% (2017 est.) |
| Services | 47.6% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 62.4% (2017 est.) |
| Government consumption | 12.5% (2017 est.) |
| Investment in fixed capital | 36.1% (2017 est.) |
| Investment in inventories | -8.7% (2017 est.) |
| Exports of goods and services | 18.1% (2017 est.) |
| Imports of goods and services | -20.5% (2017 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.
