Tanzania Economy
Is Tanzania a wealthy country?
Tanzania is a developing country with an economy that is heavily dependent on agriculture, natural resources, and foreign aid. Here are some key aspects of Tanzania's economy:
Agriculture: Agriculture is the backbone of Tanzania's economy, employing over 70% of the population and contributing around 30% of the country's GDP. The main crops grown in Tanzania include coffee, tea, cashews, cotton, tobacco, and various types of fruits and vegetables.
Natural resources: Tanzania is rich in natural resources, including minerals such as gold, diamonds, and tanzanite, as well as natural gas and oil. These resources have the potential to drive economic growth in the country, but their exploitation is often controversial and can lead to environmental and social issues.
Tourism: Tanzania is home to several popular tourist destinations, including the Serengeti National Park, Mount Kilimanjaro, and the beaches of Zanzibar. Tourism is an important source of foreign exchange earnings for Tanzania and provides employment opportunities for many people in the country.
Manufacturing: Tanzania has a small manufacturing sector, with most factories located in or around the major cities. The main industries include food processing, textiles, and cement production.
Infrastructure: Tanzania's infrastructure is relatively underdeveloped, with many roads, railways, and ports in need of investment and improvement. The government has identified infrastructure development as a key priority and has launched several initiatives to improve the country's transportation and energy networks.
Foreign aid: Tanzania is heavily dependent on foreign aid, which accounts for around 40% of the government's budget. Aid comes from a variety of sources, including the World Bank, the International Monetary Fund, and bilateral donors such as the United States and the United Kingdom.
Tanzania Economy Data
What is the GDP of Tanzania?
| Currency Name and Code | Tanzanian Shilling (TZS) |
| GDP - Gross Domestic Product (PPP) | $152,790,000,000 (USD) |
| GDP - official exchange rate | $46,190,000,000 (USD) |
| GDP - real growth rate | 6.9% |
| GDP Per Capita | $3,000.00 (USD) |
| GDP by Sector- agriculture | 26.5% |
| GDP by Sector- Industry | 25.6% |
| GDP by Sector- services | 47.3% |
| GDP - composition, by end use |
household consumption: 68% government consumption: 16.1% investment in fixed capital: 29.3% investment in inventories: -0.3% exports of goods and services: 18.7% imports of goods and services: -31.8% |
| Population Below Poverty Line | 36% |
| Inflation Rate | 7.2% |
| Labor Force | 21,860,000 |
| Labor Force By Occupation- agriculture | 80% |
| Fiscal Year | 1 July - 30 June |
| Annual Budget | $4,263,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -5.6% |
| Public Debt (% of GDP) | 5% |
| Taxes and other revenues - percent of GDP | 22.3% |
| Major Industries | agricultural processing (sugar, beer, cigarettes, sisal twine), diamond and gold mining, oil refining, shoes, cement, textiles, wood products, fertilizer, salt |
| Industrial Growth Rate | 7% |
| Agriculture Products | coffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (tapioca), bananas, fruits, vegetables; cattle, sheep, goats |
| Exchange Rate per US Dollar | Tanzanian shilling (TZS) |
| Labor Force By Occupation - industry and services | 20% |
| Child Labor - % of children ages 5-14 | 21% |
| Child Labor - # of children ages 5-14 | 2,815,085 |
| Child Labor - note | note: data represents children ages 5-17 |
| Commercial Bank Prime Lending Rate | 13.6% |