Tanzania Key Economic SectorsĪccording to the data from the Bank of Tanzania, in 2021 Agriculture (agriculture, forestry, and fishing) accounted for 27% of the country’s GDP, Industry and Construction for 31%, and Services for 42%. In its Africa’s Macroeconomic Performance and Outlook – January 2023, the African Development Bank (AfDB) estimates that the GDP of Tanzania will grow by +5.1% in 2023, and by +6.1% in 2024. Similarly, according to the International Monetary Fund (IMF), the real GDP growth of Tanzania in 2022 was 4.7% % in 2022, and it is projected to grow by 5.2% and 6.2% in 20 respectively. However, Tanzania is only projected to reach its potential growth rate of 6% in 2025. The WB projects Tanzania’s GDP growth to reach 5.1% in 2023–about 2.2% per capita–as investment increases and external terms of trade improve. This is consistent with high-frequency indicators including cement production, electricity generation, and tourist arrivals, all of which grew substantially in 2022. Led by the services and industry sectors, the recovery remained broad-based as all subsectors surpassed their pre-pandemic production levels by Q3 2022. The GDP per capita rose by 1.4% in 2022 and the international poverty rate dropped marginally by 0.3% points. The value of Tanzania’s GDP at current prices reached USD 75.5 billion in 2022. The Tanzanian Economy in 20Īccording to the World Bank (WB), the GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021. In April 2021, Tanzania’s new president Samia Suluhu Hassan gave her first speech to the parliament, mentioning the priorities of the Sixth Phase Government in the next five years to reach a GDP growth rate of at least 8% yearly. However, Tanzania’s GDP growth rate has been slowing down in recent years, from a peak of 7.9% in 2011. The Tanzanian economy even maintained a positive economic growth in 2020 of +2% while most of the economies were in a recession due to the impact of the Covid-19 pandemic. With an average real GDP growth rate of +5.5% over the decade 2012-2021, Tanzania is among the fastest-growing economies in Africa and the world.ĭuring the same period, the average global GDP growth rate was +2.3% and the GDP growth rate in Sub-Saharan Africa was +2.7%.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |