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Tanzania: Economy#

Tanzania is one of the world's poorest economies in terms of per capita income, however, it has achieved high overall growth rates based on gold production and tourism. Tanzania has largely completed its transition to a liberalized market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining. The economy depends on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry's total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world's largest Millennium Challenge Compact grant, worth $698 million, and in December 2012 the Millennium Challenge Corporation selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-13 was a respectable 6-7% per year due to high gold prices and increased production.

Economic Facts#

GDP (purchasing power parity)$79.29 billion (2013 est.)
$74.12 billion (2012 est.)
$69.31 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate7% (2013 est.)
6.9% (2012 est.)
6.4% (2011 est.)
GDP - per capita (PPP)$1,700 (2013 est.)
$1,600 (2012 est.)
$1,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 27.6%
industry: 25%
services: 47.4% (2013 est.)
Population below poverty line36% (2002 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 29.6% (2007)
Labor force - by occupationagriculture: 80%
industry and services: 20% (2002 est.)
Exports - commoditiesgold, coffee, cashew nuts, manufactures, cotton
Exports - partnersIndia 15.2%, China 11.1%, Japan 6.2%, Germany 5.1%, UAE 4.8% (2012)
Agriculture - productscoffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (manioc, tapioca), bananas, fruits, vegetables; cattle, sheep, goats
Budgetrevenues: $7.117 billion
expenditures: $8.917 billion (2013 est.)
Imports - commoditiesconsumer goods, machinery and transportation equipment, industrial raw materials, crude oil
Imports - partnersChina 21.3%, India 16.3%, South Africa 6.4%, Kenya 6%, UAE 5% (2012)
Exchange ratesTanzanian shillings (TZS) per US dollar -
1,609.2 (2013 est.)
1,583 (2012 est.)
1,409.3 (2010 est.)
1,320.3 (2009)
1,178.1 (2008)
Exports$5.92 billion (2013 est.)
$5.912 billion (2012 est.)
Debt - external$13.82 billion (31 December 2013 est.)
$11.82 billion (31 December 2012 est.)
Fiscal year1 July - 30 June
Imports$11.16 billion (2013 est.)
$10.32 billion (2012 est.)
Industrial production growth rate7.4% (2013 est.)
Industriesagricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer
Inflation rate (consumer prices)7.8% (2013 est.)
16% (2012 est.)
Labor force25.59 million (2013 est.)
Unemployment rateNA%
Distribution of family income - Gini index37.6 (2007)
34.6 (2000)
Public debt42.7% of GDP (2013 est.)
41.7% of GDP (2012 est.)
Current account balance-$4.857 billion (2013 est.)
-$4.195 billion (2012 est.)
Reserves of foreign exchange and gold$4.343 billion (31 December 2013 est.)
$4.053 billion (31 December 2012 est.)
note: excludes gold
GDP (official exchange rate)$31.94 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$1.803 billion (31 December 2012 est.)
$1.539 billion (31 December 2011)
$1.264 billion (31 December 2010 est.)
Central bank discount rate8.25% (31 December 2010 est.)
3.7% (31 December 2009 est.)
Commercial bank prime lending rate13.6% (31 December 2013 est.)
15.46% (31 December 2012 est.)
Stock of domestic credit$7.326 billion (31 December 2013 est.)
$7.061 billion (31 December 2012 est.)
Stock of narrow money$4.594 billion (31 December 2013 est.)
$4.16 billion (31 December 2012 est.)
Stock of broad money$7.702 billion (31 December 2013 est.)
$6.824 billion (31 December 2012 est.)
Taxes and other revenues22.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-5.6% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 60.3%
government consumption: 17.2%
investment in fixed capital: 40.2%
investment in inventories: 0.6%
exports of goods and services: 30.1%
imports of goods and services: -48.5%
(2013 est.)
Gross national saving25.7% of GDP (2013 est.)
25.2% of GDP (2012 est.)
17.4% of GDP (2011 est.)