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Key economic indicators of Tanzania - statistics & facts

Tanzania is one of the fastest growing economies in the world. The GDP from the East African country rose by 4.5 percent in the third quarter of 2020, recording a positive trend, despite the deceleration caused by the coronavirus (COVID-19) pandemic. For 2021, an economic recovery is foreseen, with an estimated GDP expansion of five percent, one of the highest growth rates in Sub-Saharan Africa. Moreover, the country’s inflation increased slightly to an estimated 3.7 percent in 2021, but was stable overall due to a downtrend in food prices. The total public debt stood at roughly 38 percent of the GDP, one of the lowest rates in East Africa.

Drivers of growth

Tanzania’s economic development has been driven by a potential mining sector, and strong agricultural activities. Rich in mineral resources, the country exported gold valued at more than 2.8 billion U.S. dollars in 2020. Gold is certainly the most lucrative Tanzanian export item, while traditional exports, such as coffee, tea, sisal and cashew nuts generated over 800 million U.S. dollars in the same year. Furthermore, Tanzania is home to rich nature and wildlife, which attracts tourists, boosting the country’s services industry. The home of the famous Mount Kilimanjaro earned 2.5 billion U.S. dollars in tourism receipts as of 2019. Indeed, nearly 40 percent of the country’s GDP originates in services.

Agriculture as economic backbone

Agriculture contributes to roughly 30 percent of Tanzania’s GDP, sustaining the livelihood of most Tanzanians. Nearly eight million households are involved with agricultural activities in the country, which makes up 65 percent of all households. Moreover, agriculture is the main source of employment. For every 10 Tanzanians, six worked in agricultural activities in 2020. However, this scenario is slowly changing. For instance, in 2010, 70 percent of the Tanzanian workforce was involved with agriculture. Furthermore, while agricultural employment rates continuously fall, the share of the labor force absorbed by the manufacturing and service jobs gradually increases, a trend that suggests the economy is undergoing a transformation.

Still in need of inclusive development

Notwithstanding the macroeconomic stability, with high growth and low inflation, Tanzania still faces inequalities and poverty. As of 2018, some 14 million Tanzanians were poor, while more than half of the population reported there were times when they lacked the money to buy food in the past 12 months in 2019. Also, one third of workers were living on less than 1.9 U.S. dollars per day, highlighting Tanzania’s challenge to promote more inclusive economic growth.

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Key economic indicators of Tanzania

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Key economic indicators of Tanzania - statistics & facts

Tanzania is one of the fastest growing economies in the world. The GDP from the East African country rose by 4.5 percent in the third quarter of 2020, recording a positive trend, despite the deceleration caused by the coronavirus (COVID-19) pandemic. For 2021, an economic recovery is foreseen, with an estimated GDP expansion of five percent, one of the highest growth rates in Sub-Saharan Africa. Moreover, the country’s inflation increased slightly to an estimated 3.7 percent in 2021, but was stable overall due to a downtrend in food prices. The total public debt stood at roughly 38 percent of the GDP, one of the lowest rates in East Africa.

Drivers of growth

Tanzania’s economic development has been driven by a potential mining sector, and strong agricultural activities. Rich in mineral resources, the country exported gold valued at more than 2.8 billion U.S. dollars in 2020. Gold is certainly the most lucrative Tanzanian export item, while traditional exports, such as coffee, tea, sisal and cashew nuts generated over 800 million U.S. dollars in the same year. Furthermore, Tanzania is home to rich nature and wildlife, which attracts tourists, boosting the country’s services industry. The home of the famous Mount Kilimanjaro earned 2.5 billion U.S. dollars in tourism receipts as of 2019. Indeed, nearly 40 percent of the country’s GDP originates in services.

Agriculture as economic backbone

Agriculture contributes to roughly 30 percent of Tanzania’s GDP, sustaining the livelihood of most Tanzanians. Nearly eight million households are involved with agricultural activities in the country, which makes up 65 percent of all households. Moreover, agriculture is the main source of employment. For every 10 Tanzanians, six worked in agricultural activities in 2020. However, this scenario is slowly changing. For instance, in 2010, 70 percent of the Tanzanian workforce was involved with agriculture. Furthermore, while agricultural employment rates continuously fall, the share of the labor force absorbed by the manufacturing and service jobs gradually increases, a trend that suggests the economy is undergoing a transformation.

Still in need of inclusive development

Notwithstanding the macroeconomic stability, with high growth and low inflation, Tanzania still faces inequalities and poverty. As of 2018, some 14 million Tanzanians were poor, while more than half of the population reported there were times when they lacked the money to buy food in the past 12 months in 2019. Also, one third of workers were living on less than 1.9 U.S. dollars per day, highlighting Tanzania’s challenge to promote more inclusive economic growth.

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Key economic indicators of Tanzania".

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