Tanzania's Macroeconomic Analysis:
Nominal GDP of USD 78.0 billion in 2023.
Nominal GDP of USD 73.2 billion in 2022.
GDP per capita of USD 1,191 compared to the global average of USD 10,589.
GDP per capita of USD 1,231 compared to the global average of USD 10,589.
Average real GDP growth of 5.9% over the last decade.
Average real GDP growth of 6% over the last decade.
Sector Analysis
In 2021, services accounted for 45% of overall GDP, manufacturing 8%, other industrial activity 21%, and agriculture 26%. Looking at GDP by expenditure, private consumption accounted for 57% of GDP in 2021, government consumption 9%, fixed investment 43%, and net exports -9%.International trade
In 2021, manufactured products made up 14% of total merchandise exports, mineral fuels 1%, food 31%, ores and metals 4% and agricultural raw materials 3%, with other categories accounting for 47% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 21%, food 8%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 7 billion in 2022, while total imports were USD 14 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 5.9% in the decade to 2022. To read more about GDP growth in Tanzania, go to our dedicated page.
Fiscal policy
Tanzania's fiscal deficit averaged 2.8% of GDP in the decade to 2021. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 2.5% in the decade to 2022. For more information on Tanzania's unemployment click here.
Inflation
Inflation averaged 5.9% in the decade to 2022. Go to our Tanzania inflation page for extra insight.
Monetary Policy
Tanzania's monetary policy rate ended 2022 at 5.00%, down from 12.00% a decade earlier. See our Tanzania monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the shilling weakened by 32.2% vs the U.S. dollar. For more info on the shilling, click here.
Economic situation in Tanzania
Annual GDP growth eased in Q2 due to softer expansions in the industrial and services sectors, with the construction, domestic trade and manufacturing subsectors being the main culprits behind the deceleration. Turning to Q3, the data at hand suggests activity was upbeat. Goods exports increased at a sharper rate relative to Q2, and credit to the private sector continued to grow at a healthy pace. In politics, the incumbent CCM party obtained a landslide victory in local elections in late November, securing a combined over 98% of seats. This result reinforces the expectation of a comfortable CCM victory in October’s 2025 general elections, though social tensions are set to remain elevated in the coming months: The opposition has claimed the vote was rigged, with allegations of ballot-stuffing and that thousands of opposition candidates were disqualified from running.Tanzania Economic Forecasts
Projections out to 2034.44 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 12 expert analysts.
Want to get insight on the economic outlook for Tanzania in the coming years? FocusEconomics collects projections out to 2034 on 44 economic indicators for Tanzania from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Tanzania economy. To download a sample report on the Tanzania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.