Economy of Tanzania
|
|
| Currency | Tanzanian shilling (TZS) |
|---|---|
|
Trade organisations
|
EAC, SADC, AU, WTO |
| Statistics | |
| GDP | $46.87 billion (nominal, 2016 est.) |
| GDP rank | 91st (nominal, 2013) |
|
GDP growth
|
 +7.4% Q1 2014 (22nd) |
|
GDP per capita
|
$768 |
|
GDP by sector
|
Agriculture: 24.5% Industry and construction: 22.2% Services: 44.3 |
 4% (January 2015) |
|
| 12% | |
|
Population below poverty line
|
28.2% (2012) |
| 37.83 (2012) | |
|
Labour force
|
25.59 million (2013 est.) |
|
Labour force by occupation
|
Agriculture: 50% |
| Unemployment | 11.7% (2011) |
|
Main industries
|
Agricultural processing Mining |
|
132nd (2017) |
|
| External | |
| Exports |
$5.6685 billion (105th; October 2015) |
|
Export goods
|
List
|
|
Main export partners
|
 India 21.4% China 8.1% Japan 5.1% Kenya 4.6% Belgium 4.3% (2015) |
| Imports |
$10.441 billion (FOB; October 2015) |
|
Import goods
|
List
|
|
Main import partners
|
China 15.5% India 12.7% United States 9.6% Germany 6.8% United Kingdom 4.3% (2015) |
|
FDI stock
|
$12.715 billion (2013) |
| –4.002 billion (October 2015) | |
|
Gross external debt
|
$15.4 billion (October 2015) |
| Public finances | |
| 42.7% of GDP (2013 est.) | |
| –5.6% of GDP (2013 est.) | |
| Revenues | $7.117 billion (2013 est.) |
| Expenses | $8.917 billion (2013 est.) |
| Economic aid | $490 million (recipient; 2014) |
| n/a (TBD) | |
|
Foreign reserves
|
$4,383.6 billion (4.5 months of imports; 2013) |
The United Republic of Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa. The country is largely dependent on agriculture for employment, accounting for about half of the employed workforce. An estimated 34 percent of Tanzanians currently live in poverty. The economy has been transitioning from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.
Following the rebasing of the economy in 2014, the GDP increased by a third to $41.33 billion.
Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle the socialist (Ujamaa) economic controls and encourage more active participation of the private sector in the economy. The program included a comprehensive package of policies which reduced the budget deficit and improved monetary control, substantially depreciated the overvalued exchange rate, liberalized the trade regime, removed most price controls, eased restrictions on the marketing of food crops, freed interest rates, and initiated a restructuring of the financial sector.
Current GDP per capita of Tanzania grew more than 40 percent between 1998 and 2007. In May 2009, the International Monetary Fund (IMF) approved an Exogenous Shock Facility for Tanzania to help the country cope with the global economic crisis Tanzania is also engaged in a Policy Support Instrument (PSI) with the IMF, which commenced in February 2007 after Tanzania completed its second three-year Poverty Reduction and Growth Facility (PRGF), the first having been completed in August 2003. The PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996-1999. The IMF's PSI program provides policy support and signaling to participating low-income countries and is intended for countries that have usually achieved a reasonable growth performance, low underlying inflation, an adequate level of official international reserves, and have begun to establish external and net domestic debt sustainability.
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