According to the World Bank (WB), the value of Tanzania’s GDP at current prices reached USD 75.5 billion in 2022.
The GDP per capita (current USD) was USD 1,192.4 in 2022.
The GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.
Similarly, according to the IMF, the real GDP growth of Tanzania in 2022 was +4.7%.
Tanzania’s annual GDP growth rate of 2022 beat that of Sub-Saharan Africa with an average GDP growth rate of +4.2% during the same period.
However, the GDP growth rate of Tanzania has been slowing down in recent years, from a peak of +7.9% in 2011.
The GDP per capita rose by 1.4% in 2022 and the international poverty rate dropped marginally by 0.3% points.
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.
Tanzania GDP in 2023, 2024, and 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.
An improving business climate and the implementation of structural reforms are expected to boost annual GDP growth to 5.6% in 2024, 6.0% in 2025, and 6.4% in 2026.
Similarly, according to the International Monetary Fund (IMF) World Economic Outlook of October 2023, the real GDP growth of Tanzania in 2022 was 4.7% % in 2022, and it is projected to be 5.2% in 2023, and 6.1% and 7.0% in 2024 and 2025 respectively.
On the same line, the Central Bank of Tanzania (BOT), in its Monetary Policy Committee Meeting Statement, issued in February 2024, estimates that the country’s GDP growth reached 5% in 2023. It also forecasts a GDP growth of 5.5% in 2024.
For its part, the African Development Bank (AfDB) in its African Economic Outlook Report 2024,) projects that Tanzania’s real GDP growth will reach 5.7% in 2024 and 6% in 2025, driven by agriculture, manufacturing, and tourism and supported by public investments and reforms to improve the business environment.
Tanzania’s Gross National Income (GNI)
According to WB, Tanzania’s GNI (current USD) increased to USD 75.94 billion in 202, from USD 69 billion in 2021.
The Bank classifies Tanzania as a lower middle-income economy with a GNI per capita (current USD) of USD 12,00 in 2022 (USD 1,120 in 2021), against an average of USD 1,638 in Sub-Saharan Africa (1,569 in 2021 ).
Last Updated: 1st June 2024
Sources: African Development Bank (AfDB), Bank of Tanzania (BoT), International Monetary Fund (IMF), Tanzania National Bureau of Statistics, World Bank (WB).
Tanzania’s economy grew 5.6% in Jan-Sep 2024, with full-year growth estimated at 5.6%. Zanzibar expanded 7%, with projections over 6% in 2025. Inflation remained stable at 3.1%, while exports surged to USD 16.1 billion, led by tourism, gold, and agriculture. Cashew nut procurement reached a five-year high due to the new online auction system.
The Bank of Tanzania’s Monetary Policy Committee has decided to keep the Central Bank Rate (CBR) at 6% for the first quarter of 2025. Governor Emmanuel Tutuba highlighted that the move aims to maintain liquidity, control inflation below 5%, and support a growth rate of 5.7%. The decision reflects global and domestic economic evaluations and a commitment to stabilize the Tanzanian shilling.
In December 2024, Fitch Ratings has affirmed Tanzania’s Long-Term Foreign-Currency IDR at ‘B+’ with a Stable Outlook, highlighting strong economic growth, low inflation, and fiscal reforms under an IMF program, while noting challenges in governance and revenue mobilization.
The IMF forecasts Tanzania’s economy to grow by 5.4% in 2024 and 6% in 2025, with inflation expected to stay below 4%. These projections emphasize Tanzania’s steady economic expansion and stable inflation, positioning it for robust growth in the coming years.
The Monetary Policy Committee (MPC) of the Central Bank of Tanzania (BOT) at its meeting on 3rd April…
April 5, 2024
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