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Tanzania Economy 2017
http://www.theodora.com/wfbcurrent/tanzania/tanzania_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Tanzania Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Tanzania is one of the world's poorest economies in terms of per capita income, but has achieved high growth rates based on its vast natural resource wealth and tourism. GDP growth in 2009-15 was an impressive 6-7% per year. Dar es Salaam used fiscal stimulus measures and easier monetary policies to lessen the impact of the global recession. Tanzania has largely completed its transition to a 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; agriculture accounts for 7% of government expenditures. 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.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. Recent banking reforms have helped increase private-sector growth and investment.The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging infrastructure, including rail and port, that provide important trade links for inland countries. In 2013, Tanzania completed the world's largest Millennium Challenge Compact grant, worth $698 million, and, in December 2014, the Millennium Challenge Corporation selected Tanzania for a second Compact.In late 2014, a highly publicized scandal in the energy sector involving senior Tanzanian officials resulted in international donors freezing nearly $500 million in direct budget support to the government. The Tanzanian shilling weakened in 2015 because of lower gold prices, election-related political risk, and outflows from emerging market currencies generally.

GDP (purchasing power parity):
$150.6 billion (2016 est.) $140.6 billion (2015 est.) $131.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 76
[see also: GDP country ranks ]

GDP (official exchange rate):
$46.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.2% (2016 est.) 7% (2015 est.) 7% (2014 est.)
country comparison to the world: 9
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,100 (2016 est.) $2,900 (2015 est.) $2,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 190
[see also: GDP - per capita country ranks ]

Gross national saving:
21.9% of GDP (2016 est.) 22% of GDP (2015 est.) 21.9% of GDP (2014 est.)
country comparison to the world: 68
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 36.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -5.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 22.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 25.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (manioc, tapioca), bananas, fruits, vegetables; cattle, sheep, goats

Industries:
agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer

Industrial production growth rate:
6% (2016 est.)
country comparison to the world: 27
[see also: Industrial production growth rate country ranks ]

Labor force:
26.96 million (2016 est.)
country comparison to the world: 26
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (2002 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
67.9% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.6% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
37.6 (2007) 34.6 (2000)
country comparison to the world: 76
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $6.257 billion
[see also: Budget revenues country ranks ]
expenditures: $8.084 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
13.4% of GDP (2016 est.)
country comparison to the world: 200
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.9% of GDP (2016 est.)
country comparison to the world: 134
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
36.6% of GDP (2016 est.) 34.7% of GDP (2015 est.)
country comparison to the world: 128
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.2% (2016 est.) 5.6% (2015 est.)
country comparison to the world: 176
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.25% (31 December 2010) 3.7% (31 December 2009)
country comparison to the world: 38
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.2% (31 December 2016 est.) 16.1% (31 December 2015 est.)
country comparison to the world: 48
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.957 billion (31 December 2016 est.) $4.457 billion (31 December 2015 est.)
country comparison to the world: 101
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.072 billion (31 December 2014 est.) $7.533 billion (31 December 2013 est.)
country comparison to the world: 115
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11.15 billion (31 December 2016 est.) $9.484 billion (31 December 2015 est.)
country comparison to the world: 105
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.803 billion (31 December 2012 est.) $1.539 billion (31 December 2011 est.) $1.264 billion (31 December 2010 est.)
country comparison to the world: 102
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.121 billion (2016 est.) -$4.007 billion (2015 est.)
country comparison to the world: 167
[see also: Current account balance country ranks ]

Exports:
$5.985 billion (2016 est.) $5.709 billion (2015 est.)
country comparison to the world: 103
[see also: Exports country ranks ]

Exports - commodities:
gold, coffee, cashew nuts, manufactures, cotton

Exports - partners:
India 21.4%, China 8.1%, Japan 5.1%, Kenya 4.6%, Belgium 4.3% (2015)

Imports:
$9.976 billion (2016 est.) $9.843 billion (2015 est.)
country comparison to the world: 96
[see also: Imports country ranks ]

Imports - commodities:
consumer goods, machinery and transportation equipment, industrial raw materials, crude oil

Imports - partners:
China 34.6%, India 13.5%, South Africa 4.7%, UAE 4.4%, Kenya 4.1% (2015)

Reserves of foreign exchange and gold:
$3.771 billion (31 December 2016 est.) $4.073 billion (31 December 2015 est.)
note: excludes gold
country comparison to the world: 99
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$15.89 billion (31 December 2016 est.) $15.3 billion (31 December 2015 est.)
country comparison to the world: 98
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Tanzanian shillings (TZS) per US dollar - 2,182.3 (2016 est.) 1,989.7 (2015 est.) 1,989.7 (2014 est.) 1,654 (2013 est.) 1,583 (2012 est.)


NOTE: The information regarding Tanzania on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tanzania Economy 2017 information contained here. All suggestions for corrections of any errors about Tanzania Economy 2017 should be addressed to the CIA.




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