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Tanzania Economy 2016
http://www.theodora.com/wfbcurrent/tanzania/tanzania_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


















Tanzania Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
Tanzania is one of the world's poorest economies in terms of per capita income, however, it has achieved high overall growth rates based on gold production and tourism. Tanzania has largely completed its transition to a liberalized 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. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. 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. 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. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world's largest Millennium Challenge Compact grant, worth $698 million, and in December 2012 the Millennium Challenge Corporation selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-13 was a respectable 6-7% per year due to high gold prices and increased production.

GDP (purchasing power parity):
$79.29 billion (2013 est.)
country comparison to the world: 83

$74.12 billion (2012 est.)
$69.31 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$31.94 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7% (2013 est.)
country comparison to the world: 22

6.9% (2012 est.)
6.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,700 (2013 est.)
country comparison to the world: 200

$1,600 (2012 est.)
$1,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
25.7% of GDP (2013 est.)
country comparison to the world: 47

25.2% of GDP (2012 est.)
17.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.3%
government consumption: 17.2%
investment in fixed capital: 40.2%
investment in inventories: 0.6%
exports of goods and services: 30.1%
imports of goods and services: -48.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 27.6%
industry: 25%
services: 47.4% (2013 est.)

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:
7.4% (2013 est.)
country comparison to the world: 30
[see also: Industrial production growth rate country ranks ]

Labor force:
25.59 million (2013 est.)
country comparison to the world: 27
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
industry and services: 20% (2002 est.)

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

Population below poverty line:
36% (2002 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 29.6% (2007)

Distribution of family income - Gini index:
37.6 (2007)
country comparison to the world: 77

34.6 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $7.117 billion
expenditures: $8.917 billion (2013 est.)

Taxes and other revenues:
22.3% of GDP (2013 est.)
country comparison to the world: 147
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.6% of GDP (2013 est.)
country comparison to the world: 174
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
42.7% of GDP (2013 est.)
country comparison to the world: 83

41.7% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
7.8% (2013 est.)
country comparison to the world: 195

16% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.25% (31 December 2010 est.)
country comparison to the world: 98

3.7% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13.6% (31 December 2013 est.)
country comparison to the world: 35

15.46% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.594 billion (31 December 2013 est.)
country comparison to the world: 105

$4.16 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.702 billion (31 December 2013 est.)
country comparison to the world: 112

$6.824 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.326 billion (31 December 2013 est.)
country comparison to the world: 104

$7.061 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.803 billion (31 December 2012 est.)
country comparison to the world: 93

$1.539 billion (31 December 2011)
$1.264 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.857 billion (2013 est.)
country comparison to the world: 167

-$4.195 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$5.92 billion (2013 est.)
country comparison to the world: 109

$5.912 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
India 15.2%, China 11.1%, Japan 6.2%, Germany 5.1%, UAE 4.8% (2012)

Imports:
$11.16 billion (2013 est.)
country comparison to the world: 95

$10.32 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
China 21.3%, India 16.3%, South Africa 6.4%, Kenya 6%, UAE 5% (2012)

Reserves of foreign exchange and gold:
$4.343 billion (31 December 2013 est.)
country comparison to the world: 99

$4.053 billion (31 December 2012 est.)
note: excludes gold
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.82 billion (31 December 2013 est.)
country comparison to the world: 92

$11.82 billion (31 December 2012 est.)
[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 -

1,609.2 (2013 est.)
1,583 (2012 est.)
1,409.3 (2010 est.)
1,320.3 (2009)
1,178.1 (2008)


NOTE: The information regarding Tanzania on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tanzania Economy 2016 information contained here. All suggestions for corrections of any errors about Tanzania Economy 2016 should be addressed to the CIA.




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