Tanzania/Economy

Economy of Tanzania

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$79.1B(2023)
GDP PPP (USD)
$259.5B(2023)
GDP per Capita (USD)
$1,224(2023)
GDP Growth (inflation-adjusted)
5.1%(2023)
Inflation (CPI Annual %)
3.1%(2024)

Trade & Finance

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Exports (as share of GDP)
17.2%(2023)
Imports (as share of GDP)
21%(2023)
FDI Inflows (as share of GDP)
2.1%(2023)
Remittance Inflow (USD)
$758.8M(2023)
Tax Revenue (as share of GDP)
11.5%(2023)

Labor & Income

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Unemployment Rate
2.6%(2024)
Employment in Services
26.2%(2023)
Poverty Rate
26.4%(2018)
GINI Index
40.5(2018)
GNI per Capita (USD)
$1,220(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
405 kg oil eq.(2022)
Renewable Energy Consumption (%)
78.3%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Tanzania

  • The economic architecture of Tanzania is substantial, anchored by a Gross Domestic Product (GDP) of approximately $79.06B
    2023
    . This places it as the 78th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $1.22K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $259.47B, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 5.1%
    2023
    , while managing moderate inflation, with a CPI of 3.1%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 17.2% of GDP and imports at 21.0%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 2.06% of the economy
    2023
    . This performance positions the country 90th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $758.81M annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 11.5% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $1,220
    2023
    . Globally, this ranks the nation 165th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 2.6%
    2024
    . The services sector is a primary driver of the labor market, accounting for 26.2% of total employment
    2023
    . Poverty remains a key issue, with 26.4% of the population living below the national poverty line
    2018
    . There is a moderate level of income inequality, with a Gini index of 40.5
    2018
    .
  • On the environment and energy front, energy consumption per capita is 405.146 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 78.3% of total final energy consumption
    2021
    . Its commitment to clean energy places it 171st among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

The economy is in a "Goldilocks" state of strong growth, low inflation, and low unemployment, indicating robust macroeconomic health.

Trade & Investment Profile

The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.