Tanzania FREE Reports
Economy
Tanzania Economy Profile |
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ECONOMY  GDP: US$ 11.6bn (2006 est.) GDP per capita: US$ 303 GDP Growth: 5.8% (2006 est.), 7.3% (2007 IMF proj.), 7.6% (2008 IMF proj.) GDP - composition by sector: agriculture: 43.3% industry: 17.7% services: 39% (2006 est.) Inflation: 6.1% (2006 est.) Major economic sectors: agriculture, financial and business services, trade and tourism, manufacturing. Major trading partners: UK, South Africa India, Japan, China, Kenya, and the UAE. Currency: Tanzanian Shilling (TZS) FDI Foreign direct investment, net inflows (BoP, current US$) 2000-05: 463,400,864 467,200,000 429,800,000 526,800,000 469,900,000 473,400,000 Investor Protection Index: 4.7/10 BUSINESS Corporate income tax: 30% Value added tax (VAT): 20% Corruption Perceptions Index (CPI): 2.9/10 ECONOMY (extended) Tanzania's economy relies heavily on agriculture, which accounts for nearly half of the GDP and employs 80% of the workforce. Tourism is growing in importance and ranks as the second highest foreign exchange earner after agriculture. It represents Tanzania's biggest source of economic growth, provides over 3% of the GDP and accounts for half of Tanzania's exports. Accounting for less than 10% of GDP, Tanzania's industrial sector is one of the smallest in Africa. Despite enthusiastic privatisation during the 1990s and annual GDP growth of between 5 and 7%, the Tanzanian economy remains weak. Mkapa's Government (1996-2005) saw through a vigorous programme of economic reform, in line with IMF guidelines. Tough measures have included tight control of public spending, privatisation of parastatals, reform of the Investment Code, the taxation system and land ownership, steps to improve revenue collection, expenditure control and civil service retrenchment. Corruption is still endemic; Kikwete has said that addressing this will be one of his major priorities. |
