Tanzania 7 USD Away From Becoming A Middle Income Country

Tanzania’s Minister for State in the President’s Office Dr. Marry Nagu told the parliament recently that Tanzania’s per capita income for the year 2014 stood at USD 1,038.

According to the World Bank Atlas Method low-income economies are defined as those with a Gross National Income (GNI) per capita of USD 1,045 or less in 2013; middle-income economies are those with a GNI per capita of more than USD 1,045 but less than USD 12,746 and high-income economies are those with a GNI per capita of USD 12,746 or more for the current 2015 fiscal year.

Dr Nagu also indicated that Tanzania per capita income was USD 948 in 2013.

This represents a year-on-year increase of 9.49 % from 2013 to 2014.

Dr Nagu explained that the sectors of the Tanzanian economy that have shown significant growth in 2014 are trade and maintenance with 5.5 %, finance and insurance with 4.6 % and agricultural with 0.2 %.

Tanzania recognised the need to prepare a New National Development Vision which will guide economic and social development efforts up to the year 2025.

According to the vision Tanzania is expected to have a diversified and semi-industrialized economy with a substantial industrial sector comparable to a typical middle-income country.