The Latest

Tanzania’s GDP Set to Grow by 5.4% in 2024: Minister for Planning and Investment Introduces Key KPIs for Government Projects

June 13, 2024
1 minute read
Kitila Mkumbo Parliament Bunge

Kitila Mkumbo, Tanzania’s Minister of State in the President’s Office for Planning and Investment, announced today in Parliament that Tanzania’s economy is expected to expand by 5.4% this year, a faster rate compared to 2023.

He made the announcement while presenting The Economic Survey Report For The Year 2023 And The Annual Development Plan For The Fiscal Year 2024/25.

The projected GDP growth rate for 2024 is higher than the 5.1% recorded in 2023 and the 4.7% in 2021. However, the Report stresses that economic growth has been concentrated in a few sectors, which do not employ many people from poor households.

Tanzania Investment Guide 2026 Free Edition

In 2023, the sectors that experienced the highest growth include creative industries (17.7%), finance and insurance (12.2%), mining (11.3%), and food and accommodation (8.3%).

Conversely, sectors expected to create significant employment, such as agriculture (4.2%), industry (4.3%), and trade (4.2%), saw slower growth rates.

Mkumbo also anticipates inflation to remain within the 3-5% range in the upcoming fiscal year, and the budget deficit (including grants) not to exceed 3% of GDP.

The 2024/25 fiscal year will introduce measures aimed at strengthening the control and monitoring systems for government programs and projects. Each sector will be required to specify Key Performance Indicators (KPIs) and outline activities aimed at achieving these targets.

Implementation reports will be submitted weekly to the responsible Ministry and monthly to the Planning Commission of the Ministry for Planning and Investment. Annually, the Planning Commission will produce a consolidated report on program and project implementation in an open event.

TanzaniaInvest Capital Markets Report Banner

Want to know more about the Economy in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers the Economy, plus key sectors and investment opportunities. The complete 141-page edition includes policies, taxation, key regulations, full macroeconomic data, and sources, and is also available at no cost upon completion of a short form.

Download Free OverviewGet the Full Edition for Free
Tweet
Share
Share
Share
Related Posts
Interview Jana Bricco IMF Resident Representative Tanzania no logo
Read More

Interview with Jana Bricco, New IMF Resident Representative in Tanzania, on Economic Growth, Private Investment, and Needed Reforms

In this exclusive interview with TanzaniaInvest, the new IMF Resident Representative Jana Bricco says Tanzania can sustain growth of around 6% by preserving macroeconomic stability and accelerating reforms supporting private investment, productivity and jobs. She calls for fewer regulatory obstacles, more predictable taxation, faster VAT refunds and better access to finance for businesses and SMEs, and explains how IMF support will evolve following the end of its financing programmes, with the relationship now focused on policy dialogue and capacity development.
Tanzania Qatar Tax Treaty Signature
Read More

Tanzania and Qatar Sign Tax Treaty to Boost Investment

Tanzania and Qatar signed a Double Taxation Agreement (DTA) on 29 September 2026, eliminating double taxation on cross-border income between the two countries. Both countries are now moving toward rapid implementation, aiming to deepen economic cooperation and attract new investment across infrastructure, energy, tourism and financial services.
Samia Suluhu Hassan Tanzania Cabinet reshuffle September 2026
Read More

Tanzania Names New Works, Energy and Legal Affairs Ministers

President Samia Suluhu Hassan reshuffled Tanzania's Cabinet on 27 September 2026, naming new ministers for Works, Energy, and Constitution and Legal Affairs. Four other senior appointments were also announced, including a new Chief Medical Officer and Deputy Permanent Secretary for Finance.

Want to know more about investing in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers the economy, key sectors and investment opportunities. The complete 141-page edition, which includes policies, taxation, key regulations, full macroeconomic data and sources, is also available at no cost upon completion of a short form.

Download Free Overview Get the Full Edition for Free