GDP

Tanzanian GDP in 2022 and Beyond

Tanzania’s annual GDP growth rate of 6.3% over the past 10 years (2010-2019) placed the country among the 20 fastest-growing economies in the world, beating the Sub-Saharan Africa average GDP growth rate of 3.5% during the same period.

However, the GDP growth rate has been slowing down in recent years, from a peak of 7.9% in 2011.

The IMF estimates a GDP growth for Tanzania of +5.1% in 2022, and 6.0% in 2026.

According to the Bank of Tanzania (BOT) and the International Monetary Fund (IMF), the real GDP of Tanzania grew by 4.9% in 2021 reaching USD 70.28 billion. The real GDP of Tanzania was USD 64.4 billion in 2020 and USD 60.8 billion in 2019.

In its Africa’s Macroeconomic Performance and Outlook – January 2023, the African Development Bank (AfDB) estimates that the GDP of Tanzania will have grown by +4.6% in 2022, and projects it will grow by +5.1% in 2023, and by +6.1% in 2024.

Similarly, the World Bank (WB) forecasts in its Global Economic Prospects Report – January 2023 that the GDP of Tanzania will expand by +5.6% in 2023, and by +6.1% in 2024.

In April 2021, Tanzania’s new president Samia Suluhu Hassan gave her first speech to the parliament, mentioning the priorities of the Sixth Phase Government in the next five years to reach a GDP growth rate of at least 8% yearly.

Tanzania’s Gross National Income (GNI)

The World Bank (WB) classifies Tanzania as a lower middle-income economy with a GNI per capita of USD 1,080 in 2019, against an average of USD 1,550 in Sub-Saharan Africa.

GNI per capita in Tanzania rose by 6.1% during the ten-year period 2010–2019, from USD 720 to USD 1,080.

Last Updated: 1st February 2023

Sources: African Development Bank (AfDB), Bank of Tanzania (BoT), International Monetary Fund (IMF), Tanzania National Bureau of Statistics, World Bank (WB).