Tanzania GDP Grew by 5.7% in Q1 2020 and Will Grow by 5.5% in 2020, BoT Say
The Monetary Policy Committee (MPC) of the Bank of Tanzania (BoT) observed in its latest statement that despite the impact of COVID19 on a few…
GDP
Tanzania GDP
Tanzania’s real GDP reached USD 55.4 billion in 2019 versus USD 52.4 billion in 2018 and USD 32 billion in 2010 with an average year-on-year growth of 6.3%.
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 of Tanzania has been slowing down in recent years, from a peak of 7.7% in 2011 to 5.8% in 2019.
Tanzania is currently pursuing its National Five Year Development Plan 2016/17-2020/21. As per the objectives of the Plan, Tanzania aims to raise its annual real GDP growth to 10% by 2021.
However, the International Monetary Fund (IMF) estimates that the growth of Tanzania’s economy will be 4.2% in 2020.
Tanzania 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 and by 5.9% over the past one year, from USD 1,020 in 2017.
Tanzania became a middle-income country in 2019 achieving the aim of the 2025 Vision of the Tanzanian Ministry of Finance and Planning.
Sources: International Monetary Fund (IMF), World Bank (WB)
Last Update: 13th August 2020
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