Tanzania GDP to Grow 2.5% in 2020, WB Forecast
The World Bank (WB) recently released its 14th Tanzania Economic Update (TEU), forecasting economic growth to slow sharply in 2020, to 2.5% from the 6.9%…
GDP
Tanzania GDP
Tanzania’s GDP (at current market prices) was USD 44.5bn in 2015 versus USD 31.4bn in 2010 (+41%).
The main contributors to the value of Tanzania’s GDP are agriculture (29%), construction (12%), wholesale and retail trade (10%), public administration (7%), and manufacturing (6%).
Tanzania’s annual GDP growth rate averaged 7% over the past 5 years, making it one of the 20 fastest growing economies in the world and beating the Sub-Saharan Africa average GDP growth rate of 4.4% during the same period.
According to the latest data, Tanzania’s GDP grew at a rate of 7.9% in Q2 2016 reaching USD5.3b at constant prices, compared to USD5b in Q2 2015 with a growth rate of 5.8%.
During the period, the transport sector recorded the highest growth rate of 30.6% followed by mining (20.5%), and information and communication (12.6%).
Tanzania GDP Forecast
The Bank of Tanzania (BOT) forecasts that in 2016 the country will achieve 7.2% annual GDP growth thanks to increased electricity and cement production, improved tax collection and increased amount of loans to the private sector by commercial banks.
According to the International Monetary Fund (IMF) the economy of Tanzania will grow by 7.2% in 2016 and by 7.1% in 2017, while the World Bank (WB) estimates for the same period are 6.8% and 7%.
During the same period the WB estimates that the Sub-Saharan region’s GDP is projected to grow by 4% in 2016, and 5.1% in 2017.
The WB notes that in the coming years, Tanzania’s economic growth will be driven by hospitality, construction, finance, and trade.
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