According to the IMF, the real GDP of Tanzania grew by 4.8% in 2020 reaching USD 64.4 billion versus USD 60.8 billion in 2019.
However, the World Bank estimates the GDP growth of Tanzania to be 2.5% in 2020 due to the Covid-19 pandemic which has affected the labor market, production capacity, and productivity, and tourism sector.
And the African Development Bank (AfDB) projected Tanzania’s GDP growth to remain stable at 6.4% in 2020 and 6.6% in 2021, subject to favorable weather, prudent fiscal management, mitigation of financial sector vulnerabilities, and implementation of reforms to improve the business environment.
Similarly, the Bank of Tanzania (BoT) estimated the country’s GDP to be 5.5% in 2020 on the basis of the domestic and external economic environment, and economic recovery in 2021 is projected to be more gradual than anticipated.
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 projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022, and 6.0% in 2026.
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.
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: 14th October 2021
Sources: African Development Bank (AfDB), Bank of Tanzania (BoT), International Monetary Fund (IMF), Tanzania National Bureau of Statistics, World Bank (WB).
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