Tanzania Economy Growth 2% in 2020, UN Say
The United Nations Economic Commission for Africa (UNECA) has recently released its Economic and Social Impacts of Covid-19 in Eastern Africa report, estimating that only four…
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.
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.
The United Nations Economic Commission for Africa (UNECA) has recently released its Economic and Social Impacts of Covid-19 in Eastern Africa report, estimating that only four…
The latest statement of the Monetary Policy Committee (MPC) of the Bank of Tanzania (BoT) states that the Tanzanian economy will sustain the previously projected…
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…
According to the recently published African Economic Outlook 2020 report by the African Development Bank (AfDB), Tanzania will see a drop in its GDP growth…
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%…
An International Monetary Fund (IMF) team visited Tanzania from 20th February to 4th March 2020 to asses the state of the national economy.
The AfDB released its estimates on GDP growth of Tanzania for 2018 and 2019 showing a slowing in growth due to several downside risks: growing private sector concerns about economic policy uncertainty and increased domestic arrears that could derail the government’s scal consolidation and harm the private sector.
Tanzanian Prime Minister Kassim Majaliwa has reiterated the Government’s plans to bring the mining sector to account for 10% of the country’s GDP by 2020,…
The Central Bank of Tanzania (BOT) has just published its Annual Report 2018-19, which entails an overview of the implementation of monetary policy, and a…
The World Bank’s (WB) recently published its latest Tanzania Economic Update, indicating that the country was again one of the top growth performers in the…