According to the World Bank (WB), the value of Tanzania’s GDP at current prices reached USD 75.5 billion in 2022.
The GDP per capita (current USD) was USD 1,192.4 in 2022.
The GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.
Similarly, according to the IMF, the real GDP growth of Tanzania in 2022 was +4.7%.
Tanzania’s annual GDP growth rate of 2022 beat that of Sub-Saharan Africa with an average GDP growth rate of +4.2% during the same period.
However, the GDP growth rate of Tanzania has been slowing down in recent years, from a peak of +7.9% in 2011.
The GDP per capita rose by 1.4% in 2022 and the international poverty rate dropped marginally by 0.3% points.
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 GDP in 2023, 2024, and 2025
The WB projects Tanzania’s GDP growth to reach 5.1% in 2023–about 2.2% per capita–as investment increases and external terms of trade improve.
However, Tanzania is only projected to reach its potential growth rate of 6% in 2025.
Similarly, according to the International Monetary Fund (IMF) World Economic Outlook of October 2023, the real GDP growth of Tanzania in 2022 was 4.7% % in 2022, and it is projected to be 5.2% in 2023, and 6.1% and 7.0% in 2024 and 2025 respectively.
On the same line, the Central Bank of Tanzania (BOT), in its Monetary Policy Committee Meeting Statement, issued on 31st October 2023, expects the country’s economy to reach 5.3% growth in 2023.
For its part, in its Africa’s Macroeconomic Performance and Outlook – January 2023, the African Development Bank (AfDB) estimates that the GDP growth of Tanzania was 4.6% in 2022, and will be +5.1% in 2023, and by +6.1% in 2024.
Tanzania’s Gross National Income (GNI)
According to WB, Tanzania’s GNI (current USD) increased to USD 75.94 billion in 202, from USD 69 billion in 2021.
The Bank classifies Tanzania as a lower middle-income economy with a GNI per capita (current USD) of USD 12,00 in 2022 (USD 1,120 in 2021), against an average of USD 1,638 in Sub-Saharan Africa (1,569 in 2021 ).
Last Updated: 6th November 2023
Sources: African Development Bank (AfDB), Bank of Tanzania (BoT), International Monetary Fund (IMF), Tanzania National Bureau of Statistics, World Bank (WB).