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…
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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