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.

Sources:  International Monetary Fund (IMF), World Bank (WB)
Latest Update: 13th August 2020