Quick Insight: Tanzania GDP from the Year 1980 to 2026
The Economy of the Unified Republic of Tanzania in 2020
Below is an insight of Tanzania’s GDP. Tanzania is one of the fastest-developing economies in the African continent and the world, with an average Gross Domestic Product growth rate of 6.3 percent during the last decade [2010-2019]. That is an impressive growth rate as far as the GDP of Tanzania is concerned.
This brings you to the question, what is the GDP of Tanzania? According to the International Monetary Fund report, Tanzania GDP increased by 4.8 percent in 2020, hitting $64.4 billion, versus $60.8Bn in 2019. The same 2019, Tanzania GDP ranking was 74th. The $60.8 billion recorded in 2019 was nearly twice the Tanzania GDP 2010 which stood at $32.01 billion.
Tanzania GDP is expected to rise by 4.0 percent and 5.1 percent in 2021 as well as 2022, respectively, and 6.0 percent in 2026, according to the Fund [IMF]. This signifies another convincing increase in Tanzania GDP 2020 which is $64.4 billion. Tanzania GDP growth can not only be attributed to agriculture but also other several sectors. These pleasing figures could make you wonder what exactly Tanzania GDP 2000 looked like.
However, according to the AfDB’s Eastern Africa Financial Outlook 2021 study, Tanzania GDP will increase by 2.8 percent in 2021, with a robust comeback expected in 2022 and 2023, with 4.9 percent and 6.3 percent cent growth, respectively. This means by the end of 2023, there will be a significant change compared to Tanzania GDP 2022. Some of the important details you might need to know are as follows:
|Tanzania GDP 2014||49.96|
|Tanzania GDP 2015||47.38|
|Tanzania GDP 2016||49.77|
|Tanzania GDP 2017||53.32|
|Tanzania GDP 2018||57|
|Tanzania GDP 2019||61.14|
|Tanzania GDP 2021||67.84|
Tanzania Crucial Economic Sectors
According to financial data published by the NBS [National Bureau of Statistics] in the National Statistics of the United Republic of Tanzania Mainland from 2013 to 2019, Services accounted for the largest share of Tanzania GDP [40.0 percent] at current market prices, accompanied by Construction and Industry [31.1 percent] and Forestry, Agriculture, and Fishing [28.9 percent]. That’s what Tanzania GDP by sector looked like within that period.
Construction, Tourism, agriculture, manufacturing, and mining are critical sectors of the United Republic of Tanzanian’s GDP economy.
President Magufuli declared in his November 2020 speech that during the next 5 years, his government would focus on major economic areas like agriculture, industry, livestock, trade, mining, fisheries, and tourism.
The Economy of the United Republic of Tanzanian in 2021
Tanzania GDP growth is expected to remain stable at 6.4 percent in 2020 and 6.6 percent in 2021, as per the African Development Bank [AfDB], assuming prudent fiscal governance, favorable weather, minimization of financial sector weaknesses, and incorporation of reforms to enhance the business atmosphere.
According to the IMF, Tanzania GDP growth is expected to expand by 4% in 2021. This is about a 2% decrease compared to the Tanzania GDP growth 2019.
Following a 1.0 percent per capita GDP loss in 2020, the World Bank forecasts a real Gross Domestic Product [GDP] of 4.3 percent as well as a gross domestic product per capita growth speed of 1.3 percent in 2021. This is of course in line with the effects of Covid-19 that dawned GDP Tanzania. A minimum of 2.0% was achieved as far as Tanzania GDP growth 2020 is concerned.
Tanzania’s current leader, Samia Suluhu Hassan, presented her 1st speech to the national assembly in April 2021, outlining the goals of the 6th Phase Government for the following five years in order to achieve an annual Tanzania GDP growth ratio of approximately 8 percent.
The Economy of the United Republic of Tanzanian in 2022 and Going Forward
According to the IMF, Tanzania GDP is expected to rise by 5.1 percent in 2022 and 6.0 percent in 2026. This isn’t bad news as far as Tanzania GDP growth rate is concerned.
In its 17th TEU [Tanzania Economic Update], the World Bank projects a real Gross Domestic Product growth rate of 4.5 to 5.5 percent in 2022 and 6 percent over the months ahead as exports as well as domestic demand recuperation from the Covid-19 epidemic.
Nonetheless, Tanzania GDP remains vulnerable to the global epidemic due to poor vaccination implementation. The pandemic’s progress and vaccination rate will become the most important elements influencing Tanzania’s outlook on both the international and regional scene.
In the short term, the government must increase its pandemic response while setting the basis for a medium-to-long-term private-sector-led comeback.
According to the International Monetary Fund, Tanzania’s real GDP expanded by 4.8 percent in 2020, $64.4 bn, and is expected to grow by 4.0 percent and 5.1 percent in 2021- 2022, respectively, and an increase by 6.0 percent in 2026.
However, the African Development Bank [AfDB] forecasts a somewhat more significant economic development of Tanzania GDP of 4.9 percent in 2022 as well as 6.3 percent in 2023. It is also worth noting that according to IMF as of 2023, Tanzania debt to GDP stands at 38.1%. That’s what you need to note as far as Tanzania debt to GDP ratio is concerned.
Tanzania GNI [Gross National Income]
Tanzania’s Gross National Income per capita increased by 6.1 percent from $720 to $1,080 over the ten-years period [2010–2019]. This is of course, in regard to the GDP per capita Tanzania.
Tanzania arrived at a middle-income nation level in 2019, with a Gross National Income per capita of $1,080, compared to Sub-Saharan Africa’s average of $1,550. This was of course, after an increase of over 4% from Tanzania GDP per Capita 2018 which was $1,043. Going back a little bit, Tanzania GDP per capita 2014 was $1,012.77. Two years later, Tanzania GDP per capita 2016 was as at $942.47. Tanzania GDP per capita 2019 realized an improvement to $1,052 compared to the previous year. Tanzania GDP per capita 2020 stood at about $1,076. This was of course a decrease from what was witnessed in 2019. Tanzania GDP per capita 2021 rose with over 5% compared to 2020. It stood at $1,136. IMF later projected Tanzania GDP per capita 2022 to be somewhere around $1.139. According to IMF, GDP of Tanzania per capita is nothing short of 1.34 thousand dollars as of 2023. The above tells more that you need to know concerning GDP per capita of Tanzania. The Tanzania GDP per capita has underwent revolution before getting to where it stands now. 2023 already looks like it will be a great year as far as Tanzania per capita GDP is concerned.
For more investment in Tanzania articles click here!