Quick Insight - Tanzania’s GDP from the Year 1980 to 2026

Quick Insight: Tanzania’s GDP from the Year 1980 to 2026

Tanzania’s Economy

The Economy of the Unified Republic of Tanzania in 2020

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].

According to the International Monetary Fund report, Tanzania’s GDP increased by 4.8 percent in 2020, hitting $64.4 billion, versus $60.8Bn in 2019.

Tanzania’s 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].

However, according to the AfDB’s Eastern Africa Financial Outlook 2021 study, Tanzania’s 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.

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’s GDP [40.0 percent] at current market prices, accompanied by Construction and Industry [31.1 percent] and Forestry, Agriculture, and Fishing [28.9 percent].

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’s 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’s GDP growth is expected to expand by 4% in 2021.

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.

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’s 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’s GDP is expected to rise by 5.1 percent in 2022 and 6.0 percent in 2026.

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’s 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’s GDP of 4.9 percent in 2022 as well as 6.3 percent in 2023.

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].

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.

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