Economy of Tanzania: Difference between revisions

| population = {{increase}} 70,641,120 (2024)<ref>{{Cite web|url=https://sensa.nbs.go.tz/|title=Census Information Dissemination Platform|website=sensa.nbs.go.tz|accessdate=31 July 2024}}</ref>

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|url=https://www.imf.org/external/pubs/ft/weo/2020/01/weodata/weorept.aspx?pr.x=41&pr.y=12&sy=2014&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&c=738&s=PPPGDP%2CPCPIPCH&grp=0&a= |website=IMF.org |publisher=International Monetary Fund |access-date=11 October 2023}}</ref>}}

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*2.5%&nbsp;(2020f) 5.5%&nbsp;(2021f)<ref>{{cite book |title=Global Economic Prospects, June 2020 |page=80 |url=https://openknowledge.worldbank.org/handle/10986/33748 |date=8 June 2020 |publisher=[[World Bank]] |doi=10.1596/978-1-4648-1553-9 |isbn=978-1-4648-1553-9 |s2cid=225749731 |access-date=1 July 2020}}</ref>}}

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| per capita rank = {{plainlist|

*[[List of countries by GDP (nominal) per capita|130th (nominal, 2023)]]

The '''economy of Tanzania''' is a lower-middle income economy<ref>{{cite web|url=https://blogs.worldbank.org/opendata/new-world-bank-country-classifications-income-level-2020-2021|title=New World Bank country classifications by income level: 2020-2021|work=World Bank|date=July 1, 2020}}</ref><ref>{{cite web|url=https://www.thecitizen.co.tz/news/Tanzania-joins-middle-income-status-ahead-of-schedule/1840340-5586580-5p13b7z/index.html|title=Tanzania joins middle income status ahead of schedule|work=The Citizen|date=July 2, 2020}}</ref> that is centered around Manufacturing, Tourism, Agriculture, and financial services.<ref name = "britannica">{{cite encyclopedia | last1 = Mascarenhas | first1 = Adolfo C. | last2 = Bryceson | first2 = Deborah Fahy | last3 = Ingham | first3 = Kenneth | last4 = Chiteji | first4 = Frank Matthew | title = Tanzania | encyclopedia = Britannica | publisher = Encyclopædia Britannica | date = 8 September 2020 | url = https://www.britannica.com/place/Tanzania/Economy | access-date = 1 November 2020}}</ref> [[Tanzania]]'s economy has been transitioning from a [[planned economy]] to a [[market economy]] since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.<ref>{{cite web | url=https://www.imf.org/external/pubs/ft/books/2009/tanzania/tanzania.pdf | title=Tanzania: The Story of an African Transition | publisher=International Monetary Fund | date=2009}}</ref>

 

 

 

It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. According to [[World Bank]] data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 6 percent in 2020/21, which is supported by large infrastructure spending.<ref>{{cite web|url=https://www.expogr.com/tanzania_economy_news.php#:~:text=Tanzania%20has%20sustained%20relatively%20high,supported%20by%20large%20infrastructure%20spending.|title=Tanzania's economy on the rise in 2020|work=Expogr|access-date=June 26, 2020}}</ref><ref>{{cite web|url=https://www.thecitizen.co.tz/news/Tanzania--Kenya-among-the-top-10-economies-in-Africa/1840340-5575546-obhju3z/index.html|title=Tanzania, Kenya among the top 10 economies in Africa|work=The Citizen|date=June 12, 2020}}</ref>

According to the World Bank, the GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.

 

 

The World Bank projects Tanzania's GDP growth to reach 5.1% in 2023.