Economy of Tanzania
Overview
Tanzania is one of the poorest countries in the world. The economy depends heavily on agriculture, which accounts for almost half of GDP, provides 85% of exports, and employs 80% of the work force. Topography and climatic conditions, however, limit cultivated crops to only 4% of the land area. Industry traditionally featured the processing of agricultural products and light consumer goods.
The World Bank, the International Monetary Fund, and bilateral donors have provided funds to rehabilitate Tanzania's out-of-date economic infrastructure and to alleviate poverty. Long-term growth through 2005 featured a pickup in industrial production and a substantial increase in output of minerals, led by gold. Recent banking reforms have helped increase private-sector growth and investment. Continued donor assistance and solid macroeconomic policies supported real GDP growth of nearly 6% in 2006.
GDP
Real Growth Rate
6%
Per Capita
USD 800
From Agriculture
43%
From Industry
18%
From Services
39%
Labour Force
Available for Work
Unknown
Working in Agriculture
0%
Working in Industry
0%
Working in Services
0%
Unemployment Rate
0%
Population Below Poverty Line
36%
Inflation Rate
6%
Investment as Percent of GDP
19%
Budget
Revenues
USD 2,431 (m)
Expenditures
USD 3,001 (m)
Public Debt
US$ 4000.00 (m)
Agricultural Products
Coffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (tapioca), bananas, fruits, vegetables; cattle, sheep, goats.
Core Industries
Agricultural processing (sugar, beer, cigarettes, sisal twine); diamond, gold, and iron mining, salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer.
Exports
Value
USD 1,831 (m)
Commodities
Gold, coffee, cashew nuts, manufactures, cotton.
Partners
China 10.2%, Canada 8.7%, India 7.3%, Netherlands 5.2%, Japan 4.5%, Kenya 4.4%, Germany 4.3% (2005).
Imports
Value
USD 3,180 (m)
Commodities
Consumer goods, machinery and transportation equipment, industrial raw materials, crude oil.
Partners
South Africa 13.1%, China 9.5%, India 7%, UAE 6%, Kenya 5.1%, UK 4.1% (2005).
External Debt
USD 4,610 (m)
Fiscal Year
1 July - 30 June
