Economy Of Tanzania
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Economy overview
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Tanzania is one of the poorest countries in the world. The economy depends heavily on agriculture, which accounts for about 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 The World Bank, the International Monetary Fund, and bilateral donors have provided funds to rehabilitate Tanzania's out-of-date economic infrastructure and to alleviate poverty. Growth in 1991-2002 featured a pickup in industrial production and a substantial increase in output of minerals, led by gold. Oil and gas exploration and development played an important role in this growth. Recent banking reforms have helped increase private sector growth and investment. Continued donor assistance and solid macroeconomic policies supported real GDP growth of more than 5.2% in 2004.
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GDP
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purchasing power parity - $21.58 billion (2004 est.)
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GDP - real growth rate
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5.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $600 (2004 est.)
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GDP - composition by sector
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agriculture: 43.6%
industry: 16.5%
services: 40% (2004 est.)
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Investment gross fixed
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17.2% of GDP (2004 est.)
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Population below poverty line
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36% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.8%
highest 10%: 30.1% (1993)
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Distribution of family income - Gini index
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38.2 (1993)
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Inflation rate consumer prices
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4.4% (2004 est.)
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Labor force
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18.56 million (2004 est.)
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Labor force by occupation
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agriculture 80%, industry and services 20% (2002 est.)
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Unemployment rate
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NA
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Budget
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revenues: $1.879 billion
expenditures: $1.873 billion, including capital expenditures of NA (2004 est.)
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Public debt
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6.1% of GDP (2004 est.)
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Agriculture products
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coffee, sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums), cashew nuts, tobacco, cloves, corn, wheat, cassava (tapioca), bananas, fruits, vegetables; cattle, sheep, goats
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Industries
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agricultural processing (sugar, beer, cigarettes, sisal twine), diamond and gold mining, oil refining, shoes, cement, textiles, wood products, fertilizer, salt
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Industrial production growth rate
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8.4% (1999 est.)
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Electricity production
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2.906 billion kWh (2001)
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Electricity production by source
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fossil fuel: 18.9%
hydro: 81.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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2.752 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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50 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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17,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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0 bbl (1 January 2002)
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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11.33 billion cu m (1 January 2002)
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Current account balance
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$-617 million (2004 est.)
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Exports
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$978 million f.o.b. (2004 est.)
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Exports commodities
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gold, coffee, cashew nuts, manufactures, cotton
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Exports partners
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Japan 9.5%, India 8.6%, Netherlands 8.2%, Germany 5.3%, UK 5.3%, Kenya 4.8% (2003)
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Imports
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$1.674 billion f.o.b. (2003 est.)
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Imports commodities
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consumer goods, machinery and transportation equipment, industrial raw materials, crude oil
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Imports partners
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South Africa 10.1%, China 9.3%, Zambia 6.4%, India 5.8%, UAE 5.4%, Kenya 5.1%, UK 4.5%, Germany 4% (2003)
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Reserves of foreign exchange gold
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$2.064 billion (2004 est.)
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Debt external
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$6.549 billion (2004 est.)
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Economic aid recipient
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$1.2 billion (2001)
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Currency
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Tanzanian shilling (TZS)
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Currency code
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TZS
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Exchange rates
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Tanzanian shillings per US dollar - NA (2003), 966.583 (2002), 876.412 (2001), 800.409 (2000), 744.759 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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