Tanzania GDP Annual Growth Rate

Last Release

Sep 30, 2022

Actual

5.2

Units In

4.5

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
11.9 Mar 2007	2.6 Sep 2009	6.44 %	2002-2022	N/A

Services is the biggest sector of Tanzania's economy and accounts for 40 percent of GDP, namely wholesale and retail trade (12 percent); public administration and defense (6 percent) and transport and storage (5 percent). The primary sector accounts for 30 percent of GDP, mainly due to crops production (18 percent). The industrial sector represents 28 percent of total wealth, namely manufacturing (6 percent) and mining and quarrying (5 percent) including natural gas, gold, diamonds, coal, iron ore, uranium, nickel, chrome, tin, platinum, coltan and niobium.

Latest Updates

Tanzania’s economy grew by 5.3% over a year ago in the third quarter of 2023, following a 5.2% rise in the previous three-month period. Tertiary activities contributed the most to the GDP, followed by primary activities and secondary activities. Financial and insurance services recorded the highest growth of 18.7%, followed by information and communication (+11.3%); mining and quarrying (+10.2%); electricity (+9.7%), other services which include arts & entertainment and activities of household as an employer (+9%); and accommodation and food services (+7.4%). The agricultural sector rose by 3.8%, due to an increase in crops production, mostly maize, paddy, cassava, banana, and sorghum/millet. The country's finance minister and central bank governor said recently that Tanzania’s economy is expected to grow by about 5.5% in 2024, up from about 5% in 2023, driven by ongoing infrastructure projects and a growing service sector, though it faces risks from external geopolitical factors.