20/02/2016
As of 2014, Tanzania had an estimated population of 47.4 million. International Monetary Fund and World Bank Group (WBG) among other development partners have supported the East African nation to make important economic and structural reforms and sustain its economic growth rates.
Despite looming poverty in the country, the new political leader, President John Magufuli is a promising change to the country. He is already in the process of minimizing the country’s overspending by cutting cost of unnecessary government spending.
According to WBG, by 2014 the gross domestic product of the country stood at 7.0% with the main contributors being; trade, construction, agriculture and transport sectors.
Here is a look into the country’s GDP:
2015 GDP: +7.20%
2016 GDP: +7.10%
2017 GDP: +7.10%
2014-2017 GDP CAGR: +7.15%
Economy: Tanzania has recently seen high growth rates because of gold production and tourism. The economy also runs on telecommunications, banking, energy, and mining, as well as agriculture. In terms of per capita income, however, the country is one of the poorest in the world.
Source: World Bank, CIA World Factbook