Tanzania economy 2020

Tanzania economy 2020


Tanzania’s population of 59 million
people is growing by around 3% annually. The country’s gross national
income in 2018 was 1020 U.S. dollars per capita which is 500 U.S. dollars lower
than the average of the Sub-Saharan Africa region. Now let’s take a look at
the Tanzanian workforce. Tanzania has a labor force of 27.1 million people as of 2019. The unemployment rate was last recorded at 9.7%. Agriculture employs almost two-thirds of the labor force. Roughly a quarter is working in the service sector and only seven per cent in industry. The country’s top trading partners are South Africa, India, Kenya, China and the United Arab Emirates. Tanzania recorded a very
large trade deficit of 4.7 billion US dollars in 2018. Tanzania is Africa’s
fourth biggest gold producer and Africa’s third-largest cashew grower. Cashews are an important source of income for small farmers. In recent years, Tanzania has discovered a lot of natural gas reserves which are largely undeveloped and could reduce Tanzania’s dependence on foreign oil. Spending exceeded revenue in 2018 which led to a budget deficit of 3.1 per cent of GDP. Tanzania’s government debt is
equal to around 38 percent of gross domestic product. Looking ahead Tanzania’s economy is projected to grow by 5.7 per cent in 2020.

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