Economy of Tanzania largely depends on agriculture. Agriculture in Tanzania accounts for half the gross domestic product. Exports from Tanzania comprises 85% of agro based products. Employment opportunities offered by this sector in Tanzania is 80%.
Tanzania is regarded as a poor country. The International Monetary Fund, the World Bank, have rendered assistance to Tanzania to improve upon the existing infrastructure in the economy of the country.
The banking sector in Tanzania underwent many policy reforms. Due to these reforms, there was a marked growth in investment in the private sector.
Economy of Tanzania:
Agricultural activities continue to dominate the economic scenario of Tanzania.
As the value of the different commodities imported by Tanzania, far exceeds the value of the export items, in the country, Tanzania is subjected to severe trade deficit. This indicates that, in order to make payments for importing commodities from its import trading partners, Tanzania has to borrow money from outside source.
The government took up the reigns after 1967, for controlling the various activities associated with the agricultural sector. These activities included cash crops distribution, marketing, regulation, production.
Basic Facts on the Tanzania Economy
Agro based products include cashew, cotton, tea, coffee, sisal, corn, cloves, cassava, wheat, fruits, cattle, vegetables, nuts, tobacco, bananas.
Industrial sector consists of processing sisal, twine, cigarettes, sugar, beer ; iron, diamond, gold, soda ash, cement, mining, salt, shoes, oil refinery, fertilizers, wood products.
Coffee, cashew nuts, cotton, gold are exported to Japan, Germany, Netherlands, Kenya, China, India, Canada.
Raw materials for industries, crude oil, consumer goods, transportation equipments are imported from UAE, UK, Kenya, China, South Africa, India.
Currency of Tanzania is Tanzanian shilling.
Gross domestic product PPP in 2006 was 29.25%. GDP real growth rate in 2006 was 5.8%, GDP per capita PPP in 2006 was USD$800 billion.
Last Updated on : 25th June 2013