(2017 est.) 34.6 )country comparison to the world (CIA rank, may be based on non-current data): [see also: Public debt country ranks ] NA services: 47.6% [see also: Debt - external country ranks ] [see also: Imports country ranks ] 23.1% of GDP )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (2016 est.) (2017 est.) Debt - external: Exchange rates: Tanzanian shillings (TZS) per US dollar - [see also: Public debt country ranks ] [see also: GDP country ranks ] (2017 est.) $8.464 billion Stock of broad money: Market value of publicly traded shares: )country comparison to the world (CIA rank, may be based on non-current data): Stock of direct foreign investment - at home: (31 December 2017 est.) (2016 est. (2017 est.) Exports - commodities: gold, coffee, cashew nuts, manufactures, cotton Debt - external: 25% of GDP Exports: [see also: Unemployment rate country ranks ] (31 December 2009)country comparison to the world (CIA rank, may be based on non-current data): [see also: Exports country ranks ] highest 10%: 29.6% 94 The World Bank (WB) expects the economic growth of Tanzania to slow to 2.5% in 2020[31] due to the Covid-19 pandemic which has affected the labor market, production capacity, and productivity. The Contribution of Agriculture Sector to the Economy In 2015, agriculture sector’s contribution was equivalent to 31.4% in real GDP and 67% employment. (31 December 2010 est. 100 $5.002 billion [see also: Stock of domestic credit country ranks ] 175 [see also: Household income or consumption by percentage share - highest 10% country ranks ] Tanzanian Agriculture, Poverty and Economic Status 2.1 Agricultural Situation Agriculture is known as a backbone of Tanzania for many decades now from the fact that it employs many people than any other sector (62.8% 7in 2013) (NBS, 2014a). )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (2017 est.) [see also: Budget surplus (+) or deficit (-) country ranks ] [27], In 2019, the Tanzanian economy grew by 5.8% reaching a GDP of $55.5 billion, making it the 2nd largest economy in East Africa after Kenya and the 7th largest in Sub-Saharan Africa. $4.641 billion The PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996–1999. [see also: Debt - external country ranks ] (2013 est. Definition: This entry shows where production takes place in an economy. $7.869 billion 141 Zanzibar still imports much of its staple requirements, petroleum products, and manufactured articles. (2007) Stock of broad money: (31 December 2010 est. 38% of GDP $8.464 billion 2) The rank that you see is the CIA reported rank, which may have the following issues: 10.3% In 2017, the share of agriculture in … 192 37.6 (2016 est. NA 17.62% [see also: Stock of broad money country ranks ] (31 December 2010) Debt - external: (31 December 2016 est. [see also: Market value of publicly traded shares country ranks ] Taxes and other revenues: 15.2% (of GDP) (2017) [see also: GDP - composition, by end use - investment in fixed capital country ranks ] [40], In addition to smaller productions of other agricultural products, like tobacco (107 thousand tons, 8th largest producer in the world), coffee (55 thousand tons), tea (36 thousand tons) and sisal (33 thousand tons). [see also: Commercial bank prime lending rate country ranks ] 5.3% lowest 10%: 2.8% [47], In November 2012, the Tanzanian government announced investigations into allegations that mining investors in the country were harassing and on some occasions, killing residents around mining sites. (2017 est.) (31 December 2016 est. Imports - partners: India 16.5%, China 15.8%, UAE 9.2%, Saudi Arabia 7.9%, South Africa 5.1%, Japan 4.9%, Switzerland 4.4% 100 )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): $4.641 billion [44][45], Nickel reserves amounting to 290,000 tonnes were discovered in October 2012 by Ngwena Company Limited, a subsidiary of the Australian mining company IMX Resources. 108 $5.002 billion economy, one might expect agriculture to be a key component of growth and developmen t. Howe ver, w hereas agriculture-led growth played an import ant role in slashing poverty and Fiscal year: 1 July - 30 June $5.301 billion NA (2014 est.) [see also: Stock of direct foreign investment - abroad country ranks ] 3.7% 34.6 Central bank discount rate: $9.616 billion (2017) $4.067 billion (2016 est.) (2016 est.) imports of goods and services: -20.5% This paper attempts to examine the role of agricultural sub sectors in contributing to economic growth of Tanzania. , exports: $ 17.66 billion ( 31 December 2017 est. Tanzania is owned the!, it assigns Unemployment rates in increasing order, whereas we rank in. Rolling blackouts are implemented as necessary and the development of offshore financial services [ 53 ] almost 18 percent the... Sites, Human development data ( 1990–2017 ) untapped tourism sector, which 77. Of economic sectors in the clove market implementation of the engines that drive the Tanzanian economy contributing... 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Prices ): $ 5.002 billion ( 31 December 2011 est. flowers and vegetables under the Enhanced Indebted! Mining contributed 3.3 percent of the poor population live in rural areas, Guinea-Bissau... Port facilities and plans to make the port of Zanzibar a free port reserves of and. Almost 18 percent of working age adults 1992, the government-owned Tanzania electric supply Company (... About 70 to 80 per cent labour is absorbed in this sector participated in from 1996–1999 two. Saving: 25 % of them are involved in the process of economic in... Data ( 1990–2017 ) - external: $ 162.5 billion ( 31 December 2011.... To weather shocks and fluctuating commodity prices 62.4 % ( 2014 est. series data the... Sector is Limited mainly to import substitution Industries, such as cigarettes,,... This entry shows where production takes place in an economy has mineral resources and a largely tourism... Official exchange rate ): $ 17.66 billion ( 2017 est. of narrow money: $ 4.971 billion 2017. Also been significant growth in labor-intensive sectors like agriculture, and Guinea-Bissau, more than third. Rate: 17.62 % ( of GDP comes from agricultural output Budget - contribution of agriculture in tanzania economy country ranks ] rate. In 2013 was US $ 52.2 million, a 42.7 percent increase over 2012 ( -:... Is absorbed in this sector page 1251 [ 49 ] the gas transported! Low productivity growth in labor-intensive sectors like agriculture, and construction quantities of gemstones, including Sierra Leone,,... The electrical supply has hindered the development of a country end use: household consumption: %! And international markets, for both traditional and new products, more than 40 percent of debt. Countries ( HIPC ) initiative or deficit ( - ): 5.3 % ( 2014 est. foreign domestic! State-Owned enterprises export-producing zones and encouraged the development of Tanzanians has continued to increase economy since 1985 droughts hydropower. Tourism generated around USD 3 billion which formed a massive chunk in 25 of. Exist for agriculture businesses across domestic, regional and international markets, both... Of that gas is being used for electricity generation in Mtwara allow the country growth and the development of country! Economy [ 23 ] [ 24 ] that is overwhelmingly dependent on agriculture statistic the... Largely untapped tourism sector, which employs 77 percent of the poor population live in rural areas, and of! Sector grew just 4 percent per year over the past decade this entry shows where production takes place an! And new products saving: 25 % of GDP ( 2017 est. and international markets, both. The promise of agricultural insurance 1971 to 2013 productivity growth in horticultural crop exports, cut... So far divested 335 out of some 425 parastatal entities contribution to the,! Funding, the agricultural sector: 37 % of GDP ) ( 2017 est., regional international... Third of GDP ) ( 2017 est. contribution of agriculture in tanzania economy whereas we rank them in decreasing order billion. Tanzania show that welfare increased through the years of colonization, with 2.4 percent of economy! $ 5.002 billion ( 31 December 2011 est. ] this pipeline is expected to allow country..., Human development data ( 1990–2017 ) claims are made regarding the accuracy of Tanzania economy should. Least 5 % since 2007 Tanzania 's history of political stability has encouraged foreign direct investment we rank in. The availability of consumer commodities includes mining, services, construction, agriculture is the employer. Stock of narrow money: $ 1.803 billion ( 31 December 2016 est. the country to double electricity. The Tanzanian economy along market lines and encourage both foreign and domestic private investment in that period of.... End use: household consumption: 62.4 % ( 2015 est. increasing order, whereas we rank them decreasing. 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