Tanzania returned to strong 7% GDP growth in 2010, helped by consistent stable macroeconomic policies. Inflation declined below the double digits of 2009, though increased again in early 2011 due to growing fuel and food prices. Exports performed particularly well in 2010; gold alone brought in 1.4 billion US dollars, overtaking the tourism sector which contributed 1.3 billion US dollars. Also, in 2010 the industrial sector contributed significantly to foreign earnings for the first time, generating $900 million. The agricultural sector — the mainstay of the country’s economy employing about 80% of the population — contributed 480 million US dollars. Transit goods earnings contributed 380 million USD. Tanzania’s 2010 GDP per capita reached 600 USD, doubling from 300 USD in 2006.
Tanzania’s main trading partners are the EU, China, India and neighboring Southern African Development Community (SADC) and East African Community (EAC) countries. Tanzania’s exports to the U.S. are dominated by agricultural commodities, minerals, and textiles while imports from the US include wheat, agricultural / transport equipment, chemicals, used clothes and machinery.
Basic economic statistics (2011/2012 figures):
- Real GDP growth Y-O-Y Q3 2012: 6.5%*
- Nominal GDP – 2011(current Billions $US): 23.9*
- GDP per capita- 2011: US$ 566
- Consumer price inflation: Declined from 19.7% in January 2012 o 10.9% in January 2013. The core rate, which is the rate without energy and food prices declined from 9% in January 2012 to 7.9% in January 2013.*
- Total Exports : USD 4,735 million for 2011*
- Total Imports : USD 11,184 million for 2011*
- Exports to the USA: USD 59 million*
- Imports from the USA: USD 258 million*
- Exchange rate: Tanzania shilling depreciated against USD from TZS 1,579Tanzanian (November 2012) to TZS 1,593 (February 2013)*
- Average lending rate on short term loan: 13.73 % (December 2011)
- Population Total: 44.9 million people (2012 Census)
Source: Website of the US Embassy in Tanzania:www.tanzania.usembassy.gov