Although the state is still present in some sectors such as telecommunications, banking, energy and mining, the Tanzanian economy has become increasingly liberalized, which has spurred economic expansion. Between 2000 and 2011, the value of Tanzanian products increased by 500%. In 2012 Tanzania recorded their highest GDP growth rate at 8%. This growth rate was achieved through expansions in sectors such as communications, financial services, transport and agriculture. Competition among foreign commercial banks has dramatically increased the efficiency and quality of financial services. Agriculture has expanded as the government as increased their investment in the sector to 7% of the GDP. By way of natural resources, Tanzania offers gold, diamonds, and gemstones as well as natural gas and possibly oil.
There are, however several, challenges in doing business in Tanzania, many of these are results of the high levels of corruption and lengthy bureaucratic processes. Other obstacles are the limited availability of skilled labor, high interest rates and poor infrastructure. However there is hope for solving several of these issues in the new constitution that should be in place before the 2015 elections.
For more details on Doing Business in Tanzania, read the Tanzania Country Commercial Guide, at this link: Country Commercial Guide.
Capital: Dar es Salaam
Population: 49.6 million
GDP (2013 est.): USD 31.94 billion
GDP per capita (2013 est.): USD 703
U.S. exports to Tanzania (2013): USD 412 million
Tanzania exports to U.S. (2013): USD 70.3 million
Economic & Commercial Officer
U.S. Embassy Dar es Salaam
Tel: +255 22 229 4166