Economic Snapshots

As the second-largest economy in the EAC, with an estimated population of 53m, Tanzania is one of the biggest consumer markets in the region. Its extractive wealth, favourable climate for agriculture, and natural assets such as Mount Kilimanjaro and the Serengeti National Park have helped it build a relatively high rate of growth over the last decade, averaging 6-7% per year. In 2017 the government formulated its second budget, which forms part of a longer-term strategy of attaining middle-income status by the middle of the next decade. This transformation is to be brought about through a mixture of industrialisation and human development.