Tanzania Market Report


thirds of Tanzania’s population. Minerals made up 49 per cent of exported goods, followed by manufactured goods at 17 per cent and agricultural products at 12 per cent. China is the top investor in Tanzania, with a portfolio of 1,098 investment projects valued at $9.6 billion, outpacing the UK and the US. Tanzania's economic hub Dar es Salaam is set to become a


megacity by 2050. Te Indian Ocean port remains the most populated region with around 5.4 million residents. Te port acts as a key driver, facilitating trade, industrialization, and population influx. Its expansion and modernization efforts enhance its capacity to handle increasing trade volumes, further cementing Dar es Salaam’s status as an economic powerhouse in East Africa. According to the World Bank’s latest report on Tanzania pub-


lished in 2024 Tanzania has successfully maintained its growth momentum despite the escalating impacts of climate change. Te country's real GDP growth rate increased from 4.6 percent in 2022 to 5.2 percent in 2023, driven by a more favourable business environment and improved trade balances which bol- stered aggregate demand, countering the adverse effects of droughts and floods on household incomes. Meanwhile the services sector was responsible for half of the GDP growth in the first three quarters of 2023, with strong contributions from financial and insurance services, tourism, transportation, and the accommodation sector. Indeed, Tanzania’s economy is forecast to grow faster this


year than in 2023 according to Kitila Mkumbo, Minister of State in the president’s Office for Planning and Investment. In June 2024 Mkumbo told parliament that the economy was projected to grow 5.4 per cent this year. However, Mkumbo noted that the benefits of the growth were not evenly distributed, especially among the country’s poorest. Recent progress has mainly occurred in sectors that provide


limited employment opportunities for individuals from low- income households, which restricts the overall impact on poverty levels. Te national poverty rate declined slightly from an estimated 27 per cent in 2022 to about 26.5 percent in 2023. Nevertheless, the income improvements for poorer households have not kept pace with population growth, leading to an increase in the number of people living below the poverty line, estimated at 15 million in 2022.


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Tanzania’s economy is forecast to grow faster this year than in 2023 according to Kitila Mkumbo, Minister of State in the president’s Office for Planning and Investment. In June 2024 Mkumbo told parliament that the economy was projected to grow 5.4 per cent this year. However, Mkumbo noted that the benefits of the growth were not evenly distributed, especially among the country’s poorest.


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