The
Tanzanian economy is heavily dependent on agriculture, which
accounts for half of GDP, provides 85% of exports, and employs
80% of the work force. Topography and climatic conditions,
however, limit cultivated crops to only 4% of the land area.
Industry is mainly limited to processing agricultural products
and light consumer goods. Growth in 1991-2001 featured a
pickup in industrial production and a substantial increase
in output of minerals, led by gold. Natural gas exploration
in the Rufiji Delta looks promising. Recent banking reforms
have helped increase private sector growth and investment.
Continued donor support and solid macroeconomic policies
should support steady real GDP growth of 5% in 2003.
Over
the six years of President Mkapa's Government, the country
has achieved an enviable monetary stability, reduced inflation
to the lowest level in 28 years and racked up a steady annual
average growth rate of 4%. For its faithfulness to economic
reforms, Tanzania has endeared itself to international financial
institutions and donors and in 2000 (sic) qualified for
massive debt relief under the World bank and IMF enhanced
highly indebted Poor countries (HIPC) initiative.
Inflation
: Annual inflation rate for December 2002 went
down slightly by 0.1% to 4.4%.
GDP:
Tanzania grew by 6% in 2002, compared to 5.6% growth in
2001, according to BOT. The economy is projected to grow
by 7% or 7.5%.
GDP
- per capita: purchasing power parity - $610 (2001
est.)
GDP
- composition by sector:
agriculture:
48%
industry:
17%
services:
35%
Labor
force:
13.495
million
Labor
force - by occupation:
agriculture
80%, industry and services 20%
Industries:
primarily
agricultural processing (sugar, beer, cigarettes, sisal
twine), diamond and gold mining, oil refining, shoes, cement,
textiles, wood products, fertilizer, salt
Industrial
production growth rate:
8%
Agriculture
- products:
coffee,
sisal, tea, cotton, pyrethrum (insecticide made from chrysanthemums),
cashew nuts, tobacco, cloves (Zanzibar), corn, wheat, cassava
(tapioca), bananas, fruits, vegetables; cattle, sheep, goats
