Population (2017): 54 million
GDP (2017): US$51.7 billion (S$69.8 billion)
World Bank “Ease of Doing Business” Rank (2018): 137
Bilateral Trade with Singapore (2017): S$60.2 million
Tanzania has an abundance of natural resources. It is the fourth largest producer of gold in Africa after South Africa, Mali and Ghana, and is well known for its Tanzanite gemstones. The country’s other natural resources include coal, copper, diamonds, gas, iron ore, uranium, and other minerals.
About 63% of Tanzania’s 54 million-strong population is under 25, representing a young, productive and easily-trained workforce in the longer term. With more than half of the population aged between 15 and 64, there is huge potential for firms to tap Tanzania’s growing consumer market as the population becomes more affluent and increases its demand for international goods.
Tanzania is a member of the Southern African Development Community (SADC) and East African Community (EAC) regional trading blocs. It is the only country in East Africa which is also a member of the SADC, giving it access to a combined market of almost 450 million people (by IMF estimates). Tanzania is also a preferential trading country under United States legislation and the African Growth and Opportunity Act (AGOA). These agreements increase the ease of doing business in the country.
Tanzania relies heavily on agriculture, which accounts for almost a quarter of GDP and 67% of employment1. Tanzania has an average GDP growth of 6-7% over the past decade.
Tourism is growing in importance and is the second largest source of foreign exchange after agriculture. Mineral production (diamonds, gold and tanzanite) has also grown significantly in the last decade, accounting for half of Tanzania's exports. More recently, the opening of the US$344 million natural gas power plant will provide opportunities to tap into Tanzania’s 57 trillion cubic feet of proven natural gas reserves2 and potentially turn the country into an industrial powerhouse in the near future.
1: CIA World Factbook, 2016
2: Tanzania Invest, 2016