Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa with a Gross Domestic Product (GDP) of $33.23 billion.
According to the African Economic Outlook, Tanzania continues to enjoy strong export growth and diversification from traditional markets and products, but it remains significantly reliant on primary commodity exports. Manufacturing exports have grown significantly over the past decade, and export markets have been diversified. Industry accounts for about 25% of GDP; the most important industrial sub-sectors is manufacturing, with a GDP share of about 10%.
Tanzania is ranked 145th out of 189 economies in the World Bank’s Doing Business 2014. The report notes that the aggregate score decreased by nine points compared to 2013, due to deterioration in all the sub-indicators. Positive reforms implemented in 2014 made it easier to resolve insolvency. Tanzania improved its credit information system through new regulations that provide for the licensing of credit reference bureaus and outlines the functions of the credit reference data bank.
The top three business environment constraints experienced by private sector firms in Tanzania include access to finance, electricity, and tax rates. As reported by the World Bank’s Enterprise Surveys 2013 data, the value of collateral needed for a loan or line of credit (as a percentage of the loan value) amounts to 263.8, compared to 171.0 in the region, and 189.4 in all countries surveyed.
United Nations Conference on Trade and Development STATS.
Related Blogs and Resources
Published on April 19, 2017
Two Tanzanian entrepreneurs: Hadiya and Mzuzi. Hadiya built a successful micro-business taking advantage of mobile money services, including money transfers and savings products that are low cost and safe, as well as short term micro-loans.
Mzuzi, owner of a small 10-person enterprise, is facing a financial crisis despite huge personal drive and inventiveness, because of his inability to access credit to expand his business.
The stories of these two entrepreneurs embody the experiences of real-life Tanzanians seeking to extend opportunities for themselves and their families. Read more. Source | The Citizen
Published on April 03, 2017
After Rwanda, Kenya and Uganda commissioned the Regional Electronic Cargo Tracking System (RECTS), Tanzania is also being engaged to join the system so as to further boost trade along the Kigali-Dar es Salaam route, officials confirm.In Rwanda, establishment of the e-Cargo tracking system meant to reduce the cost of doing business by reducing transit time, enhancing cargo safety and helping traders better predict arrival of goods, was funded by the UK Department for International Development (DFID) through Trademark East Africa (TMEA) at a cost of $4.5 million (nearly Rwf3.7 billion). Read more. Source | New Times
Published on March 29, 2017
Global Agency Limited (GAL) is expanding its sorghum farming operations as it seeks to deliver on its business deal with Tanzania Breweries Limited (TBL), the company said here at the weekend.
“We are determined to move into full swing into sorghum farming to tap on the available market opportunities,” GAL managing director Fidelis Bashasha told members of the board of trustee and management team for Private Agricultural Sector Support Trust (Pass) here at the weekend.The team was on a tour of a farm at Bucharago Village.
GAL is among companies which have benefited from Pass guaranteed loans from commercial banks. Read more. Source | The Citizen
Published on March 29, 2017
Kituo cha Uwekezaji Nchini (TIC) kimesaini makubaliano ya Mradi wa East Africa and Investiment Hub kwa ajili ya uchocheaji wa uwekezaji nchini.
Akizungumza wakati wa makubaliano hayo, Kaimu Mkurugenzi Mkuu wa TIC, Cliford Tandari amesema kuwa makubaliano hayo yatachochea uwekezaji pamoja na upatikanaji wa masoko nje ya nchi.
Tandari amesema katika kufanya kazi ya mradi huo utasaidia Tanzania kupata wawekezaji kutokana na wigo uliopo katika mradi unaofadhiliwa na Shirika la Misaada la Watu wa Marekani (USAID). Read more. Source | Issa Michuzi Blog
Published on March 22, 2017
Panelists for the East Africa Postharvest Technologies Competition 2017 have selected 46 innovators, from over 200 applicants, to undergo accelerator training on how to package and pitch their technologies to investors. The training will help the innovators expand their opportunities for scaling up and disseminating their technologies to a wider market. The training will take place in Tanzania on April 4-6, 2017.
Applicants are competing for the best technological solutions to address post-harvest losses. They hail from Kenya, Uganda, Tanzania, Rwanda and Burundi.
The Inter Region Economic Network (IREN) is conducting the inaugural East Africa Postharvest Technologies Competition 2017 through a grant from the Hub. The objective is to spur the development of innovative technologies that reduce food loss and waste in Africa.
Published on March 09, 2017
Kenyan millers and traders are set to take up 87 per cent of the 275,000 metric tonnes of grain that East African regional countries have agreed to import from Ethiopia.
The deal, which was facilitated by Eastern Africa Grain Council (EAGC) and USAid’s East Africa Trade and Investment Hub will see traders import 240,000 metric tonnes of maize and pulses from Ethiopia, part of 51 contracts worth Sh5.5 billion that have been agreed with regional countries.
The deal was inked during a regional grain trade facilitation forum co-hosted by Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA) in Ethiopia this week. Read more. Source | Business Daily
Published on March 02, 2017
Tanzania has performed impressively in making reforms to suit restriction-free capital transaction under the freedom of movement of capital as agreed in the East African Community (EAC) Common Market Protocol.
The 2016 EAC’s scorecard on common market indicates that the country has made six out of 11 legal and regulatory reforms the partner states have undergone between 2014 and 2016 in the free capital transaction.
The report, which was disseminated to stakeholders in Dar es Salaam yesterday looked at issues of security, credit, direct investment and personal capital as critical areas under the free capital transaction.Presenting the report, the World Bank Consultant, Ms Agatha Nderitu, said Uganda made three reforms and Kenya had the remaining two reforms. Read more. Source | Daily News
Published on March 01, 2017
A three-day conference on Tanzania’s agriculture development will start today here.
More than 200 participants will discuss policies and other issues hindering the sector’s growth.
According to Agricultural Non-State Actor Forum executive secretary Audax Rukonge, a World Bank report titled ‘Enabling the Business of Agriculture in Tanzania,’ will also be launched. He told journalists the participants would redefine agro-processing in the context of economic transformation and locate the linkage between upstream and downstream value chain activities. Read more. Source | The Citizen