Economy of Tanzania
Tanzania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Tanzania may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Tanzania exports around $5.92 billion and imports roughly $11.16 billion. 2.2% of population in the country are unemployed. The total number of unemployed people in Tanzania is 1,300,011. In Tanzania, 36% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Tanzania is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 6.8% of GDP. The Gini Index of the country is 37.6. Tanzania is experiencing good equality. The majority of citizens in Tanzania fall within a narrow range of income, although some cases may show significant differences. Tanzania has a Human Development Index (HDI) of 0.488. Tanzania has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Tanzania is 1.903. Due to strong law enforcement presence and high social responsibility, Tanzania is very safe by international standards. The strength of legal rights index for Tanzania is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
Currency
The currency of Tanzania is Tanzanian shilling. The plural form of the word Tanzanian shilling is shillings. The symbol used for this currency is Sh, and it is abbreviated as TZS. The Tanzanian shilling is divided into Cent; there are 100 in one shilling.
Credit rating
The depth of credit information index for Tanzania is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem.
Central bank
In Tanzania, the institution that manages the state's currency, money supply, and interest rates is called Bank of Tanzania. Locally, the central bank of Tanzania is called Benki Kuu ya Tanzania. The average deposit interest rate offered by local banks in Tanzania is 9.9%.
Public debt
Tanzania has a government debt of 34.4% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in Tanzania is set at 30%. Personal income tax ranges from 15% to 30%, depending on your specific situation and income level.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Tanzania is $128158 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Tanzania was last recorded at $2 million. PPP in Tanzania is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Tanzania is 44,698 billion. Based on this statistic, Tanzania is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Tanzania was last recorded at $1 million. The average citizen in Tanzania has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Tanzania averaged 7.2% in 2014. According to this percentage, Tanzania is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Tanzania.
Industry
Major industries in the country are agricultural processing (sugar, beer, cigarettes, sisal twine), mining (diamonds, gold, and iron), salt, soda ash, cement, oil refining, shoes, apparel, wood products, fertilizer. The total labor force of Tanzania is 26,305,790 people, wherein 2.2% of population in the country are unemployed. The total number of unemployed people in Tanzania is 1,300,011. The Industrial Production growth rate of Tanzania is 8.1%.To read more about industrial information within Tanzania click on industry of Tanzania.
Agriculture
There are 37479 km2 of arable land in Tanzania, and it comprises 4% of the country's total territory. There are 47757 km2 of cultivated land in Tanzania. The country's major agricultural crops and products are coffee, sisal, tea, cotton, pyrethrum, cashew nuts, tobacco, cloves, corn, wheat, cassava (tapioca), bananas, fruits, vegetables, cattle, sheep, goats.To read more about agriculture click on agriculture of Tanzania.