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Tanzania assembled its first aircraft. FILE.

Tanzania’s GDP grows by 2.7 billion U.S. dollars in 2023

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Tanzania’s gross domestic product (GDP) grew by 5.1 percent in 2023, compared to 2022.

The East African country’s Minister of State in the President’s office Kitila Mkumbo on Thursday told parliament that the GDP grew by 2.7 billion U.S. dollars to reach 56.7 billion U.S. dollars.

However, Mkumbo noted that the benefits of the growth were not evenly distributed, especially among the country’s poorest.

The minister mentioned that the economy withstood challenges such as climate change and the effects of COVID-19 on crucial supply chains.

The value of Tanzania’s annual exports rose to 8.2 billion U.S. dollars.

Mkumbo noted that the types of goods Tanzania exports changed over the past two decades, from agricultural products to minerals.

Minerals made up 49 percent of exported goods, followed by manufactured goods at 17 percent and agricultural products at 12 percent.

Mkumbo said that the government is targeting a GDP growth of 5.4 percent for 2024.

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