A complete, data-rich snapshot of Tanzania's economic performance across output, inflation, monetary conditions, financial markets, government finance, debt, and the external sector — sourced directly from the Bank of Tanzania's Monthly Economic Review, April 2026.
Tanzania's economy maintained strong momentum in Q4 2025, recording 5.7% growth — up from 5.4% in Q4 2024. Growth was broad-based, led by agriculture, financial & insurance services, and construction. Q1 and Q2 2026 growth is projected at 6.2% and 6.1% respectively, factoring in Middle East geopolitical headwinds.
| Year | GDP Growth (Const. %) | GDP Growth (Curr. %) | Per Capita (TZS '000) | Per Capita (USD) | Inflation (%) |
|---|---|---|---|---|---|
| 2018 | 7.0 | 4.4 | 2,356.5 | 1,041.0 | 3.5 |
| 2019 | 6.9 | 8.5 | 2,479.3 | 1,083.5 | 3.4 |
| 2020 | 4.5 | 8.1 | 2,597.7 | 1,126.7 | 3.3 |
| 2021 | 4.8 | 7.4 | 2,705.4 | 1,171.6 | 3.7 |
| 2022 | 4.7 | 9.4 | 2,854.1 | 1,233.1 | 4.3 |
| 2023 | 5.1 | 10.5 | 3,058.8 | 1,263.1 | 3.8 |
| 2024 | 5.5 | 10.2 | 3,234.9 | 1,239.2 | 3.1 |
| 2025p | 6.0 | n.a. | n.a. | n.a. | 3.3 |
Source: NBS, Ministry of Finance, Bank of Tanzania. p = provisional.
Headline inflation held steady at 3.2% in March 2026, unchanged from February — well within Tanzania's 3–5% country target and below both the EAC upper bound (8%) and SADC upper bound (8%). Core inflation edged up marginally to 2.2%. Food inflation eased to 5.5%. The Strait of Hormuz crisis poses near-term upside risk via energy and transport costs.
| Category | Weight (%) | Mar-25 Annual | Feb-26 Annual | Mar-26 Annual | MoM Mar-26 |
|---|---|---|---|---|---|
| Food & Non-Alcoholic Beverages | 28.2 | 5.4 | 5.7 | 5.5 | 1.8 |
| Alcoholic Beverages & Tobacco | 1.9 | 3.5 | 2.1 | 2.1 | 0.1 |
| Clothing & Footwear | 10.8 | 2.0 | 1.1 | 1.3 | 0.5 |
| Housing, Water, Electricity, Gas | 15.1 | 3.8 | 1.7 | 1.6 | 0.7 |
| Furnishings & Household Equipment | 7.9 | 2.2 | 2.5 | 2.3 | 0.1 |
| Health | 2.5 | 1.4 | 0.9 | 1.1 | 0.4 |
| Transport | 14.1 | 2.1 | 4.0 | 4.2 | 0.5 |
| Information & Communication | 5.4 | 0.1 | 1.1 | 1.0 | 0.0 |
| Restaurants & Accommodation | 6.6 | 1.7 | 1.7 | 2.1 | 0.4 |
| Education Services | 2.0 | 4.1 | 0.3 | 0.9 | 0.6 |
| Personal Care & Misc. | 2.1 | 3.3 | 3.2 | 3.3 | 0.3 |
| All Items (Headline) | 100.0 | 3.3 | 3.2 | 3.2 | 0.8 |
Source: National Bureau of Statistics and Bank of Tanzania computations.
The Monetary Policy Committee (MPC) held the Central Bank Rate (CBR) at 5.75% for Q2 2026 at its April 2026 meeting, balancing inflation risks with growth considerations amid global uncertainty. Notably, the MPC narrowed the CBR corridor from ±200 basis points to ±150 basis points effective 1 April 2026, strengthening monetary transmission. M3 grew 23.2% and private sector credit expanded 24.1%.
| Component | Mar-25 (TZS B) | Feb-26 (TZS B) | Mar-26 (TZS B) | YoY Growth |
|---|---|---|---|---|
| Extended Broad Money (M3) | 52,141.9 | 63,069.3 | 64,246.7 | +23.2% |
| Foreign Currency Deposits | 13,605.9 | 14,569.7 | 14,998.4 | +10.2% |
| Broad Money (M2) | 38,536.0 | 48,499.6 | 49,248.3 | +27.8% |
| Other Deposits (Savings & Time) | 14,994.3 | 18,541.9 | 19,071.4 | +27.2% |
| Narrow Money (M1) | 23,541.7 | 29,957.7 | 30,176.9 | +28.2% |
| Currency in Circulation | 7,190.0 | 8,151.8 | 8,078.3 | +12.4% |
| Transferable Deposits | 16,351.7 | 21,805.9 | 22,098.5 | +35.1% |
| Reserve Money (M0) | 11,793.1 | 14,990.0 | 14,998.9 | +27.2% |
| Claims on Private Sector | 37,999.3 | 46,007.4 | 47,168.3 | +24.1% |
| Net Foreign Assets (Banking Sys.) | 15,442.1 | 15,749.5 | 14,824.5 | −4.0% |
Source: Bank of Tanzania and commercial banks.
Source: Banks and Bank of Tanzania. Mining & quarrying growth reflects government programmes supporting artisanal/small-scale miners.
Banks' interest rates remained largely unchanged in March 2026. The overall lending rate held at 15.11% while negotiated deposit rates increased to 11.57% from 11.48%. Treasury bill yields declined sharply to an average of 5.21%, signalling improved fiscal confidence. The short-term interest rate spread widened modestly to 5.85 percentage points.
Government securities markets performed robustly in March 2026 with consistently oversubscribed auctions. T-bill subscriptions reached TZS 812.9 billion against an offer of TZS 452.1 billion (1.8× oversubscribed). The Tanzanian shilling appreciated 2.52% year-on-year, trading at TZS 2,583.23 per USD versus TZS 2,650.24 a year earlier.
Domestic revenue collections in February 2026 totalled TZS 2,972.9 billion, exceeding the monthly target by 3.2%. Tax revenue reached TZS 2,417.4 billion — 5.7% above target — reflecting improvements in tax administration. Total expenditure was TZS 3,550.1 billion, with 31.6% directed to development projects.
| Fiscal Year | Revenue/GDP | Grants/GDP | Current Exp/GDP | Dev. Exp/GDP | Budget Balance (excl. grants)/GDP | Overall Balance/GDP |
|---|---|---|---|---|---|---|
| 2017/18 | 14.8 | 0.8 | 10.2 | 6.6 | −2.1 | −1.9 |
| 2018/19 | 14.3 | 0.4 | 10.7 | 6.5 | −2.9 | −3.3 |
| 2019/20 | 15.0 | 0.7 | 10.1 | 7.1 | −2.2 | −1.9 |
| 2020/21 | 13.7 | 0.5 | 9.9 | 7.8 | −4.0 | −4.0 |
| 2021/22 | 14.9 | 0.4 | 9.8 | 9.2 | −4.1 | −3.6 |
| 2022/23 | 15.0 | 0.3 | 11.0 | 7.4 | −3.4 | −3.1 |
| 2023/24 | 14.7 | 0.3 | 10.8 | 7.2 | −3.3 | −3.1 |
| 2024/25 | 15.6 | 0.4 | 11.9 | 6.9 | −3.2 | −3.0 |
Source: Ministry of Finance and Bank of Tanzania.
Tanzania's total national debt stock was USD 50,457.5 million at end March 2026, a 1.2% monthly decline. External debt (70.4% of total) stood at USD 35,540.2 million, with multilateral creditors (57.8%) dominating. Domestic debt eased marginally to TZS 38,447.9 billion, with commercial banks and pension funds holding over 55% of the portfolio.
| Currency | Mar-25 Share % | Feb-26 Share % | Mar-26 Share % | Use of Funds | Mar-26 Share % | |
|---|---|---|---|---|---|---|
| US Dollar | 67.3 | 66.0 | 66.7 | BoP & Budget Support | 22.5 | |
| Euro | 16.9 | 17.7 | 17.7 | Transport & Telecom | 22.0 | |
| Chinese Yuan | 6.3 | 6.5 | 6.6 | Social Welfare & Education | 19.2 | |
| Other | 9.5 | 9.7 | 9.0 | Energy & Mining | 12.0 | |
| Agriculture | 5.3 | |||||
| Real Estate & Construction | 5.1 |
Source: Ministry of Finance and Bank of Tanzania.
Exports of goods and services reached USD 18,603.5 million (+12.8%) in the year ending March 2026, anchored by gold (+38.5%) and travel (+9.3%). Imports rose 13.6% to USD 19,373.8 million — capital goods dominance signals investment-led growth. The current account deficit widened to USD 2,680.1 million (+33.3%) but forex reserves grew to USD 6,084.4 million (4.7 months import cover).
Zanzibar's current account surplus grew 27.9% to USD 903.6 million in the year ending March 2026, driven by a 22.8% surge in tourist arrivals (942,639 visitors). Headline inflation eased to 4.9% (from 5.1% in Mar-25), while exports grew 24.8% to USD 1,633.3 million. Service receipts — at 95% of total exports — reflect the island's tourism-centric economic model.
| Item | 2025 (Annual) | 2026p (Annual) | Change |
|---|---|---|---|
| Goods Exports | 34.1 | 81.9 | +140% |
| Cloves (Value $'000) | 3,888.8 | 37,319.9 | +859% |
| Manufactured Goods | 14,005.8 | 20,649.5 | +47.4% |
| Services Receipts | 1,274.2 | 1,551.4 | +21.8% |
| Total Exports | 1,308.3 | 1,633.3 | +24.8% |
| Total Imports | 618.1 | 768.7 | +24.4% |
| Goods Balance (Net) | −484.4 | −569.4 | +17.5% |
| Services Balance (Net) | 1,174.5 | 1,434.0 | +22.1% |
| Current Account Balance | 706.5 | 903.6 | +27.9% |
Source: Tanzania Revenue Authority, banks, and Bank of Tanzania computations. p = provisional.
The IMF's World Economic Outlook (April 2026) revised global growth down to 3.1% from a 3.3% January forecast, reflecting Middle East conflict uncertainty. Sub-Saharan Africa is projected to grow 4.3% (revised from 4.6%). Crude oil surged to USD 95.58/barrel in March 2026. Gold prices remain elevated at USD 4,855.54/troy oz. Tanzania's gold-oil natural hedge provides structural resilience.
| Economy | 2023 | 2024 | 2025 | 2026p | 2027p |
|---|---|---|---|---|---|
| Global | 3.5 | 3.3 | 3.4 | 3.1 | 3.2 |
| United States | 2.9 | 2.8 | 2.1 | 2.3 | 2.1 |
| Euro Area | 0.4 | 0.9 | 1.4 | 1.1 | 1.2 |
| United Kingdom | 0.3 | 1.1 | 1.3 | 0.8 | 1.3 |
| Japan | 0.7 | −0.2 | 1.2 | 0.7 | 0.6 |
| China | 5.4 | 5.0 | 5.0 | 4.4 | 4.0 |
| India | 7.2 | 7.1 | 7.6 | 6.5 | 6.5 |
| Brazil | 3.2 | 3.4 | 2.3 | 1.9 | 2.0 |
| Sub-Saharan Africa | 3.8 | 4.2 | 4.5 | 4.3 | 4.4 |
| Tanzania (BOT Est.) | 5.1 | 5.5 | 6.0 | ~6.1–6.2 | — |
Source: IMF World Economic Outlook Database, April 2026. Tanzania figures from Bank of Tanzania.