Tanzania's 2023 GDP per Capita: An overview of Tanzania's Gross Domestic Product per capita in 2023.
Tanzania's GDP per capita, historical trends, and future projections. It indicates that Tanzania's income per person has been on the rise, with expectations of further improvement in 2023. However, it's crucial to consider broader economic factors and policy decisions when analyzing a country's economic development.
GDP per Capita in 2022:
In 2022, Tanzania's GDP per capita was recorded at $1,056.87 USD. This figure indicates the average income per person in Tanzania for that year.
Comparison to World's Average:
Tanzania's GDP per capita, at $1,056.87 USD, is approximately 8 percent of the world's average GDP per capita. This means that, on average, Tanzanians had a lower income compared to the global average in 2022.
Expected GDP per Capita in 2023:
According to forecasts by Trading Economics, Tanzania's GDP per capita is expected to increase to $1,112.00 USD by the end of 2023. This projection suggests a potential improvement in the country's average income for the coming year.
Historical Trends:
The historical data indicates that Tanzania's GDP per capita has varied over time. It has averaged $719.18 USD from 1988 until 2022. The highest recorded GDP per capita in Tanzania was $1,056.87 USD in 2022, while the lowest recorded value was $503.93 USD in 1994.
Long-term Outlook:
The data also suggests that Tanzania's GDP per capita has seen fluctuations over the years, and it is important to consider long-term trends and economic policies to understand the trajectory of the country's economic development.
It's important to note that while an increase in GDP per capita is generally a positive indicator, it doesn't provide a complete picture of a country's economic and social well-being. Other factors, such as the distribution of wealth, employment quality, access to healthcare and education, and overall living conditions, also play critical roles in determining the overall welfare of the population.
Moreover, economic conditions can change over time due to various factors, including global economic trends, government policies, and external shocks, so ongoing monitoring and analysis are essential to understand the evolving social and economic dynamics in Tanzania.
Social Implications:
Economic Implications: