Tanzania’s external sector showed significant improvement in 2024, with exports of goods and services rising by 15.1% to USD 16,093.1 million. The current account deficit narrowed by 28.6% to USD 2,113.5 million, driven by higher export earnings from minerals, agricultural products, and tourism. Foreign exchange reserves reached USD 5,500.5 million, covering 4.5 months of imports.
Activities that contributed to this growth include agriculture, financial and insurance services, construction, and mining and quarrying. The Bank of Tanzania projects strong growth in the fourth quarter, with a likelihood of attaining the projected growth of 5.4% in 2024. The outlook is linked to good performance in agriculture—supported by favorable weather, adequate supply of inputs and their efficient utilization as well as increases in exports, and public and private investments.
Read more at: Tanzania invest
