Tanzania’s economy grew by 5.5 % in 2024.
This is the second highest growth rate in the SADC bloc, outpacing the regional average of 3.0 percent.
The fastest growing economy in Southern Africa is Rwanda, at 7,8%, down from 9,7%. Uganda is next, up to 8.6%, from 7.1%.
This is according to the latest regional economic report.
Findings were presented at the 61st Meeting of the Committee of Central Bank Governors (CCBG) held recently in Gaborone, Botswana.
Tanzania’s impressive macroeconomic performance amid a challenging regional environment, was presented by Emmanuel Tutuba, Bank of Tanzania Governor.
The country’s strong performance contrasts with the mixed economic outcomes of other member states, including Botswana and South Africa, which faced negative or minimal growth.
South Africa’s economy grew by 0.8%, a slight recovery from 0.5%, during the same period, while Namibia’s growth fell from 4.8%, to 2,7%.
Botswana’s remained negative at -0.1%, a slight improvement from -1.9%.
Tanzania’s growth was supported by mining, electricity, and financial services.
It’s growth has also outpaced advanced economies such as the US (1.4% projected) and EU (~1-2%).
Picture: Lonely Planet