Economy of Tanzania

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Economy of Tanzania
Dar Es Salaam Skyline (34011488084).jpg
Currency Tanzanian shilling (TSh)
1 July – 30 June
Trade organisations
AU, AfCFTA (signed), EAC, SADC, WTO
Country group
Statistics
PopulationIncrease2.svg 61,741,120 (2022) [3]
GDP
  • Increase2.svg $84.033 billion (nominal, 2023 est.) [4]
  • Increase2.svg $227.725 billion (PPP, 2023 est.) [5]
GDP rank
GDP growth
  • 5.4% (2018) 5.8% (2019e)
  • 2.5% (2020f) 5.5% (2021f) [6]
GDP per capita
  • Increase2.svg $1,327 (nominal, 2023 est.) [4]
  • Increase2.svg $3,595 (PPP, 2023 est.) [4]
GDP per capita rank
GDP by sector
3.9% (2020 est.) [8]
12% (2014) [9]
Population below poverty line
  • 26.4% (2018) [10]
  • 76.6% on less than $3.20/day (2017) [11]
40.5 medium (2017) [12]
Labour force
  • Increase2.svg 30,643,514 (2022) [15]
  • Increase2.svg 82.2% employment rate (2014) [16]
Labour force by occupation
Agriculture: 50% [17] :page 56
Unemployment2.2% (2017) [18]
Main industries
agricultural processing (sugar, beer, cigarettes, sisal twine); mining (diamonds, gold, and iron), salt, soda ash; cement, oil refining, shoes, apparel, wood products, fertilizer [7]
External
ExportsIncrease2.svg $5.6685 billion (105th; October 2015) [19]
Export goods
gold, tobacco, cashews, sesame seeds, refined petroleum
Main export partners
Flag of India.svg  India 20%
Flag of the United Arab Emirates.svg  United Arab Emirates 13%
Flag of the People's Republic of China.svg  China 8%
Flag of Switzerland (Pantone).svg   Switzerland 7%
Flag of Rwanda.svg  Rwanda 6%
Flag of Kenya.svg  Kenya 5%
Flag of Vietnam.svg  Vietnam 5% (2019) [20]
ImportsDecrease2.svg $10.441 billion (FOB; October 2015) [19]
Import goods
refined petroleum, palm oil, packaged medicines, cars, wheat
Main import partners
Flag of the People's Republic of China.svg  China 34%
Flag of India.svg  India 15%
Flag of the United Arab Emirates.svg  United Arab Emirates 12% (2019) [20]
FDI stock
$12.715 billion (2013) [21]
–4.002 billion (October 2015) [19]
$15.4 billion (October 2015) [19]
Public finances
Decrease Positive.svg 37% of GDP (2017 est.) [7]
–1.8% (of GDP) (2017 est.) [7]
Revenues$12.88 billion (2022 est.)
Expenses$14.91 billion (2022 est.)
Economic aid$490 million (recipient; 2014) [22]
n/a (TBD)
$4,383.6 million (4.5 months of imports; 2013) [19]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Tanzania is a lower-middle income economy [23] [24] that is overwhelmingly dependent on agriculture. [25] Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007. [26]

Contents

Following the rebasing of the economy in 2014, the GDP increased by a third to $41.33 billion. [27]

In 2020, the real GDP of Tanzania grew by 4.8% reaching US$64.4 billion versus US$60.8 billion in 2019. This growth made it the 2nd largest economy in East Africa after Kenya, and the 7th largest in Sub-Saharan Africa. [28]

It has sustained relatively high economic growth compared to global trends, as is characteristic of African nations. According to World Bank data, the last 5 years have seen the slowest growth since 2000. The medium-term outlook is so far positive, with growth projected at 6 percent in 2020/21, which is supported by large infrastructure spending. [29] [30]

The World Bank (WB) expects the economic growth of Tanzania to slow to 2.5% in 2020 [31] due to the COVID-19 pandemic which has affected the labor market, the production capacity, and productivity. Tourism has halted, and exports of manufacturing and agricultural goods slumped.

On 7 September 2021, the IMF approved US$567.25 million in emergency financial assistance to support Tanzania’s efforts in responding to the COVID-19 pandemic [32] by addressing the urgent health, humanitarian, and economic costs.

The IMF projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022, [33] and 6.0% in 2026.

According to the World Bank, the GDP of Tanzania expanded by 4.6% in 2022, up from 4.3% in 2021.

The value of Tanzania's GDP at current prices reached USD 75.5 billion in 2022. [34]

The World Bank projects Tanzania's GDP growth to reach 5.1% in 2023.

History

Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle the socialist (Ujamaa) economic controls and encourage more active participation of the private sector in the economy. The program included a comprehensive package of policies which reduced the budget deficit and improved monetary control, substantially depreciated the overvalued exchange rate, liberalized the trade regime, removed most price controls, eased restrictions on the marketing of food crops, freed interest rates, and initiated a restructuring of the financial sector.

Current GDP per capita of Tanzania grew more than 40 percent between 1998 and 2007. [35] In May 2009, the International Monetary Fund (IMF) approved an Exogenous Shock Facility for Tanzania to help the country cope with the global economic crisis [36] Tanzania is also engaged in a Policy Support Instrument (PSI) with the IMF, which commenced in February 2007 after Tanzania completed its second three-year Poverty Reduction and Growth Facility (PRGF), the first having been completed in August 2003. The PRGF was the successor program to the Enhanced Structural Adjustment Facility, which Tanzania also participated in from 1996 to 1999. The IMF's PSI program provides policy support and signaling to participating low-income countries and is intended for countries that have usually achieved a reasonable growth performance, low underlying inflation, an adequate level of official international reserves, and have begun to establish external and net domestic debt sustainability.

Tanzania also embarked on a major restructuring of state-owned enterprises. The program has so far divested 335 out of some 425 parastatal entities. Overall, real economic growth has averaged about 4 percent a year, much better than the previous 20 years, but not enough to improve the lives of average Tanzanians. Also, the economy remains overwhelmingly donor-dependent. Moreover, Tanzania has an external debt of $7.9 billion. The servicing of this debt absorbs about 40 percent of total government expenditures. Tanzania has qualified for debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) initiative. Debts worth over $6 billion were canceled following implementation of the Paris Club 7 Agreement.

Macro-economic trend

Historical development of real GDP per capita in Tanzania, since 1950 GDP per capita development in Tanzania.svg
Historical development of real GDP per capita in Tanzania, since 1950

This is a chart of trend of gross domestic product of Tanzania at market prices estimated by the International Monetary Fund with figures in millions of shillings. [37] [38]

YearGross Domestic ProductUS Dollar Exchange
198045,7498/21
1985115,00617/87
1990830,693195/04
19953,020,501536/40
20007,267,133800/43
200513,713,4771,127/10
20101,515/10

Mean wages were $0.52 per man-hour in 2009.[ citation needed ] The economy saw continuous real GDP growth of at least 5% since 2007.

The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green. [39]

YearGDP
(in billion US$ PPP)
GDP per capita
(in US$ PPP)
GDP

(in billion US$ nominal)

GDP growth
(real)
Inflation rate
(in Percent)
Government debt
(in % of GDP)
198010.558010.9Increase2.svg3.3%Increase Negative.svg30.2%n/a
1981Increase2.svg11.5Increase2.svg619Increase2.svg13.0Increase2.svg0.5%Increase Negative.svg25.7%n/a
1982Increase2.svg12.3Increase2.svg641Increase2.svg14.9Increase2.svg0.6%Increase Negative.svg28.9%n/a
1983Increase2.svg13.1Increase2.svg661Increase2.svg15.3Increase2.svg2.4%Increase Negative.svg27.1%n/a
1984Increase2.svg14.0Increase2.svg687Decrease2.svg13.9Increase2.svg3.4%Increase Negative.svg36.1%n/a
1985Increase2.svg15.1Increase2.svg719Decrease2.svg12.6Increase2.svg4.6%Increase Negative.svg33.3%n/a
1986Increase2.svg16.4Increase2.svg759Increase2.svg15.9Increase2.svg6.6%Increase Negative.svg32.4%n/a
1987Increase2.svg17.8Increase2.svg799Decrease2.svg7.8Increase2.svg5.9%Increase Negative.svg29.9%n/a
1988Increase2.svg19.3Increase2.svg838Decrease2.svg7.5Increase2.svg4.4%Increase Negative.svg31.2%n/a
1989Increase2.svg20.8Increase2.svg877Decrease2.svg6.4Increase2.svg3.8%Increase Negative.svg25.8%n/a
1990Increase2.svg23.1Increase2.svg943Decrease2.svg5.2Increase2.svg7.0%Increase Negative.svg36.4%n/a
1991Increase2.svg24.4Increase2.svg962Increase2.svg6.0Increase2.svg2.1%Increase Negative.svg25.2%n/a
1992Increase2.svg25.1Decrease2.svg957Decrease2.svg5.6Increase2.svg0.6%Increase Negative.svg20.7%n/a
1993Increase2.svg26.0Increase2.svg958Decrease2.svg5.2Increase2.svg1.2%Increase Negative.svg26.1%n/a
1994Increase2.svg27.0Increase2.svg963Increase2.svg5.5Increase2.svg1.6%Increase Negative.svg37.9%n/a
1995Increase2.svg28.5Increase2.svg989Increase2.svg6.4Increase2.svg3.6%Increase Negative.svg26.8%n/a
1996Increase2.svg30.3Increase2.svg1,025Increase2.svg7.9Increase2.svg4.5%Increase Negative.svg21.0%n/a
1997Increase2.svg32.0Increase2.svg1,054Increase2.svg9.3Increase2.svg3.5%Increase Negative.svg16.1%n/a
1998Increase2.svg33.5Increase2.svg1,081Increase2.svg11.5Increase2.svg3.7%Increase Negative.svg12.8%n/a
1999Increase2.svg35.6Increase2.svg1,122Increase2.svg11.8Increase2.svg4.8%Increase Negative.svg7.9%n/a
2000Increase2.svg38.2Increase2.svg1,175Increase2.svg12.4Increase2.svg4.9%Increase Negative.svg6.0%n/a
2001Increase2.svg41.4Increase2.svg1,241Increase2.svg12.6Increase2.svg6.0%Increase Negative.svg5.1%50.2%
2002Increase2.svg45.1Increase2.svg1,314Increase2.svg13.1Increase2.svg6.9%Increase2.svg4.6%Decrease Positive.svg47.0%
2003Increase2.svg49.2Increase2.svg1,393Increase2.svg14.2Increase2.svg6.4%Increase2.svg4.4%Decrease Positive.svg44.3%
2004Increase2.svg54.4Increase2.svg1,499Increase2.svg15.6Increase2.svg7.2%Increase2.svg4.1%Increase Negative.svg44.6%
2005Increase2.svg60.3Increase2.svg1,614Increase2.svg17.2Increase2.svg6.5%Increase2.svg4.4%Increase Negative.svg46.8%
2006Increase2.svg65.0Increase2.svg1,693Increase2.svg18.9Increase2.svg4.7%Increase Negative.svg7.3%Decrease Positive.svg32.8%
2007Increase2.svg72.4Increase2.svg1,833Increase2.svg21.8Increase2.svg8.5%Increase Negative.svg7.0%Decrease Positive.svg21.6%
2008Increase2.svg77.9Increase2.svg1,918Increase2.svg27.8Increase2.svg5.6%Increase Negative.svg10.3%Decrease Positive.svg21.5%
2009Increase2.svg82.7Increase2.svg1,977Increase2.svg29.0Increase2.svg5.4%Increase Negative.svg12.1%Increase Negative.svg24.4%
2010Increase2.svg89.0Increase2.svg2,067Increase2.svg31.5Increase2.svg6.4%Increase Negative.svg7.2%Increase Negative.svg27.3%
2011Increase2.svg98.0Increase2.svg2,210Increase2.svg34.1Increase2.svg7.9%Increase Negative.svg12.7%Increase Negative.svg27.8%
2012Increase2.svg101.9Increase2.svg2,216Increase2.svg39.7Increase2.svg5.1%Increase Negative.svg16.0%Increase Negative.svg29.2%
2013Increase2.svg103.3Increase2.svg2,224Increase2.svg45.7Increase2.svg7.2%Increase Negative.svg7.9%Increase Negative.svg30.9%
2014Increase2.svg108.8Increase2.svg2,243Increase2.svg50.0Increase2.svg7.0%Increase Negative.svg6.1%Increase Negative.svg33.8%
2015Increase2.svg117.3Increase2.svg2,348Decrease2.svg47.4Increase2.svg6.2%Increase Negative.svg5.6%Increase Negative.svg39.2%
2016Increase2.svg127.6Increase2.svg2,479Increase2.svg49.8Increase2.svg6.9%Increase Negative.svg5.2%Increase Negative.svg39.8%
2017Increase2.svg134.1Increase2.svg2,528Increase2.svg53.2Increase2.svg6.8%Increase Negative.svg5.3%Increase Negative.svg40.7%
2018Increase2.svg146.9Increase2.svg2,687Increase2.svg54.7Increase2.svg7.0%Increase2.svg3.5%Decrease Positive.svg40.5%
2019Increase2.svg160.0Increase2.svg2,841Increase2.svg60.7Increase2.svg7.0%Increase2.svg3.4%Decrease Positive.svg39.1%
2020Increase2.svg169.9Increase2.svg2,930Increase2.svg65.5Increase2.svg4.8%Increase2.svg3.3%Increase Negative.svg39.8%
2021Increase2.svg186.3Increase2.svg3,120Increase2.svg69.9Increase2.svg4.9%Increase2.svg3.7%Increase Negative.svg42.1%
2022Increase2.svg208.8Increase2.svg3,394Increase2.svg77.1Increase2.svg4.7%Increase2.svg4.4%Increase Negative.svg42.3%
2023Increase2.svg227.7Increase2.svg3,595Increase2.svg84.0Increase2.svg5.2%Increase2.svg4.0%Increase Negative.svg42.6%

Agriculture

Farmers clearing a rice field manually Farmers in Igunga, Tanzania.jpg
Farmers clearing a rice field manually

The Tanzanian economy is heavily based on agriculture, which accounts for 28.7 percent of gross domestic product, [17] :page 37 provides 85 percent of exports, [40] and accounts for half of the employed workforce; [17] :page 56 The agricultural sector grew 4.3 percent in 2012, less than half of the Millennium Development Goal target of 10.8 percent. [41] 16.4 percent of the land is arable, [42] with 2.4 percent of the land planted with permanent crops. [43]

This strong dependence on agriculture, makes Tanzania's economy highly vulnerable to weather shocks and fluctuating commodity prices. 76% of Tanzania's population subsist thanks to agriculture and, due to the lack of knowledge and infrastructure to develop and implement some kind of agricultural technology, any droughts, floods, or temperature shocks can severely damage the living standards of those people and create huge increases in unemployment, hunger, and malnutrition rates, as well as, in really severe case, mortality rates due to starvation. [44]

Tanzania produced in 2018:

In addition to smaller productions of other agricultural products, like tobacco (107 thousand tons, 8th largest producer in the world), coffee (55 thousand tons), tea (36 thousand tons) and sisal (33 thousand tons). [45]

Industry

Industries are a major and growing component of the Tanzanian economy, contributing 22.2 percent of GDP in 2013. [17] :page 37 This component includes mining and quarrying, manufacturing, electricity and natural gas, water supply, and construction. [17] :page 37

Mining

Mining contributed 3.3 percent of GDP in 2013. [17] :page 33 The vast majority of the country's mineral export revenue comes from gold, accounting for 89 percent of the value of those exports in 2013. [17] :page 71 It also exports sizable quantities of gemstones, including diamonds and tanzanite. [46] :page 1250 All of Tanzania's coal production, which totalled 106,000 short tons in 2012, is used domestically. [47]

Minerals

Other minerals exploited in Tanzania include;

  1. Pozzolana
  2. Salt
  3. Gypsum
  4. Kaolinite
  5. Silver ore
  6. Copper
  7. Phosphate
  8. Tanzanite
  9. Tin
  10. Graphite
  11. Bauxite. [17] :pages 70–71

Modern gold mining in Tanzania started in the German colonial period, beginning with gold discoveries near Lake Victoria in 1894. The first gold mine in what was then Tanganyika, the Sekenke Gold Mine, began operation in 1909, and gold mining in Tanzania experienced a boom between 1930 and World War II. By 1967, gold production in the country had dropped to insignificance but was revived in the mid-1970s, when the gold price rose once more. In the late 1990s, foreign mining companies started investing in the exploration and development of gold deposits in Tanzania, leading to the opening of a number of new mines, like the Golden Pride mine, which opened in 1999 as the first modern gold mine in the country, or the Buzwagi mine, which opened in 2009. [48] [49]

Buzwagi Gold Mine Buzwagi Goldmine 06.JPG
Buzwagi Gold Mine

Nickel reserves amounting to 290,000 tonnes were discovered in October 2012 by Ngwena Company Limited, a subsidiary of the Australian mining company IMX Resources. An initial investment of around USD $38 million has been made since exploration began in 2006, and nickel should start being mined at the end of 2015. [50]

Chinese firms have been showing major interest in Tanzania's mineral deposits; an announcement was made in late 2011 of a plan by the Sichuan Hongda Group, to invest about US$3 billion to develop the Mchuchuma coal and Liganga iron ore projects in the south of the country. [51] It was also announced in August 2012 that China National Gold Corp are in talks to purchase mining assets in Tanzania from African Barrick Gold, in a deal that could be worth more than £2 billion  stg. [51]

In November 2012, the Tanzanian government announced investigations into allegations that mining investors in the country were harassing and on some occasions, killing residents around mining sites. [52]

Electricity

The government-owned Tanzania Electric Supply Company Limited (TANESCO) dominates the electric supply industry in Tanzania. [53] The country generated 6.013 billion kilowatt hours (kWh) of electricity in 2013, a 4.2 percent increase over the 5.771 billion kWh generated in 2012. [54] :page 4 Generation increased by 63 percent between 2005 and 2012; [55] [56] however, only 15 percent of Tanzanians had access to electric power in 2011. [57] Almost 18 percent of the electricity generated in 2012 was lost because of theft and transmission and distribution problems. [55] The electrical supply varies, particularly when droughts disrupt hydropower electric generation; rolling blackouts are implemented as necessary. [46] :page 1251 [53] The unreliability of the electrical supply has hindered the development of Tanzanian industry. [46] :page 1251 In 2013, 49.7 percent of Tanzania's electricity generation came from natural gas, 28.9 percent from hydroelectric sources, 20.4 percent from thermal sources, and 1.0 percent from outside the country. [54] :page 5 The government is building a 532 kilometres (331 mi) gas pipeline from Mnazi Bay to Dar es Salaam, with a scheduled completion in 2015. [58] This pipeline is expected to allow the country to double its electricity generation capacity to 3,000 megawatts by 2016. [59] The government's goal is to increase capacity to at least 10,000 megawatts by 2025. [60]

Natural gas

Songo Songo Gas Plant Songo Songo Gas Plant.jpg
Songo Songo Gas Plant

According to PFC Energy, 25 to 30 trillion cubic feet of recoverable natural gas resources have been discovered in Tanzania since 2010. [47] The value of natural gas actually produced in 2013 was US$52.2 million, a 42.7 percent increase over 2012. [17] :page 73

Commercial production of gas from the Songo Songo Island field in the Indian Ocean commenced in 2004, thirty years after it was discovered there. [61] [62] Over 35 billion cubic feet of gas was produced from this field in 2013, [17] :page 72 with proven, probable, and possible reserves totalling 1.1 trillion cubic feet. [62] The gas is transported by pipeline to Dar es Salaam. [61] As of 27 August 2014, TANESCO owed the operator of this field, Orca Exploration Group Inc., US$50.4 million, down from US$63.8 million two months earlier. [63]

A newer natural gas field in Mnazi Bay in 2013 produced about one-seventh of the amount produced near Songo Songo Island [17] :page 73 but has proven, probable, and possible reserves of 2.2 trillion cubic feet. [62] Virtually all of that gas is being used for electricity generation in Mtwara. [61]

The Indian Ocean, off the coast of Mozambique and Tanzania, is proving to be a rich hunting ground for natural gas exploration. According to US Geological Survey estimates, the combined gas reserves of Mozambique and Tanzania could be as high as 250 trillion cubic feet. In Mozambique alone, proven gas reserves have increased dramatically from a mere 4.6 trillion cubic feet in 2013 to 98.8 trillion cubic feet as of mid-2015. Given continued offshore discoveries and the size of discoveries to date, continued growth in proven gas reserves is likely to continue into the foreseeable future. [64] [65]

New exploration on more frontier blocks, however, will likely be slowed as oil and gas prices fall [66] and companies apply increasing caution to investing in frontier markets with nascent industries, poor infrastructure and long lead times. [67]

As of 2015, national management of the sale of natural gas has been moved to the Natural Gas Revenue Fund. [68]


External trade and investment

Tanzanian exports in 2006 2006Tanzanian exports.PNG
Tanzanian exports in 2006

Tanzania's history of political stability has encouraged foreign direct investment. The government has committed itself to improve the investment climate including redrawing tax codes, floating the exchange rate, licensing foreign banks, and creating an investment promotion centre to cut red tape. Its economy is currently being managed according to the Tanzania Mini-Tiger Plan. Tanzania has mineral resources and a largely untapped tourism sector, which might make it a viable market for foreign investment.

The stock market capitalisation of listed companies in Tanzania was valued at $588 million in 2005 by the World Bank. [69]

Zanzibar

Zanzibar's economy is based primarily on the production of cloves (90% grown on the island of Pemba), the principal foreign exchange earner. Exports have suffered from the downturn in the clove market.

The Government of Zanzibar has been more aggressive than its mainland counterpart in instituting economic reforms and has legalized foreign exchange bureaus on the islands. This has loosened up the economy and dramatically increased the availability of consumer commodities. Furthermore, with external funding, the government plans to make the port of Zanzibar a free port. Rehabilitation of current port facilities and plans to extend these facilities will be the precursor to the free port. The island's manufacturing sector is limited mainly to import substitution industries, such as cigarettes, shoes, and process agricultural products. In 1992, the government designated two export-producing zones and encouraged the development of offshore financial services. Zanzibar still imports much of its staple requirements, petroleum products, and manufactured articles.

Literature

See also

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The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.

<span class="mw-page-title-main">Economy of Niger</span>

The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.

<span class="mw-page-title-main">Economy of Senegal</span>

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.

<span class="mw-page-title-main">Economy of Togo</span>

The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.

<span class="mw-page-title-main">Economy of Madagascar</span>

The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.

<span class="mw-page-title-main">Economy of Guyana</span>

The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 120 miles from Georgetown. Making the first commercial grade crude oil draw in December 2019, sending it abroad for refining.

<span class="mw-page-title-main">Economy of Mozambique</span>

The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.

<span class="mw-page-title-main">Economy of Papua New Guinea</span>

The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.

<span class="mw-page-title-main">Economy of Ivory Coast</span>

The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.

<span class="mw-page-title-main">Economy of Algeria</span>

The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.

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Notes

    Government ministries, agencies and sites