Tanzania’s GDP soars to 5.5pc in growth rate

DODOMA: IN 2024, Tanzania’s real Gross Domestic Product (GDP) at 2015 constant prices reached 156,635.32bn/-, compared to  148,521.02bn/- in 2023.

This represents a growth rate of 5.5 percent, an increase from the 5.1 percent recorded in 2023, indicating an improvement in the country’s economic growth momentum.

This growth was largely driven by the continued implementation of strategic and flagship projects, particularly in energy and transportation infrastructure. A major achievement in this sector was the commencement of electricity generation at the Julius Nyerere Hydropower Dam, which has enhanced the country’s capacity to produce reliable energy.

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Additionally, the launch of passenger services on the Standard Gauge Railway (SGR) section from Dar es Salaam to Dodoma has contributed to boosting economic activity and easing domestic transportation. This development has increased business efficiency and reduced the cost of transporting goods and people.

Other contributing factors to economic growth included an increase in private sector lending, effective management of monetary policies, and favorable weather conditions that supported strong agricultural output. Moreover, government investments in social services such as education, health, water, and social protection have continued to improve citizens’ welfare and stimulate national economic development.