In 2020 Tanzania recentlycrossed the $1,036 per capita threshold attaining the country a Lower Middle Income status as of 1st July 2020.The country’s GDP has been consistently growing at 7% for the past five years led by construction, mining and social services sectors. The Ministry of Finance of Tanzania estimates an economic growth of 5.5% in 2020from initial projections of 6.9%, due to anticipated effects of COVID-19.
The latest published data by National Bureau of Statistics reported an economic growth of 5.7% for the first quarter of 2020. Growth was led by the mining sector which grew by 15.3%followed by health services and technical activities which grew by 10.2% and 8.9%respectively. Construction took a back seat during Q1-20 after reporting a growth of 8%.
