What drives economy and jobs in Tanzania?
Given the positive growth rate and exciting news about the Nyerere Bridge let’s discuss Tanzania’s economy and jobs market. Did you know that the name “Tanzania” originates from the names of the two states, Tanganyika and Zanzibar? Originally the 2 states formed the United Republic of Tanganyika and Zanzibar thereafter the country was renamed to the United Republic of Tanzania.[,Source: Africa Job Board]
For the past decade or so, the International Monetary Fund (IMF), the World Bank Group (WBG) as well as other development partners have been supporting Tanzania with improving the economic climate in the country for the purpose of not only improving the growth rates but also for sustaining economic growth in the region. [,Source: World Bank]
The continued support of these development partners has allowed Tanzania to maintain high growth rate with a fairly low inflation rate. For 2015, Tanzania’s real gross domestic product (GDP) was projected 7 %.
Guess what jobs are filled by 67% of Tanzanians – its jobs in the Agriculture sector! Agriculture is Tanzania’s economy mainstay, contributing USD 13.9bn to its GDP (nearly 30%) and 67% to total employment during 2014.
Want to contribute to Tanzania’s growth?
Then apply for that job in Tanzania that you’ve been eyeing, NOW!
Here’s the important job links to click:
Tanzania Financial Trends
According to an article from Tanzania Today, the Bank of Tanzania has collected data that confirms that within 2015 Tanzania managed to narrow their account deficit by 14% to USD 4 .2bn.
Factors contributing to Tanzania’s growth
- An increase in exports (accompanied by a sharp deceleration in imports)
- Tanzania’s main export crops are tobacco, cashew nuts, coffee, tea, cloves, cotton, wheat and sisal.
- The country has seem a few sectors growing quite rapidly (such as construction, transport and financial services)
Tanzania Trending on Social Media
Social media has been abuzz with what is being described as the “the most magnificent bridge in East Africa – the Nyerere Bridge! The Bridge is 680m long and is said to be the longest cable-stayed bridge in East Africa and Tanzania’s first cross-sea Bridge.
Tanzanians are being encouraged to maximise the use of the Bridge by setting up businesses close to it so as to stimulate the region’s growth and to attract further economic growth.
With so much happening in Tanzania right now and the economy showing favourable growth, it is not a stretch to assume that we can expect great things from Tanzania (and the East African region) over the next few years.
PS: Catch me on Twitter: ,@AfricaPRFowzi
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