Joseph Isangura
Tanzania has once again demonstrated its economic strength, with tourism remaining the top foreign exchange earner for the country in 2024.
According to the latest data from the Bank of Tanzania, the tourism sector brought in an impressive $3.65 billion last year, maintaining its position as a key contributor to the nation’s economy. This was followed closely by gold exports, which earned $3.36 billion, and transportation services, which brought in $2.7 billion.
Other sectors also played an important role in bolstering Tanzania’s foreign exchange earnings. Manufactured goods contributed $1.37 billion, while horticulture and tobacco earned $569.3 million and $517.1 million, respectively. Cashew nuts brought in $422.8 million, with oil seeds, coffee, and cereals each contributing significant amounts to the overall economy. In total, these sectors helped keep the country’s foreign exchange reserves healthy and growing.
The data shows the country’s economy is not only reliant on one or two industries but has a diverse mix of sectors that contribute to its growth. Tourism, in particular, continues to play a vital role, and with the sector set to grow even more, Tanzania’s economy is poised to stay strong.
Alongside these earnings, Tanzania’s currency, the shilling, showed signs of strengthening as well. In November 2024, the Tanzanian shilling appreciated by 2.3% against the US dollar, improving from TZS 2,719.91 to TZS 2,659.03.
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This was largely attributed to the increase in foreign exchange inflows, especially from tourism and exports, which helped boost the country’s liquidity.
The IMF has also expressed confidence in Tanzania’s economy, reporting a real GDP growth of 5.4% in the first half of 2024, up from 5.1% in 2023. The country has managed to keep inflation within target, while also focusing on fiscal policies that support long-term growth.
Tanzania’s continued growth in 2024, with robust earnings from a diverse range of sectors, is a testament to the country’s resilient economy. The outlook remains positive, with a strong base of export sectors driving foreign currency inflows and bolstering national financial stability. This progress sets the stage for an even brighter economic future for the country.
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