Tanzania's economic growth remains strong, averaging 7 percent, making it one of the fastest growing economies in Africa and the first among the East *** body countries, Tanzanian spokesman Hassan Abbas said at a press conference yesterday. In comparison, Kenya, Rwanda and Uganda's economies grew at 6.4 percent, 6 percent and 4.5 percent, respectively. Reports from the World Bank and the International Monetary Fund also indicate continued rapid economic growth in Tanzania.
Abbas believes that the reform initiatives pursued by the Tanzanian government in many areas of development, including health, energy and education, as well as the large number of investment projects implemented by the government and growing fiscal revenues are the main reasons for the sustained economic growth.
In terms of fiscal revenues, Tanzanian fiscal revenues amounted to Tsh 1.069 trillion in 2017, compared to Tsh 925 billion in 2015, representing an average annual growth of 15 percent. In terms of attracting investments, Tanzania is ranked 8th in Africa and 1st among the East ***** body countries in terms of attracting foreign investments, according to a study by Quantum Global. In contrast, in 2015, Tanzania ranked only 19th among all African countries. In addition, between July 2015-March 2017, the number of new businesses established in Tanzania was 225,000, while the number of businesses closed was only 7,277
EXTENDED INFORMATIONThe country currently has 44 million hectares of arable land, of which 10.2 million hectares are cultivated. The main crops are corn, wheat, rice, sorghum, millet, cassava, etc. The main cash crops are coffee, cotton, sisal, cashew nuts, cloves, tea, tobacco and pyrethrum. Due to the natural disasters affecting food production, food deployment by the transport situation, Tanzania every year from foreign imports or require foreign assistance to a large number of food, the highest year had a shortage of more than 500,000 tons of food. In recent years, the government has put forward the "agriculture first" strategy and the southern economic development corridor plan, and vigorously promoted agricultural production, food production has rebounded more quickly, and now has more than enough self-sufficiency in the rich years and can export a small amount to neighboring countries.
The country has about 50 million hectares of land suitable for animal husbandry, of which only 26 million hectares are currently being utilized. Livestock production is growing slowly, productivity is low, and most of the refined meat and dairy products still need to be imported from South Africa, Kenya and western countries.
The eastern part of the country is bordered by the Indian Ocean, and the western part of the country has many lakes, making it one of the most important fish-producing countries on the east coast of Africa. Fisheries to freshwater fishing is the main, its fishing volume accounted for more than 80% of the country's total catch, of which Lake Victoria is the main freshwater fish production area, followed by Lake Tanganyika. Due to technical and financial constraints, marine fisheries are mainly limited to offshore fishing, and ocean-going operations have yet to take off.
The mainland forest area is 441,400 square kilometers, of which 130,000 square kilometers are protected forests, accounting for 14% of the territory; and 16,000 square kilometers are soil and water conservation forests.
There are 10,000 square kilometers of tropical forests in the whole territory***, accounting for about 2% of the forest area.
The Ministry of Commerce of the People's Republic of China***Tanzania ranks among the world's fastest-growing economies