Diplomatist Special Report - Tanzania Tanzania 2018 - Page 37

T he United Republic of Tanzania is the largest country in the eastern Africa region with an extension of 945,000 km, which includes the mainland and the Zanzibar islands. With an average annual growth rate of 6.9 percent during the period from 2010 to 2014, Tanzania is one of the fastest growing economies in Eastern Africa. The economy has demonstrated resilience in the face of a weakening global economy. Sound macroeconomic policies, market-oriented reforms, and debt relief have ensured a positive environment for the country’s steady economic growth. The main contributors to the growing Tanzanian economy are agriculture, tourism, and mining. Other key industries include construction, transport and oil and gas. Tanzania is endowed with diverse renewable energy resources, ranging from biomass and hydropower to solar and wind which have the potential to ensure reliable availability of power for the country’s overall economic development. It can contribute in moving the country closer to achieving middle-income status, as envisioned in the Tanzania National Development Vision 2025. Tourism potential Tanzania is the 7th most visited country in Sub-Saharan Africa after South Africa, Zimbabwe, Mozambique, Uganda, Kenya, and Namibia. The country has bountiful natural resources, including extensive tracts of wilderness. They include the plains of Serengeti National Park, a safari mecca populated by the “big fi ve” game (elephant, lion, leopard, buffalo, rhino), and Kilimanjaro National Park, home to Africa’s highest mountain. The prime tourist attractions include Mount Kilimanjaro, Zanzibar’s historic Stone Town, the Olduvai Gorge archaeological site and clean white sand beaches fringed by palm trees. Since 2012, tourism has been the leading sector in terms of foreign exchange earnings and the 3rd largest recipient of FDI after mining and manufacturing. According to the Ministry of Natural Resources and Tourism of Tanzania, “in the fi nancial year 2016-17, the tourism sector contributed to 17.5 percent of Tanzania’s GDP and 25 percent of its foreign currency earnings. Tourist arrivals reached 1,284,279 in 2016 versus 1,137,182 tourists in 2015, with an increase of 12.9 percent. Currently, Tanzania is Africa’s fourth-largest gold producer, with the segment generating export earnings of $1.27bn in 2015. Majority of the country's mineral export revenue comes from gold. Mount Kilimanjaro TANZANIA• 37