Tunisia

Capital: Tunis

Local time:
It is %T:%M %A in Tunis

GDP growth rate: 5.2% in 2013

FDI stock: 31 367 million USD in 2010

Conjoncture économique

Although over the past decade, Tunisia had an average annual growth of around 5%, the international economic crisis of 2008-2009 and subsequently the socio-political revolution that erupted in the country in early 2011, the eurozone and the civil war in Libya have considerably obscured the situation. Official estimates of growth for 2011 were revised downward, indicating a GDP contraction of -1.8%.

The domestic and regional political turmoil and the difficulties faced by the eurozone plunged Tunisia into an economic crisis: production dropped, tourism revenues declined and migrant remittances and FDI flows are also lower. The protests brought to the forefront issues of graduate unemployment and deteriorating living standards. The priority of the interim government is to increase investment (especially in the poor regions of the center and the southern regions), to boost production and exports, while attempting to control inflation and budget deficits and current account. A loan agreement could be signed with the IMF in 2012.

In purchasing power parity, Tunisia is close to the income levels of developed countries. Progress has also been made in terms of life expectancy, the place of women in society, or health infrastructure and education. The official unemployment rate has increased as a result of the crisis (18%), and remains higher among young people, especially among young graduates whose unemployment rate exceeds the average rate by 3 to 5 points.

Principaux secteurs d'activité

Agriculture is a key sector of Tunisian economy and an improvement in its production in the past years has allowed for the development of the sector (cultivation of olive trees, fruit trees and palm trees) and also has enabled to the country to reach a level of food sufficiency. Organic farming is also booming, Tunisia being the second more productive country in this respect. Agriculture accounts for around 11% of the GDP and employs around 25% of the workforce. This performance is the consequence of large-scale support and modernization efforts made within the framework of a development policy and of agricultural and rural activities regulation.

The non-manufacturing industries account for 17% of the GDP. The manufacturing industries, mainly textile and food, make up 20% of the GDP and are damaged mostly by the Asian competition. They are predominantly orientated towards export.

The local economy is largely orientated towards services, which account for 40% of the GDP, including the booming sectors of ICT (Information and communication technologies) and tourism.

Commerce extérieur

Tunisia has an open economy, foreign trade representing more than 105% of its GDP (average for 2008-2010). Until the 2011 crisis, the coutry was pursuing a policy of economic and opening and has signed an association agreement (summary in French) with the European Union, removing tariff and trade barriers on most goods. It also signed a Trade and Investment Framework Agreement (TIFA) with the United States, which will later become a free trade agreement.

The current account of Tunisia is structurally in deficit. The trade balance in services is positive, but it cannot compensate for the deficit of trade balance. After a slight improvement in 2010, the deficit deepened in 2011 due to the crisis affecting the country.

Tunisia's main import and export partners are the European Union, Libya, Russia and China. France remains its first supplier. Tunisia's main export goods are textile and leather, mechanical and electrical products, food products and energy products. The country imports raw and semi-finished materials, equipment goods, consumption goods (other than food) and financial and insurance services.