Who Owns Whom

Tunisia

Country Code: 788

ISO2 Code: TN

ISO3 Code: TUN

Country Economic Snapshot

2020-06-22

Tunisia remains a country of contrasts: while important progress has been made on political transition toward an open, democratic system of governance - uniquely in the Middle East & North Africa (MENA) region - economic transition has not kept pace. Internal constraints, such as the fragmentation of the political party system and related difficulties in reaching consensus on key economic reforms, have combined with external constraints, such as conflict in neighboring Libya, to slow down economic recovery and generate growing social dissatisfaction among Tunisians with the lack of employment. Youth and women have been particularly affected by this: Tunisia is one of the few countries in the world where a higher level of education decreases employability, in particular for women. Youth and women in inland areas of Tunisia are affected the most, and the resulting outward migration of youth poses a threat to Tunisia's long-term prospects of economic competitiveness.

Tunisia experienced weak growth of just 1.1% during the first half of 2019, after 2.5% in 2018 and 2% growth in 2017. This was driven by a slowdown in agriculture after growth of 9.5% in 2018, as well as a contraction in industry (such as oil and gas, and agrobusiness) was only partially compensated by growth in services. Inflation accelerated from 2017 to 7.8% in July 2018. In response, Tunisia's Central Bank increased its policy rate to 7.75% and the authorities moved to enforce tighter loan-to-deposit ratios among banks and reduce injections of liquidity through Foreign Exchange (FX) swaps. Consequently, inflation has been decelerating since the second half of 2018 to stand at 6.7% in August 2019. Interest rates are now all positive in real terms, except for some deposit rates. Inflation is expected to continue declining, provided monetary policy remains focused on its central goals. Growth is projected to drop below 2% in 2019 before starting to recover, contingent on the completion of pressing reforms to improve the investment climate and ensure greater security and social stability. Growth will be supported by expansion in agriculture, manufacturing, and tourism, and the coming online of the Nawara gas field.

The country's unemployment rate stagnated at 15.3% during the first half of 2019, compared to 15.4% in 2018, but unemployment among women (22.6% in Q1-2019) and graduates (28.2% in Q1-2019) remains significantly higher.

The fiscal deficit widened to Tunisian Dinar (TND) 2.4 billion during the first half of 2019 (an estimated 2.1% of GDP) from TND 1.8 billion during the same period of 2018. Revenues increased by 18.1%, driven by growth in VAT revenues and customs duties. Despite the relative stagnation of capital expenditure, subsidies, and transfers compared to the first half of 2018, wages and interest payments grew by 11.1% and 18.5% respectively, while net lending almost tripled, thereby resulting in expenditure and net lending growth of 18.2% year-on-year.

The trade deficit reached an estimated 11.3% of GDP (TND 12.86 billion) during the first eight months of 2019 compared to an estimated 11.5% of GDP (TND 12.16 billion) during the same period last year, as exports grew by 12% (led by phosphate, energy, and electrical products) and imports grew by 10% year-on-year. This will help slightly narrow the current account deficit, also thanks to surplus in improved services (tourism) and transfers (remittances). FDI remains muted and financing has mostly been received through concessional loans from multilateral and bilateral partners. Lower Central Bank FX interventions and improved FX market functioning (with the introduction of an FX auction in mid-2018) have contributed toward protecting foreign reserves, which cover just slightly over three months of imports. The dinar has appreciated by 8.5% against the Euro since the beginning of 2019, reversing a multi-year trend of currency depreciation.

Tunisia's current account deficit will remain in the double digits over the forecast period but will start to improve as of 2021 as growth picks up and energy import costs decline with the increase in local gas production.

The latest survey data available show that the share of those living at the lower-middle-income poverty line of US$3.2/day fell from 9.09% in 2010 to 3.21% in 2015.

[Source: World Bank]

Info

Capital Tunis
Currency (Name, Abbreviation, Symbol) Tunisian dinar , TND , د.ت
Area 163,610 sq km
Type of Government presidential republic
Languages Arabic (official, one of the languages of commerce), French (commerce), Berber (Tamazight)
Natural Resources petroleum, phosphates, iron ore, lead, zinc, salt
Type of Industry petroleum, mining (particularly phosphate and iron ore), tourism, textiles, footwear, agribusiness, beverages
Stock Exchange Bourse des Valeurs Mobilieres de Tunis
Stock Exchange Location Tunis
Stock Exchange Founded 1969
Tax Rate: Corporate 25%
Tax Rate: Individual 35%
Natural Resources petroleum, phosphates, iron ore, lead, zinc, salt

Latest available information as sourced from:

African Markets

Trading Economics

Economy Watch

The World Fact Book

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Advanced e-Technologies SA Bourse des Valeurs Mobilieres de Tunis 2013-04-04 AETECH Tunisia Active Air Liquide Tunisie S.A. Bourse des Valeurs Mobilieres de Tunis 1990-10-03 AIR LIQUIDE TSIE Tunisia Active Amen Bank S.A. Bourse des Valeurs Mobilieres de Tunis 1996-02-00 AB Tunisia Active Arab Tunisian Bank S.A. Bourse des Valeurs Mobilieres de Tunis 1990-10-03 ATB Tunisia Active Arab Tunisian Lease S.A. Bourse des Valeurs Mobilieres de Tunis 1997-12-00 ATL Tunisia Active Assurances Maghrebia Bourse des Valeurs Mobilieres de Tunis 2020-12-30 Tunisia Active Ateliers Mecaniques Du Sahel SA Bourse des Valeurs Mobilieres de Tunis AMS Tunisia Active Attijari Bank SA Bourse des Valeurs Mobilieres de Tunis 1990-10-03 TJARI Tunisia Active Attijari Leasing SA Bourse des Valeurs Mobilieres de Tunis TJL Tunisia Active Automobile Reseau Tunisien et Services S.A. Bourse des Valeurs Mobilieres de Tunis 2008-04-04 ARTES Tunisia Active Bank De L'Habitat Bourse des Valeurs Mobilieres de Tunis BH Tunisia Active Banque de Tunisie et des Emirats S.A. Bourse des Valeurs Mobilieres de Tunis 1995-08-00 BTE Tunisia Active Banque de Tunisie S.A. Bourse des Valeurs Mobilieres de Tunis 1990-10-00 BT Tunisia Active Banque Internationale Arabe de Tunisie SA Bourse des Valeurs Mobilieres de Tunis 1990-09-00 BIAT Tunisia Active Banque Nationale Agricole SA Bourse des Valeurs Mobilieres de Tunis BNA Tunisia Active BEST Lease SA Bourse des Valeurs Mobilieres de Tunis 2013-10-23 BL Tunisia Active BH Leasing SA Bourse des Valeurs Mobilieres de Tunis 2010-12-01 ML Tunisia Active Carthage Cement S.A. Bourse des Valeurs Mobilieres de Tunis 2010-06-10 CC Tunisia Active Cerealis S.A. Bourse des Valeurs Mobilieres de Tunis 2014-12-19 CREAL Tunisia Active Compagnie d'Assurances et de Reassurances SA Bourse des Valeurs Mobilieres de Tunis 1991-12-23 ASTREE Tunisia Active Compagnie Internationale de Leasing SA Bourse des Valeurs Mobilieres de Tunis 1997-09-15 CIL Tunisia Active Electrostar SA Bourse des Valeurs Mobilieres de Tunis 2001-01-22 LSTR Tunisia Active Ennakl Automobiles S.A. Bourse des Valeurs Mobilieres de Tunis 2010-07-13 NAKL Tunisia Active Essoukna SA Bourse des Valeurs Mobilieres de Tunis 2006-09-18 SOKNA Tunisia Active Euro-Cycles SA Bourse des Valeurs Mobilieres de Tunis 2013-06-24 ECYCL Tunisia Active Hannibal Lease SA Bourse des Valeurs Mobilieres de Tunis 2013-07-04 HL Tunisia Active Industries Chimiques Du Fluor SA Bourse des Valeurs Mobilieres de Tunis 1993-05-00 ICF Tunisia Active L'Accumulateur Tunisien Assad SA Bourse des Valeurs Mobilieres de Tunis 2005-03-23 ASSAD Tunisia Active La Societe Tunisienne De Reassurance S.A. Bourse des Valeurs Mobilieres de Tunis 2010-05-11 TRE Tunisia Active Les Ciments De Bizerte SA Bourse des Valeurs Mobilieres de Tunis 2009-10-00 SCB Tunisia Active New Body Line SA Bourse des Valeurs Mobilieres de Tunis 2013-04-30 NBL Tunisia Active One Tech Holding S.A. Bourse des Valeurs Mobilieres de Tunis 2013-05-20 OTH Tunisia Active Poulina Group Holding SA Bourse des Valeurs Mobilieres de Tunis 2008-08-06 PGH Tunisia Active Servicom S.A. Bourse des Valeurs Mobilieres de Tunis 2009-06-01 SERVICOM Tunisia Active Societe Adwya SA Bourse des Valeurs Mobilieres de Tunis 2007-06-21 ADWYA Tunisia Active Societe Chimique Alkimia SA Bourse des Valeurs Mobilieres de Tunis 1996-08-22 ALKIM Tunisia Active Societe de Fabrication des Boissons de Tunisie S.A. Bourse des Valeurs Mobilieres de Tunis 1990-10-03 SFBT Tunisia Active Societe de Production Agricole Teboulba SA Bourse des Valeurs Mobilieres de Tunis 2007-12-24 SOPAT Tunisia Active Societe de Transport Des Hydrocarbures Par Pipelines S.A. Bourse des Valeurs Mobilieres de Tunis 2001-01-22 SOTRAPIL Tunisia Active Societe Immobiliere Et De Participations SA Bourse des Valeurs Mobilieres de Tunis 1996-12-16 SIMPAR Tunisia Active Societe Immobiliere Tuniso-Saoudienne SA Bourse des Valeurs Mobilieres de Tunis 2006-01-26 SITS Tunisia Active Societe Industrielle d'Appareillage et de Materiels Electriques S.A. Bourse des Valeurs Mobilieres de Tunis 1999-08-02 SIAME Tunisia Active Societe Magasin General SA Bourse des Valeurs Mobilieres de Tunis 1999-11-01 MAG Tunisia Active Societe Moderne De Ceramique S.A. Bourse des Valeurs Mobilieres de Tunis 2003-12-23 SOMOCER Tunisia Active Societe Nouvelle Maison de la Ville de Tunis S.A. Bourse des Valeurs Mobilieres de Tunis 1995-04-00 MONOPRIX Tunisia Active Societe Tunisienne d'Entreprises de Telecommunications S.A. Bourse des Valeurs Mobilieres de Tunis 1998-06-00 SOTETEL Tunisia Active Societe Tunisienne D'Equipement S.A. Bourse des Valeurs Mobilieres de Tunis 2001-06-00 STEQ Tunisia Active Societe Tunisienne De Banque SA Bourse des Valeurs Mobilieres de Tunis 1990-10-03 STB Tunisia Active Societe Tunisienne De Verreries SA Bourse des Valeurs Mobilieres de Tunis 1999-01-00 SOTUVER Tunisia Active Societe Tunisienne des Industries Pharmaceutique de Tunisia SA Bourse des Valeurs Mobilieres de Tunis 2001-05-02 SIPHAT Tunisia Active Societe Tunisienne des Marches de Gros SA Bourse des Valeurs Mobilieres de Tunis 1999-02-27 MGR Tunisia Active Telnet Holding SA Bourse des Valeurs Mobilieres de Tunis 2011-05-00 TLNET Tunisia Active Tunisie Leasing SA Bourse des Valeurs Mobilieres de Tunis 1992-00-00 TLS Tunisia Active Tunisie Profiles Aluminium SA Bourse des Valeurs Mobilieres de Tunis 2007-08-09 TPR Tunisia Active Union Bancaire Pour Le Commerce Et l'Industrie SA Bourse des Valeurs Mobilieres de Tunis 1990-09-01 UBCI Tunisia Active Union Internationale de Banques S.A. Bourse des Valeurs Mobilieres de Tunis 1996-08-00 UIB Tunisia Active Unite De Fabrication De Medicaments SA Bourse des Valeurs Mobilieres de Tunis 2016-05-03 UNIMED Tunisia Active Universal Auto Distributors Holding SA Bourse des Valeurs Mobilieres de Tunis 2015-05-28 UADH Tunisia Active Wifack International Bank S.A. Bourse des Valeurs Mobilieres de Tunis 2006-07-10 WIFAK Tunisia Active