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Currency | Tunisian dinar (TND, د.ت) |
---|---|
calendar year | |
Trade organisations | African Union, AfCFTA (signed), WTO, COMESA, CEN-SAD, AMU |
Country group |
|
Statistics | |
Population | 12,352,187 (2023) [3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
6.53% (2022 est.) [4] [7] | |
Population below poverty line | |
32.8 medium (2015) [10] | |
Labour force | |
Labour force by occupation |
|
Unemployment | 15.3% (Q2, 2022) |
$360 monthly (2023) [15] | |
Main industries | petroleum, mining (particularly phosphate, iron ore), tourism, textile, footwear, agriculture, beverages, olive oil |
External | |
Exports | $19.06 billion USD (2019) [16] |
Export goods | clothing, semi-finished goods and textiles, agricultural products, mechanical goods, phosphates and chemicals, hydrocarbons, electrical equipment |
Main export partners |
|
Imports | $21.57 billion USD (2019) [18] |
Import goods | textiles, machinery and equipment, hydrocarbons, chemicals, foodstuffs |
Main import partners | |
FDI stock | |
−$2.690 billion (2019) | |
Gross external debt | $30.19 billion (31 December 2017 est.) [6] |
Public finances | |
70.3% of GDP (2017 est.) [6] | |
−5.8% (of GDP) (2017 est.) [6] | |
Revenues | 10.957 billion (2022 est.) [6] |
Expenses | 12.523 billion (2022 est.) [6] |
$8.5 billion (23 December 2023 est.) [6] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place. [21]
The year 2015 was marked by terrorist attacks in Tunisia which are likely to affect economic growth, especially in tourism, one of the main sectors. [22]
GDP per capita soared by more than 380% in the seventies (1970–1980: USD 280–1,369). But this proved unsustainable and it collapsed to a cumulative 10% growth in the turbulent eighties (1980–1990: USD 1,369–1,507), rising again to almost 50% cumulative growth in the nineties (1990–2000: USD 1,507–2,245), signifying the impact of successful diversification. [23]
Growing foreign debt and the foreign exchange crisis in the mid-1980s led the government to launch a structural adjustment program to liberalize prices, reduce tariffs, and reorient Tunisia toward a market economy in 1986. Tunisia's economic reform program was lauded as a model by international financial institutions. The government liberalized prices, reduced tariffs, lowered debt-service-to-exports and debt-to-GDP ratios, and extended the average maturity of its $10 billion foreign debt. Structural adjustment brought additional lending from the World Bank and other Western creditors. In 1990, Tunisia acceded to the General Agreement on Tariffs and Trade (GATT) and is a member of the World Trade Organization (WTO).
In 1996 Tunisia entered into an "Association Agreement" with the European Union (EU) which removed tariffs and other trade barriers on most goods by 2008. In conjunction with the Association Agreement, the EU is assisting the Tunisian government's Mise A Niveau (upgrading) program to enhance the productivity of Tunisian businesses and prepare for competition in the global marketplace.
The government totally or partially privatized around 160 state-owned enterprises after the privatization program was launched in 1987. Although the program is supported by the GATT, the government had to move carefully to avoid mass firings. Unemployment continued to plague Tunisia's economy and was aggravated by a rapidly growing workforce. An estimated 55% of the population is under the age of 25. Officially, 15.2% of the Tunisian workforce is unemployed.
In 2011, after the Arab Spring, the economy slumped but then recovered with 2.81% GDP growth in 2014. However, unemployment is still one of the major issues with 15.2% of the labor force unemployed as of the first quarter of 2014. Tunisia's political transition gained new momentum in early 2014, with the resolution of a political deadlock, the adoption of a new Constitution and the appointment of a new government. The national dialogue platform, brokered by key civil society organizations, played a crucial role in gathering all major political parties. This consensus will allow for further reform in the economy and public sector.
In 2015, the Bardo National Museum attack led to the collapse of the third largest sector of Tunisia's economy; [24] tourism. Tunisian tourist workers in Tunis have said that "tourism is dead, it is completely dead", expressing the severe drop in tourism after the attack. [25]
The number of ragpickers in Tunisia is increasing due to the continuing high level of unemployment, the loss of purchasing power of the most disadvantaged families, and the explosion of plastic waste due to new consumption habits. Ragpickers do not benefit from social protection, granted to professions with a legal status and may be subject to the exploitation of the Recycling industry. [26]
The following table shows the main economic indicators in 1980–2017. Inflation under 5% is in green. [27]
Year | GDP (in Bil. US$ PPP) | GDP per capita (in US$ PPP) | GDP (in bil. US$ nominal) | GDP growth (real) | Inflation rate (in Percent) | Unemployment (in Percent) | Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|
1980 | 13.6 | 2,127 | 9.6 | 7.4% | 10.1% | n/a | n/a |
1981 | 15.8 | 2,387 | 9.2 | 5.5% | 8.9% | n/a | n/a |
1982 | 16.6 | 2,463 | 8.9 | −0.5% | 13.7% | n/a | n/a |
1983 | 18.0 | 2,618 | 9.2 | 4.7% | 9.0% | n/a | n/a |
1984 | 19.7 | 2,833 | 9.1 | 5.7% | 8.6% | n/a | n/a |
1985 | 21.5 | 2,991 | 9.2 | 5.7% | 7.6% | n/a | n/a |
1986 | 21.6 | 2,894 | 9.9 | −1.5% | 6.2% | n/a | n/a |
1987 | 23.7 | 3,101 | 10.7 | 6.7% | 8.2% | n/a | n/a |
1988 | 24.5 | 3,158 | 11.1 | 0.1% | 7.2% | n/a | n/a |
1989 | 26.1 | 3,306 | 11.1 | 2.6% | 7.7% | n/a | n/a |
1990 | 29.0 | 3,560 | 14.1 | 7.1% | 6.5% | 16.2% | n/a |
1991 | 31.2 | 3,756 | 14.9 | 4.1% | 7.7% | 16.2% | 66.4% |
1992 | 34.5 | 4,065 | 17.8 | 8.0% | 5.5% | 16.2% | 65.2% |
1993 | 36.2 | 4,224 | 16.7 | 2.5% | 4.0% | 16.3% | 66.9% |
1994 | 38.3 | 4,362 | 17.9 | 3.6% | 5.4% | 16.3% | 67.0% |
1995 | 40.2 | 4,484 | 20.6 | 2.7% | 6.2% | 16.2% | 68.8% |
1996 | 43.7 | 4,808 | 22.3 | 6.9% | 3.7% | 16.1% | 70.1% |
1997 | 47.0 | 5,100 | 21.8 | 5.7% | 3.6% | 15.9% | 69.9% |
1998 | 49.9 | 5,342 | 22.9 | 5.0% | 3.1% | 16.1% | 61.0% |
1999 | 53.7 | 5,676 | 24.1 | 6.0% | 2.8% | 16.0% | 65.0% |
2000 | 57.3 | 5,993 | 22.5 | 4.3% | 2.8% | 15.7% | 65.9% |
2001 | 61.4 | 6,362 | 23.1 | 4.9% | 1.9% | 15.1% | 54.7% |
2002 | 63.4 | 6,503 | 24.3 | 1.7% | 1.9% | 15.3% | 54.2% |
2003 | 68.2 | 6,931 | 28.8 | 5.5% | 2.1% | 14.5% | 55.1% |
2004 | 74.3 | 7,476 | 32.7 | 6.0% | 2.5% | 14.2% | 54.1% |
2005 | 79.7 | 7,947 | 33.9 | 4.0% | 2.4% | 12.8% | 52.4% |
2006 | 86.8 | 8,570 | 36.1 | 5.7% | 3.2% | 12.5% | 47.8% |
2007 | 94.7 | 9,260 | 40.8 | 6.3% | 3.0% | 12.4% | 44.8% |
2008 | 100.8 | 9,763 | 47.0 | 4.5% | 4.3% | 12.4% | 42.0% |
2009 | 104.8 | 10,036 | 45.6 | 3.1% | 3.7% | 13.3% | 40.5% |
2010 | 108.8 | 10,315 | 46.2 | 2.6% | 3.3% | 13.0% | 39.2% |
2011 | 108.9 | 10,204 | 48.1 | −1.9% | 3.5% | 18.9% | 43.1% |
2012 | 115.2 | 10,694 | 47.3 | 3.9% | 5.1% | 16.7% | 47.7% |
2013 | 120.0 | 11,020 | 48.7 | 2.4% | 5.8% | 15.3% | 46.8% |
2014 | 124.9 | 11,355 | 50.3 | 2.3% | 4.9% | 15.3% | 51.6% |
2015 | 127.6 | 11,487 | 45.8 | 1.1% | 4.9% | 15.4% | 54.8% |
2016 | 130.5 | 11,448 | 44.4 | 1.0% | 3.7% | 15.5% | 61.2% |
2017 | 135.4 | 11,755 | 42.2 | 1.9% | 5.3% | 15.3% | 71.3% |
In 1992, Tunisia re-entered the private international capital market for the first time in 6 years, securing a $10-million line of credit for balance-of-payments support. In January 2003 Standard & Poor's affirmed its investment grade credit ratings for Tunisia. The World Economic Forum 2002-03 ranked Tunisia 34th in the Global Competitiveness Index Ratings (two places behind South Africa, the continent's leader). In April 2002, Tunisia's first US dollar-denominated sovereign bond issue since 1997 raised $458 million, with maturity in 2012.
The Bourse de Tunis is under the control of the state-run Financial Market Council and lists over 50 companies. The government offers substantial tax incentives to encourage companies to join the exchange, and expansion is occurring.
The Tunisian government adopted a unified investment code in 1993 to attract foreign capital. More than 1,600 export-oriented joint venture firms operate in Tunisia to take advantage of relatively low labor costs and preferential access to nearby European markets. Economic links are closest with European countries, which dominate Tunisia's trade. Tunisia's currency, the dinar, is not traded outside Tunisia. However, partial convertibility exists for bona fide commercial and investment transaction. Certain restrictions still limit operations carried out by Tunisian residents.
The stock market capitalisation of listed companies in Tunisia was valued at $5.3 Billion in 2007, 15% of 2007 GDP, by the World Bank. [28]
For 2007, foreign direct investment totaled TN Dinar 2 billion in 2007, or 5.18% of the total volume of investment in the country. This figure is up 35.7% from 2006 and includes 271 new foreign enterprises and the expansion of 222 others already based in the country.
The economic growth rate seen for 2007, at 6.3% is the highest achieved in a decade.
On 29 and 30 November, Tunisia held an investment conference with country chiefs from all around the world with pledges that have reached $30 billion to finance new public projects. [29]
As of 2022, Tunisia's government is in need of international help as the economy grapples with a crisis in public finances that has raised fears it may default on debt and has contributed to shortages of food and fuel, according to government critics. As a result, the government announced in December 2022 that they expect to reduce its fiscal deficit to 5.5% in 2023 from a forecast 7.7% this year, driven by austerity measures that could pave the way for a final deal with the International Monetary Fund on a rescue package. [30]
Source: [31]
On 20 April 2012, U.S. Treasury Secretary [32] and Tunisian Finance Minister Houcine Dimassi signed a declaration of intent [33] to move forward on a U.S. loan guarantee for Tunisia. The U.S. Government would provide this loan guarantee to enable the Tunisian government to access significant market financing at affordable rates and favorable maturities with the backing of a U.S. guarantee of principal and interest (up to 100 percent).
The support would consist of the U.S. guarantee of Tunisian government-issued debt (or of bank loans made to the Government of Tunisia). This guarantee will significantly reduce the Tunisian government's borrowing costs at a time when market access has become more expensive for many emerging market countries. In the weeks ahead, both governments intend to make progress on a loan guarantee agreement that would allow Tunisia to move forward with a debt issuance.
The ceremony took place at the World Bank immediately following the meeting of Finance Ministers of the Deauville Partnership with Arab Countries in Transition.
Microfinance institutions, such as Enda Tamweel, exist to assist those who are unable to access the regular banking system. This comprises those living in rural or impoverished regions where the informal sector thrives, accounting for 34% of Tunisia's GDP. [34] [35]
Enda Tamweel has made over 3 million microloans to over 900,000 people in the 30 years since its inception, infusing more than €1.6 billion into the local economy. [34] [35]
Tunisia's natural resources are modest when compared to those of its neighbors: Algeria and Libya. This modesty in natural resources forced the country to import oil, which contributed to the rise in the cost of gasoline: on 26 April 2006, the liter crossed the bar of one dinar to sell for 1.50 Tunisian dinars. (a price equivalent to European prices from the point of view of purchasing power parity). [36]
In 2017, the breakdown by economic sector is as follows:
Economy sector | contribution to GDP |
---|---|
Agriculture | 10,1 % |
Industry | 26,2 % |
Services | 63,8 % |
Agriculture - products: olives, grain, tomatoes, citrus fruit, sugar beets, dates, almonds.
In 2018, Tunisia produced:
In addition to smaller productions of other agricultural products, like almond (66 thousand tons) and sugar beet (76 thousand tons). [38]
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.
The economy of Jordan is classified as a lower middle income economy. Jordan's GDP per capita rose by 351% in the 1970s, declined 30% in the 1980s, and rose 36% in the 1990s. After King Abdullah II's accession to the throne in 1999, liberal economic policies were introduced. Jordan's economy had been growing at an annual rate of 8% between 1999 and 2008. However, growth has slowed to 2% after the Arab Spring in 2011. The substantial increase of the population, coupled with slowed economic growth and rising public debt led to a worsening of poverty and unemployment in the country. As of 2023, Jordan has a GDP of US$50.85 billion, ranking it 89th worldwide.
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The economy of Laos is a lower-middle income developing economy. Being a socialist state, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.
The economy of Lebanon has been experiencing a large-scale multi-dimensional crisis since 2019, including a banking collapse, the Lebanese liquidity crisis and a sovereign default. It is classified as a developing, lower-middle-income economy. The nominal GDP was estimated at $19 billion in 2020, with a per capita GDP amounting to $2,500. In 2018 government spending amounted to $15.9 billion, or 83% of GDP.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Mauritius is a mixed developing economy based on agriculture, exports, financial services, and tourism. Since the 1980s, the government of Mauritius has sought to diversify the country's economy beyond its dependence on just agriculture, particularly sugar production.
The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second least developed in the Americas by nominal GDP, behind only Haiti. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.
The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.
The economy of Slovenia is a developed mixed economy. The country enjoys a high level of prosperity and stability as well as above-average GDP per capita by purchasing power parity at 91% of the EU average in 2023. The nominal GDP in 2023 is 68.108 billion USD, nominal GDP per capita (GDP/pc) in 2023 is USD 32,350. The highest GDP/pc is in central Slovenia, where the capital city Ljubljana is located. It is part of the Western Slovenia statistical region, which has a higher GDP/pc than eastern Slovenia.
The economy of Tanzania is a lower-middle income economy that is centered around Manufacturing, Tourism, Agriculture, and financial services. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Guyana is one of the fastest growing economies in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2024, Guyana had a per capita gross domestic product of Int$80,137 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country's waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. The economy grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before. Real GDP growth is expected to average 6.5% in 2024–25.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
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