Tunísia flag Tunísia: Panorama econòmic

Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Tunisia was deeply impacted by the Jasmine Revolution of 2011 that ousted president Zine El Abidine Ben Ali, and the country has never recovered economically. In 2020, the already precarious situation was aggravated by the economic crisis caused by the Covid-19 pandemic, and the GDP contracted by -8.6% (IMF). According to IMF estimates, growth picked up to 3% in 2021, and should further increase to 3.3% in 2022 before slowing down to 2.5% in 2023. The ease of restrictions should stimulate domestic demand and tourism should start to recover (Focus Economics). However, the looming fiscal crisis, political instability and the apparition of new virus variants are downside risks (Focus Economics).

Tunisia’s economy has been severely hit by the Covid-19 outbreak, as tourism revenues dropped, private consumption fell and remittance inflows dried up. The country received financial support from the EU (EUR 700 million), the African Development Bank (EUR 60 million), as well as urgent medical assistance from numerous countries. This aid partly limited the drain on foreign exchange reserves, which represented 4 months of imports as of end-September 2021 (Coface). Public deficit reached an estimated -8.3% GDP in 2020, narrowed to -7.6% GDP in 2021, and is expected to remain high in 2022 (-7.1%) and 2023 (-7%) (IMF). Revenues should pick up while subsidies and wage bill cuts will decrease expenditures (Coface). Tunisia has covered its budget deficit thanks to loans coming from bilateral and multilateral donors, but in the absence of reforms no agreement was secured with the IMF. Public debt has increased to reach an estimated 90.2% GDP in 2021, and is expected to further widen to 92.7% GDP in 2022 and 95.2% GDP in 2023 (IMF). The majority of the high external debt being public or public-guaranteed debt, the country’s ability to service its debt can be questioned (Coface). At the end of 2021, growing tensions between President Kaïs Saïed and the main union over the question of austerity measures were exacerbating the risk of a sovereign default. The persistently high inflation, estimated at 5.7% in 2021 and forecast at 6.5% and 5.5% in 2022 and 2023 respectively (IMF) reflect sharp currency depreciations and is source of social tensions (Euler Hermes).

In this context, unemployment rose to an estimated 17.4% in 2020 (IMF) and was expected to exceed 18% in 2021 (Coface). To cope with rising food prices or to compensate for job losses, households drew on their savings, receiving aid or borrowing money from relatives and postponing the payment of their obligations. In 2020, extreme poverty - measured using the international poverty line of USD 1.90 per day - will still be less than 1%; however, poverty measured using the line of USD 3.20 per day will increase by about 1.3 percentage points, from 2.9% to 4.2% (World Bank, October 2020).

GDP Indicators 202020212022 (e)2023 (e)2024 (e)
GDP (billions USD) 42.5246.84e46.2846.0248.10
GDP (constant prices, annual % change) -8.73.3e2.21.62.1
GDP per capita (USD) 3e3e333
General government balance (in % of GDP) -7.3-6.2-6.8-5.5-4.0
General government gross debt (in % of GDP) 82.881.888.889.287.1
Inflation rate (%)
Unemployment rate (% of the labor force) 17.416.
Current Account (billions USD) -2.51-2.87-4.20-3.68-3.11
Current account (in % of GDP) -5.9-6.1-9.1-8.0-6.5

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

Monetary indicators 20162017201820192020
Tunisian Dinar (TND) - Average annual exchange rate for 1 EUR 2.292.733.123.263.21

Font: World Bank, 2015


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Actualitzacions: January 2023

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