Wondering how healthy is the Tunisian economy? Find all that you need to know in this article.
Before moving to Tunisia, whether you intend to work, settle or set up a business there, it is best to be aware of its economic situation beforehand. Indeed, the country has been trying to keep its growth trend since a few years, thus being envied by several nationals worldwide.
Growth rate during the past 10 years turned around 5% per annum. However, the country has been affected by the world economic crisis as well as Civil War in Libya, its neighbor, not to mention the local social and political revolution, as well as the Euro Zone crisis. From 2013 to 2014, growth rate then dropped from 5% to 2,6% and 2.8% respectively.
In 2015, while World Bank estimated a 3% growth rate, it finally turned out at 0,8%. However, the country expects a significant rise in 2016.
Services is with no doubt the leading sector in Tunisia, account for not less than 60% of the total Gross Domestic Product (GDP). New technologies, information and communication technology are also very promising sectors. In fact, nearly half of the local active population works in these two sectors.
The Tunisian economy also relies heavily on agriculture which is still developing over the years, especially since many expatriate families living in the country prefer bio standards. In fact, Tunisia is deemed to be one of the most efficient African countries in this regard. Agriculture thus accounts for 8% of the national GDP and 16% of the local workforce.
Industry, for its part, accounts for 30% of the national GDP with one third of the total workforce. Tourism is also one of the leading sectors in Tunisia. However, it has been greatly disturbed by recent events. Coming months will therefore be crucial.
Trade has greatly contributed to the Tunisian economy's liberalization and openness between 2011 and 2013. If you are planning to invest in the country, note that Tunisia has signed
- an association agreement with the European Union providing for the elimination of trade and tariff barriers on most goods
- a Framework Agreement for Trade and Investment with the United States, destined to become a free trade agreement thereafter.
Partners, import and export
Tunisia's main export partners are, namely, the European Union, Libya, Russia and China, especially in terms of textiles and garments, leather, electrical, mechanical, energy and agri food products).
As regards imports, its biggest provider is France when its comes to raw and semi-finished materials, capital goods, consumption (excluding food), financial services and insurance.
We have hereby provided you with an overview of the Tunisian economy. For more information, please refer to the useful links provided below.