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Tunisia: Sluggish economic growth

ECONOMIC RESEARCH DEPARTMENT  
Tunisia: Sluggish economic growth  
The government’s 2019 budget growth target of 3.1% is clearly out of reach. Indeed, real GDP growth stood at only 1.1%  
during the first six months of the year. Except tourism and to a lesser extent agriculture, most sectors have stalled, or even  
contracted (industry).  
Headwinds will remain powerful in the coming months, starting with the subdued demand from European countries.  
Despite signs of inflation stabilization, the monetary environment will also remain restrictive amid strong pressure on  
external accounts. Above all, uncertainties linked to presidential and parliamentary elections scheduled in September-  
October will continue to weigh on the business climate and thus investment. The economic recovery expected in 2020 will  
greatly rely on a steadfast implementation of reforms. The task is huge.  
Tunisia: sluggish economic growth  
Sectoral contribution in percentage points  
7
6
Primary  
Secondary  
Tertiary  
Real GDP  
5
4
3
2
1
0
1
2
3
4
-
-
-
-
2
010  
2011  
2012  
2013  
2014  
2015  
2016  
2017  
2018  
2019  
Source: INS  
economic-research.bnpparibas.com  
Stéphane Alby  
28 August 2019  
QUI SOMMES-NOUS ? Trois équipes d'économistes (économies OCDE, économies émergentes et risque pays, économie bancaire) forment la Direction des Etudes Economiques de BNP Paribas.
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