Tunisia's Economy Sees Notable Progress in Current Account
During the first five months of 2024, Tunisia's economy has made significant strides in its current account, according to the Central Bank of Tunisia.
Positive External Trade
External trade has been particularly positive, with a 3.3% increase in export revenues, reaching 26.7 billion dinars, and a 2.5% decrease in imports, totaling 33.2 billion dinars as of May 2024.
This dynamic has enabled a reduction in the trade deficit to 6,413 million dinars, compared to 8,101 million dinars a year earlier. The agricultural sector and agri-food industries have even achieved a surplus of +790 million dinars, supported by the rise in global olive oil prices.
Tourism Recovery
Meanwhile, tourism has gradually recovered, increasing tourism revenues to 2,144 million dinars by the end of May 2024, surpassing pre-pandemic levels of 2019 (1,920 million dinars). This trend has contributed to a continuous improvement in the services balance.
Energy Deficit and Non-Energy Sectors
Despite a growing energy deficit, representing 78% of the total deficit as of May 2024, non-energy sectors have posted positive performances. As a result, the current account deficit has decreased to 1,581 million dinars, compared to 3,596 million dinars a year earlier, favoring a progressive consolidation of foreign exchange reserves.
Exchange Rate Stability
On the exchange rate front, the dinar has slightly lost value against the US dollar, while strengthening against the euro. This relative stability has contributed to mitigating inflationary pressures, reinforcing a more stable economic environment.