Tunisian Economic Growth Reaches 2.4% in Q4 2024
According to a note on economic developments published by the Central Bank of Tunisia (BCT) on April 7, Tunisia's economic growth rate reached 2.4% in the fourth quarter of 2024, up from 1.8% in the previous quarter.
This resurgence in activity is primarily driven by a significant acceleration of domestic demand, which increased by 7.1% year-over-year, compared to 4% in the third quarter.
This dynamism in demand was accompanied by a surge in imports (+9.7%), while exports continued to decline, falling from -0.1% to -0.2%, thereby limiting the net contribution of foreign trade to growth.
At the sectoral level, services and agriculture were the main drivers of the economy. Services contributed +1.2 percentage points to growth, up from +0.9 percentage points in the previous quarter. This improvement is attributed to the recovery of sectors such as transportation (+5%), commerce and repair (+2.3%), as well as education and health (+1.9% and +1.7%, respectively), which is linked to a easing of inflationary pressures.
In the agricultural sector, value added increased by 12.1%, following a 10.6% increase in Q3, thanks to a significant increase in olive production (+45% according to estimates by the Ministry of Agriculture). However, the sector remains below its pre-2023 level, affected by persistent water stress.
As for industry, it is experiencing a gradual recovery. Production, which had declined by -5% in Q1, only decreased by -0.3% in Q4. The negative contribution to growth is thus reduced to -0.1 percentage points. Certain branches such as textiles, clothing, and leather have returned to positive growth (+1.1%), as have chemical industries, which accelerated to +8.1%, compared to +5.9% in the previous quarter.
