Tunisian Economy Sees Modest Growth in Q1 2024
The activity indicators of listed companies for the first quarter of 2024 reveal a slight growth of the Tunisian economy, with a global revenue increase of 2.4% compared to the same period in 2023. The total revenue reached 6 billion dinars, up from 5.9 billion dinars in the first quarter of the previous year. This modest growth masks significant disparities between different economic sectors.
Financial Sector
The financial sector posted a notable performance, with a 6.5% increase in revenue. The 12 listed banks saw a 5.5% growth in their net banking product (PNB), reaching 1,738 million dinars, up from 1,647 million dinars the previous year.
Similarly, leasing companies saw their revenue increase by 5.8%, from 124 million dinars to 131 million dinars. Insurance companies also contributed to this positive dynamic, with an 8.9% increase in issued premiums, totaling 478 million dinars, up from 439 million dinars in Q1 2023.
Consumer Goods Sector
The consumer goods sector presents a contrasting situation. The three major agri-food groups, namely Poulina Group Holding, Délice Holding, and SFBT, recorded a 3.2% decline in their total revenue, from 1,474 million dinars to 1,427 million dinars. In contrast, car dealerships benefited from a significant 13% increase in revenue, reaching 277 million dinars, up from 245 million dinars in Q1 2023.
Consumer Services Sector
The two listed retailers, Monoprix and Magasin Général, saw a 7% increase in their turnover, from 400 million dinars to 428 million dinars. This performance reflects a recovery in domestic consumption and a regain of consumer confidence.
Sectoral Performances
Out of the nine sectors analyzed, five saw their revenue increase. The telecommunications sector recorded the highest growth, with a spectacular 18.8% increase. The technology sector also saw a remarkable 12.4% growth. On the other hand, the oil and gas sector suffered the largest decline, with a 36.2% drop, reflecting the persistent challenges in the energy industry.
Sub-Sector Performances
Among the 12 sub-sectors studied, seven posted positive performances. The "Financial Services" sub-sector recorded the highest growth, with a 10.5% increase, followed by "Distribution" with 9.2% and "Personal Care and Hygiene Products" with 9%.