Tunisia Records Significant Improvement in Current Account Deficit in 2024
In 2024, Tunisia achieved a significant reduction in its current account deficit, which stood at 2.425 billion dinars, equivalent to 1.5% of GDP, compared to 2.2% in 2023, according to the annual report of the Central Bank of Tunisia (BCT).
The positive performance of the current account is mainly explained by the 9.8% increase in tourism revenue, which reached 7.6 billion dinars, and the 12.7% growth in transfers from Tunisian workers abroad. The services balance showed a surplus of 22.72 billion dinars, driven by travel services and manufacturing on inputs owned by third parties, confirming Tunisia's role as a regional industrial assembly and subcontracting platform.
On the goods trade side, the trade deficit widened by 10.9% to reach 18.93 billion dinars, impacted by the 2.3% increase in imports and the stagnation of exports. However, the surplus in the food balance, driven by olive oil exports (+27.4%) and the decline in cereal imports (-18.1%), helped to limit the overall deficit. In contrast, the energy balance deteriorated, recording a deficit of 10.87 billion dinars, despite the decline in international Brent prices.
The tourism sector saw its indicators improve, with over 10 million foreign visitors (+9.5%) and 21.3 million overnight stays (+13.2%). The diversification of the tourism offer, including medical, business, and eco-tourism, enabled the capture of more foreign exchange earnings.
Finally, net foreign exchange assets reached 27.332 billion dinars at the end of 2024, covering 121 days of imports, compared to 26.408 billion dinars and 120 days in 2023, reflecting a consolidation of financial stability despite constraints on access to external financing.
