Tunisia's real GDP growth cooled to 2.3% y/y in the fourth quarter of 2013 from 2.4% in Q3 on shrinking agriculture and oil and gas output, the statistics office INS said in a flash statement. In 2013, real GDP growth reached 2.6% y/y, retreating from 3.6% the year before. The reading undershoots the EBRD’s forecast of 2.9% GDP growth in 2013 and the IMF’s 3.0% projection. The slowdown reflects weaker domestic and external demand, and the sharp impact of social unrest on production, especially in the mining and energy sectors.
Political and security developments in Tunisia have weighed on the economic activity in 2013. The economic activity will likely not recover before 2015 as the transition period has taken much longer time, according to central banker Chedly Ayari.
The 2014 draft budget tables 4.0% GDP growth.
The manufacturing sector remained strong in Q4 2013, expanding by 3.1% y/y. The output was supported by a 3.9% y/y growth in the textile and clothing sector, a 1.2% rise in the mechanical and electrical industries and a 13.9% expansion in the chemical sector. The mining and energy sector, however, shrank 4.2% y/y in Q4 on lower phosphate output and strikes in exploration sites. The agriculture output dropped 4.1% y/y in Q4 widening from 3.9% contraction the previous quarter on poor harvest.
Related Articles
Iraq holds talks with Excelerate Energy on buying first LNG from US
Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more
Reformist Kamil al-Tayeb Idris appointed as Sudan’s new Prime Minister
Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more
Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago