Falling output in the key economic sectors pushed Tunisia's industrial production into a 3.1% y/y contraction in July, according to statistics office data.
Tunisia’s central bank has maintained the benchmark interest rate unchanged at 4.75% so far this year, seeking to reignite the tumbling GDP growth amid slowing CPI inflation.
Tunisia’s GDP growth contracted by 0.7% q/q in the second quarter of the year as both the manufacturing and value-added tourism sectors received sharp blows. The c-bank is desperately seeking to lure further FDI, spur lending and consequently GDP growth.
Tunisia’s economy will expand by a mere 1% in 2015, braking from a 2.3% growth the year before, on tumbling tourism activity (7% of GDP contribution) and disrupted value-added phosphate exports due to labour strikes, the central bank projected
In January-July, Tunisia’s industrial output shrank 1.8% y/y.
Manufacturing output (67.3% of the index) fell 1.4% y/y in July amid shrinking chemicals (down 27.1% y/y), construction materials (down 7.6% y/y) and clothing and textiles (down 2.3% y/y) output in July.
Food production, however, rose 9.6% y/y in July amid soaring olive oil output.
The mining output (2.4% of the basket) grew a 5.4% y/y in July, reversing a long series of contraction as phosphate production slightly picked up. In January-July, however, mining output dropped 39% y/y. Energy production (30.3% of the index), however, fell 7.3% y/y during the month on lower oil output amid aging exploration sites.
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