Mid-Year Economic Review: Rising Revenues Amid Pressure on Foreign Reserves

Tunisia’s economy continues to show mixed signals in 2025. According to the monetary and financial indicators released on Friday, July 5, by the Central Bank of Tunisia (BCT), total remittance inflows exceeded 4 billion dinars in the first half of the year, marking an 8.3% increase compared to the same period in 2024.

These transfers, largely stemming from the Tunisian diaspora, remain one of the country’s key sources of external support in an economic environment still fraught with persistent challenges.

Tourism Continues Its Recovery

Another indicator on the rise is tourism revenue, which reached nearly 3.3 billion dinars by the end of June 2025, up from 3 billion a year earlier—an 8.4% growth. This performance underscores the ongoing recovery of the tourism sector, despite ongoing uncertainties on the international stage.

The improved flow of tourists is contributing to stronger foreign currency earnings and supporting economic activity in several regions of the country. However, this positive trend remains insufficient to offset broader structural imbalances.

External Debt and Declining Foreign Currency Reserves

Servicing of external debt registered a slight increase of 2.3%, amounting to 8.2 billion dinars at the end of June 2025. This high level reflects the growing burden of repayments on past international loans.

At the same time, foreign currency reserves fell by 4.8%, dropping from 24.1 billion dinars (equivalent to 110 days of imports) to nearly 23 billion dinars (100 days of imports). This decline has raised concerns among observers, as the country’s balance of payments remains fragile.

Contrasting Dynamics Confirmed

The BCT’s data confirm the ambivalent dynamics of the Tunisian economy in the first half of 2025.

While remittance and tourism revenues are on the rise—reflecting the resilience of certain sources of external financing—the increase in external debt and the decrease in foreign reserves highlight the country’s enduring structural vulnerabilities.

Maintaining macroeconomic stability remains a critical challenge in the months ahead.