Tunisia – BEBRD forecasts marked improvement in the growth rate in 2024

Despite experiencing growth in tourism, financial services, and the industrial sector, Tunisia’s economic growth has slowed down. The growth rate declined from 2.4% in 2022 to a projected 1.9% for the entirety of 2023. This deceleration can be attributed to contractions in the agricultural and mining sectors.

According to a recent report by the European Bank for Reconstruction and Development (EBRD) on growth forecasts in the Mediterranean region, unemployment in Tunisia decreased slightly, reaching 15.6% in the second quarter of 2023. The EBRD also anticipates that growth in 2024 could reach 2.5%, largely driven by a robust tourism sector and increased phosphate sales.

As of the latest data available at the end of July 2023, the EBRD’s involvement in Tunisia comprises approximately 63 projects with a total investment of 1,983 million euros and cumulative disbursements of 901 million dinars. Notably, 23% of the portfolio is dedicated to the private sector, and the current project portfolio stands at 1,081 million euros.

The strategic priorities of the European financial institution in Tunisia focus on several key areas. These include supporting Tunisia’s competitiveness, facilitating market access, enhancing governance, standardizing competitive conditions, and promoting economic inclusion among women, youth, and populations residing in remote areas through active engagement with the private sector. Additionally, the EBRD aims to bolster the resilience of the financial sector, expand access to financing, and support the country’s transition to a green economy.

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