Macroeconomic Forecast Tunisia

July 2007 | Macroeconomic Forecasts

Q107 figures released by the statistics agency back our view of a robust Tunisian economy. Real growth picked up to 6.43% y-o-y in Q107, with strong manufacturing (5.71%), services (8.40%) and construction(6.73%) sector growth. With consistent and elevated growth for over a decade, we maintain our bullish view on the Tunisian economy, which should expand at a rate of 5% this year. On the other hand, consumer price inflation has spiked up to 2.2% y-o-y in May as a result of fuel subsidy cuts. Indeed, rising world crude prices present an upside risk to inflation and could lead to a deterioration in the external and fiscal accounts.

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