Macroeconomic Forecast Tunisia

Industrial output was down by 1.24% y-o-y in March, and although we forecast production to rise in 2007 overall, we believe that growth will be slower than in 2007 (4.3% y-o-y against 9.4% y-o-y last year). Tunisia's manufacturing industry will suffer from higher energy costs - the rising cost of oil helped push the producer price index up by 10.6% y-o-y in March.

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