Tunisia - Economy

Economy

Tunisia has a diverse economy, ranging from agriculture, mining, manufacturing, and petroleum products, to tourism. In 2008 it had a GDP of US $41 billion (official exchange rates), or $82 billion (purchasing power parity). It also has one of Africa and the Middle East's highest per-capita GDPs (PPP). The agricultural sector stands for 11.6 percent of the GDP, industry 25.7 percent, and services 62.8 percent. The industrial sector is mainly made up of clothing and footwear manufacturing, production of car parts, and electric machinery. Although Tunisia managed an average 5 percent growth over the last decade it continues to suffer from a high unemployment especially among youth.

Tunisia was in 2009 ranked the most competitive economy in Africa and the 40th in the world by the World Economic Forum. Tunisia has managed to attract many international companies such as Airbus and Hewlett-Packard.

Tourism accounted for 7 percent of GDP and 370,000 jobs in 2009.

The European Union remains Tunisia's first trading partner, currently accounting for 72.5 percent of Tunisian imports and 75 percent of Tunisian exports. Tunisia is a one of the European Union's most established trading partners in the Mediterranean region and ranks as the EU’s 30th largest trading partner. Tunisia was the first Mediterranean country to sign an Association Agreement with the European Union, in July 1995, although even before the date of entry came into force, Tunisia started dismantling tariffs on bilateral EU trade. Tunisia finalised the tariffs dismantling for industrial products in 2008 and therefore was the first Mediterranean country to enter in a free trade area with EU.

Tunisia also attracted large Persian Gulf investments (especially from United Arab Emirates) the largest include:

  • Mediterranean gate: a US$ 25 billion project to build a new city in the south of Tunis.
  • Tunis Sports City: an entire sports city currently being constructed in Tunis, Tunisia. The city that will consist of apartment buildings as well as several sports facilities will be built by the Bukhatir Group at a cost of $5 Billion.
  • Tunis Financial harbour: will deliver North Africa’s first offshore financial centre at Tunis Bay in a project with an end development value of US$ 3 billion.
  • Tunis Telecom City: A US$ 3 billion project to create an IT hub in Tunis.

Read more about this topic:  Tunisia

Famous quotes containing the word economy:

    “Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
    —Jane Jacobs (b. 1916)

    “I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
    —Calvin Coolidge (1872–1933)