Tunisia's Current Account Deficit Narrows on Tourism Boost-Cenbank GovernorSource: www.export-egypt.com 2/7/2020, Location: Africa |
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Tunisia’s current account deficit has narrowed compared to a year ago, the central bank governor said , citing more tourism revenue and a stronger dinar.
In televised comments to parliament, Marouane el Abassi said the deficit had narrowed to 8.8% of gross domestic product in the year-to-date from 11% in the previous 12 months. “Tourism revenue growth of about 35% in 2019 contributed to reducing the current deficit and improving the currency,” Abassi said. The dinar strengthened by 8-9% over the past six months against both the euro and the dollar following years of depreciation that had cut its value by 20%, he said. “The IMF was in favour of the dinar sliding to support exports, but our view was different, that the falling dinar would raise inflation,” he said, adding that the stronger currency was helping to reduce the trade deficit. However, declining production of phosphates, long a mainstay of the Tunisian economy, had cost the country $6.7 billion over the past six years, he added. Phosphate output has declined since the 2011 revolution, hit by numerous labour strikes and road blockages by local people demanding jobs. |
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