Tunisia's gross domestic product (GDP) in volume (adjusted for seasonal variations) grew by 0.6% during the second quarter of the current year (April to June 2023), compared to the corresponding quarter in 2022, as per the preliminary estimates of quarterly national accounts released by the National Institute of Statistics (INS) on Tuesday. In year-on-year or year-on-year terms, growth was down on the previous quarter (revised to 1.9%, compared with 2.1% initially), the INS added in a note on economic growth dedicated to the second quarter of 2023. In terms of quarterly variations (i.e. compared with the first quarter of 2023), real GDP showed a negative change of -1.3%, whereas it had increased by 0.7% in the previous quarter. Overall, given this trend, GDP growth for the first half of 2023 as a whole would be 1.2%. Against this backdrop, real domestic demand grew by just 0.2%, making a positive contribution of 0.25 percentage points to economic growth in the second quarter (0.6). On the other hand, the external trade balance contributed 0.35 points, due to the increase in the volume of exports of goods and services (11.4%), which slightly exceeded that of imports (9.0%). According to the INS, the deterioration in agricultural yields as a result of climate change has had an impact on economic growth in recent months. It is expected to become more pronounced over the rest of the current year. According to preliminary estimates, the manufacturing sector recorded a year-on-year decline of 0.2% in the second quarter of 2023. Value added in the energy, mining, water, sewerage and waste treatment sector fell by 5.6% compared with the same period in 2022, due to a 2.6% fall in output in the oil and natural gas extraction sector and a 14.1% year-on-year decline in growth in the mining sector. Overall, the industrial sector recorded a relative decline of (-2.1%) year-on-year in the 2nd quarter of 2023 compared with the same quarter of 2022. The data published by the INS also show negative year-on-year growth in the building and construction sector (-5.4%).

Source: Agence Tunis Afrique Presse