Tunisia's GDP grows 2.1% in Q3 2017 [Upd 1] | Tunisia News Gazette

Tunisia’s GDP grows 2.1% in Q3 2017 [Upd 1]

Tunisia’s growth rate stood at 2.1 percent in the second quarter of 2017 versus 1.7 percent in the second quarter of the same year, the National Institute of Statistics (INS) announced on Wednesday.

According to the INS, Gross Domestic Product (GDP) grew 0.7% in the third quarter compared with the second quarter of 2017.

These results are due to a 2.8% rise in the manufacturing and 4% increase in the market services sector against a significant decline of 3.3% in the non-manufacturing industries sector, following a continued decline by 21.6% in the oil and gas extraction sector.

2.8% increase in value added in manufacturing industries

The increase in value added in manufacturing industries recorded in the third quarter of 2017 is explained by the growth of the majority of its sectors, like the agriculture and agri-food industries (3.4%), the chemical industries ( 5.1%), mechanical and electrical industries (2.8%) and construction, ceramics and glass (3.2%), as well as textiles and clothing (3, 2%).

On this basis, the growth rate in the sector was 2.8% in the third quarter of 2017, compared to the same period of the previous year and 2% compared to the first quarter.

Continuing decline in non-manufacturing industries sector

The value added of the non-manufacturing industries sector declined 3.3% in the third quarter of 2017 compared to the same period in 2016.

This drop is due to a continued decrease by 21.6% in the sector of oil and natural gas extraction.

Thus, the average daily production of oil dropped from 46.5 thousand barrels to 37.5 thousand barrels, in spite of a significant increase in the production of mines by 39.6% as well as a 7.8% rise in the production of electricity.

Continued uptrend observed in market services sector

The market services sector recorded a 4% growth in the third quarter of 2017 compared to the same period of last year.

This increase is explained by the rise in the value added of all its sectors, such as the transportation services sector, which grew by 6.4%, and the hotel services, restaurants and cafes sector, which went up 7.6%.

Similarly, the growth in value added was in the financial services sector (3.7%) and telecommunications services (2.6%).

The growth of the non-market services sector (services provided by the government) is maintained at the level of 0.2% compared to the third quarter of 2016.

Growth of agriculture and fisheries sector

The value added of the agricultural and fishing sector increased by 2% in the third quarter of 2017.

It should be noted that growth in this sector has been updated in the first and second quarters of 2017 on the basis of updated statistics of the Ministry of Agriculture and Fisheries, based on the results of agricultural harvests, such as cereal production, estimated this year at 16.2 million quintals against 19.4 million quintals previously planned.

Source: TAP News Agency

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