Quarterly GDP growth rate in Tunisia 2021-2024
In the first quarter of 2024, the Gross Domestic Product (GDP) in Tunisia increased by 0.2 percent compared to the same quarter of 2023. Moreover, it rose by 0.6 percent compared to the previous quarter. Following the economic impact of the coronavirus (COVID-19) outbreak, the GDP decreased by -1 percent in the first quarter of 2021, compared to the previous year.
Economic recovery after COVID-19
As of the first quarter of 2024, Tunisia’s GDP experienced a growth rate of 0.2 percent, recovering from the decline in the two previous quarters. However, in 2020, the Tunisian GDP growth rate assumed a negative value for the first time since 2012. Previously, negative growth had been recorded in 2011 concurrently with the Jasmine Revolution. The economy then gradually recovered after 2020, with the GDP expanding by 4.61 percent in 2021 and 0.42 percent in 2023. After declining in 2020, the GDP per capita was also set to grow again to reach around 4,416 U.S. dollars by 2027. Overall, Tunisia is a small economy and ranks among the countries with the lowest GDP per capita in the Middle East and North Africa (MENA). Compared to other countries in the region, its territory is not particularly rich in oil and gas. Its industries mainly operate in textiles, mining and phosphates, and agri-food.
Main sectors to drive economic growth
The economy of Tunisia is largely based on the tertiary sector, with services contributing around 60 percent to the GDP. Within this sector, the tourism industry is particularly profitable. Tourists are especially attracted by the country’s seaside resorts, as well as the suggestive landscapes of the Sahara Desert. The global tourism industry was hit hard by the COVID-19 crisis and Tunisia registered a significant fall in the annual number of tourists in 2020, however, the sector managed to recover, with 6.89 million arrivals in 2023. Agriculture represents another significant driver of economic growth, accounting for around 10 percent of the country’s GDP and employing roughly 14 percent of the working population. Cereals lead the domestic agricultural production, while olive oil, dates, and fish represent the main exports.
