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Tunisia: 1.5% growth in Q3 of 2011

The Tunisian economy recorded a growth rate of 1.5 percent in the third quarter of 2011, but overall growth in 2011 will be close to zero, announced Thursday, Governor of the Central Bank of Tunisia Mustapha Kamel Nabli.

The Revolution of January 14 and instability that followed prompted many foreign tourists – tourism is one of the largest sources of revenue for the country – to cancel bookings.

“The net foreign currency reserves fell by 20%, or 2.4 billion dinars, between December 2010 and late November 2011” Nabli said at a banking conference in Beirut, adding that the unemployment rate is at 18.3%.

According to the draft budget, the economy should rebound in Tunisia after this year’s crisis and achieve growth of 4.5% in 2012. The country’s GDP grew to 3.7% in 2010.


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