The current account deficit has slowed down to 6.2% until the end of November 2020, from 7.9% in the same period of the previous year, the Central Bank of Tunisia said in a statement after its Executive Board meeting held Thursday online.
The result is mainly attributable to the contraction of the trade deficit, following the drop in imports at a faster pace than exports, driven in particular by lower domestic demand and the slowdown in economic activity.
It also resulted from the decrease in the energy balance deficit as a result of lower demand for these products and the fall in their prices on the international market.
The Bank also pointed to the achievement of a good level of labor income (+7%) that has helped cover part of the deficit, despite the sharp decline in tourism revenues by 63.9%.
This situation has contributed to the consolidation of the level of net foreign exchange reserves which reached TND 22,924 million or 160 days of imports on December 29, 2020 against TND 19,125 million and 108 days of imports on the same date of the previous year.