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Thursday 26 November 2020
Home News Tunisia: economy plunges 6% in Q3 2020

Tunisia: economy plunges 6% in Q3 2020

The Tunisian economy shrank by 6% in the third quarter, compared to the same quarter last year and grew by 19.8% compared to the second quarter of the current year, according to data published by the National Institute of Statistics (INS) Sunday.

To this end, the Tunisian economy contracted by 10% during the first nine months of 2020 compared to the same period in 2019.

The INS points out that the growth rate for the second quarter of 2020 (year-on-year) has been revised by 0.1 percentage points to become -21.7% against -21.6% initially announced.

During the third quarter of 2020, the value added of manufacturing industries decreased by 3.2% year-on-year, due to the drop in production in the chemical industry (-11.7%), mechanical and electronic industries (-7.1%) and the building materials industry (-1.5%).

On the other hand, the value added of the textile, clothing and footwear sectors and food processing industries posted respective rises of 0.3% and 0.5%.

Value added in the non-manufacturing sector decreased by 6.8% compared to the same quarter of 2019, mainly due to lower output in the Oil and Gas Extraction sector (-12.4%) and the Mining sector (-5.8%) and in the B&I sector (-42.5%).

In addition, value added in the market services sector fell by 11.8% year-on-year, while value added in the Agriculture and Fishing sector grew by 3.6% year-on-year.

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