The current account deficit is projected to stand at nearly 4% of the GDP in 2023 in comparison with 8.7% in 2022, it emerges a Central Bank of Tunisia (French: BCT) note on the economic and monetary developments.
The contraction of the trade deficit from TND 17 billion to TND 11.5 billion (11.8% of the GDP) in the first nine months of 2023 and the consolidation of the services balance significantly contributed to improving the current account deficit.
The current deficit amounted to TND 3.4 billion (2.2% of GDP) at the end of September 2023 against TND 10.3 billion (7.2% of GDP) in September 2022.
The consolidation of the services balance is the result of higher tourism receipts of USD 1.879 billion at the end of September against USD 1.313 billion one year earlier, exceeding the 2019 performance (USD 1.775 billion).
Concurrently, the flow of employment income (in cash) totalled USD 1.850 billion in September 2023 against USD 1.786 billion in September 2022.
This dynamism fostered higher exchange reserves, pushing them up to TND 26.7 billion (119 days of imports) at the end of September 2023 against TND 22.9 billion (100 days of import) at the end of 2022.
“Excluding energy, the current account posted a historical surplus of +TND 4.1billion (+2.6% of GDP) at the end of September 2023 in comparisonh with a TND 3.3 billion deficit (2.3% of GDP) during the same period last year.