National economy of Tunisia - industries, GDP and prosperity level

Before Tunisia became an independent republic, it was considered an agrarian country. However, from 1959, the industrial base in the territory of Tunisia began to develop actively. Experts believe that the overall economic set-up of Tunisia depends directly on the export of oil and various minerals that are found in the country. A major contribution to the economy comes from the material processing sphere, as well as tourism. The state devotes much attention to the agriculture sector, however its profit indicators are much less when compared to revenue gotten from the oil and solid minerals sector. Many note that the economic situation in Tunisia has improved significantly in recent years, thanks to the approval of the necessary reforms for the development of domestic and foreign policy and due to successfully concluded trade relations.

Today in Tunisia, most of the output from oil production is exported, which makes it possible to fully improve the country’s foreign reserve. In addition, large foreign exchange earnings also come from the export of the national fruit finik and olive oil. Over the past two decades, Tunisia’s industry has been developing at an incredibly high pace. This also contributed to the influx of foreign capital. Such investments consequently made it possible to open up new industrial facilities and provide employment for the majority of the able-bodied population. The main branch of the economy is the mining industry. In addition to energy resources, phosphorite is also produced here. They are also actively exported. Lead and zinc were first mined in Tunisia about a hundred years ago. Despite the fact that the deposits of these ores, as well as other non-ferrous metals, are depleted, extraction activities are still ongoing.

The field of mechanical engineering in Tunisia is also developed at sufficiently high level. For the most part it comprises of car assembly factory that collect trucks and motor cars of famous Italian and French brands. It is necessary to pay attention to the chemical industry as well. In Tunisia, huge volumes of sulfuric and phosphoric acid are produced. They are afterwards exported, thereby bringing a fairly large profit to the country. Agriculture in Tunisia has attracted high capital investment from the state. Land reform carried out several years ago yielded the expected benefits and now the land is used with maximum efficiency. Copyright www.orangesmile.com

It is worth noting that in addition to grain crops, there are more than fifty million olive trees being grown in the country. This enables Tunisia to produce large volumes of olive oil. Overall output account for approximately 10% of the total olive oil produced in the world. Vegetable farming in Tunisia has not received much attention, although tomatoes and red pepper are still grown here. Special attention should be paid to tourism. Tunisia not only profitably takes advantage of its territorial location but also the presence within its territory of a huge numbers of natural monuments, as well as historical artifacts, such as the ruins of Carthage. Tunisia’s warm climate is known to attract hundreds of thousands of tourists every year. The contribution of tourism to date is measured in several billions of dollars annually.

As for the manufacturing industry, it is dominated by the textile and clothing industries. Much of what is produced is exported. In addition, other products from the manufacturing industry include cement, footwear, various tobacco products, pulp and paper products, as well as furniture products. At present, foreign trade in Tunisia has not become normal yet. According to last year’s data, the country still has a deficit, as the cost of imported products is much higher than the profit from products exported. Above all, Tunisia purchases machines and various equipment, as well as refined products, food, wood and lots more.

With regards to exports, the dominant role is played by leather products, products from the chemical industry, transportation equipment, lubricants, fuel, and mineral raw materials. The main trading partners of Tunisia are Germany, France, and Italy. The country’s GDP according to the data of last year was about 49 million dollars, and GDP per capita is about 11,000 dollars. More than 55% of the total GDP comes from profit in the service sector. To date, Tunisia has more than 4,000 working-age population, most of whom are employed in the service sector. The unemployment rate as of last year’s data is 12%. The percentage of the population living below the poverty line is 4%.