A New Development Approach Championed by the President Proves Its Effectiveness Again
The various available indicators confirm this observation, notably a 3.2 % growth for the second quarter of 2025 and a budget deficit that is expected to fall to 5.3 % by the end of the current year. This reassuring performance has forced international agencies to reconsider Tunisia’s rating.
Rating Upgrade by the Japanese Agency
La Presse – The Japanese rating agency Rating and Investment Information Inc. (R&I) has just upgraded Tunisia’s rating, moving it from a negative outlook to a stable outlook. This follows a downgrade two years ago from B to B‑ due to a “fragile fiscal and external situation.”
The agency’s report explains that the decision reflects the sound behavior of the Tunisian economy, which is gradually and intelligently relaunching, with a clear improvement in GDP and a disciplined fiscal policy that has significantly reduced the deficit. Political stability, which is highly conducive to economic recovery, is also highlighted.
Key points noted by the agency:
- Stronger foreign‑exchange reserves, boosted by tourism revenues and remittances, especially from the diaspora.
- These inflows have helped Tunisia meet its international financial obligations and ease the liquidity crunch that has long hampered the national economy.
Statistics Back the Upgrade
Recent data strongly support the Japanese agency’s new rating.
In its latest report, the National Institute of Statistics (INS) notes that for Q2 2025, economic growth surged to an average 3.2 %, up from 2.5 % in Q1.
The drivers of this performance are:
- Agricultural sector dynamism, which grew 8 % during the first half of the year.
- Tourism receipts and remittances from Tunisians abroad, which together generated over TND 10 billion in the first eight months of the year.
Looking Even Further Ahead
What adds further weight to the rating upgrade is the stable‑to‑positive outlook projected for the coming period, thanks to the continuation of financial‑reconstitution programmes and well‑targeted structural reforms aligned with the country’s strategic priorities. The same arguments have driven rating revisions by Fitch Ratings and Moody’s.
What Tunisia Must Do Now
To capitalize on this upgraded rating and push economic efficiency and fiscal rigor even further, Tunisia should:
- Maximise and valorise production in both goods and services.
- Consolidate investments in priority sectors such as infrastructure and innovation.
- Accelerate strategic transitions—especially ecological, energy, and digital.
- Maintain a sound revenue‑expenditure balance by promoting transparency, optimisation, and the re‑qualification of resources.
By implementing these measures, Tunisia can sustain its growth momentum, deepen fiscal discipline, and reinforce confidence among international investors and rating agencies.
