Chapter 1

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TABLE SA.8 Money, credit, prices, and balance of payments 1987 1988 1989 1990 1991 1992 1993 1994 Money nd credt (millions of dinars outstding, end of period) Moneysupply 3,712.7 4,430.7 5,163.8 5,541.0 5,835.2 6,271.1 6,512.4 7,244.0 Credit to govemment 721.4 676.8 721.9 807.7 852.7 939.3 936.9 876.1 Credittoeconomy 3,878.5 4,008.3 4,840.8 5,335.0 5,888.3 6,790.7 7,364.1 8,018.9 Money as percent of GDP 46.4 51.0 54.2 51.3 48.6 45.6 45.6 44.9 General price index 1980 = 100 Annual percentage change in: 179.2 190.5 205.2 218.5 236.4 250.1 260.1 271.8 General price index 7.2 6.3 7.7 6.5 8.2 5.8 4.0 4.5 Creditto govemment 15.0 -6.2 6.7 11.9 5.6 10.1 -0.3 -6.5 Credittoeconomy 6.7 3.3 20.8 10.2 10.4 15.3 8.4 8.9 Balance of payments in millions of dollars with Gazoduc and Miskar Exports of goods and nonfactor services Imports of goods 3,376.86 4,242.25 4,480.88 5,190.82 5,112.16 5,972.98 5,776.23 6,916.81 and nonfactorservices 3,472.79 4,205.88 4,814.81 5,985.77 5,655.63 6,977.61 6,762.68 7,201.91 (of which petroleum) 318.21 243.41 379.65 486.85 395.63 449.00 468.67 Resource gap (deficit = -) -95.93 36.37 -333.93 -794.94 -543.48 -1004.63 -975.08 -285.00 Net factor payments -486.06 -497.79 -478.46 -496.98 -595.07 -654.34 -751.02 -850.47 Interestpayments(DRS) 376.57 413.05 431.27 448.63 444.37 461.68 529.81 Net private transfers 483.53 557.94 502.69 613.00 562.84 569.54 589.82 678.03 Cunt account balance exduding net oilcial transfers -98.46 96.52 -309.70 -678.92 -577.44 -1,089.44 -1,147.45 -456.64 Cunent account balance including net ofriciai transfers -63.96 156.45 -104.92 -469.32 -455.77 -1,008.14 -1,043.93 -353.94 Direct private foreign Investment 92.31 110.17 144.21 185.24 165.80 487.11 593.11 393.04 Net medium long-term loans Disbursements 34.46 695.41 236.12 840.67 197.07 830.26 152.26 988.05 353.89 1,115.31 358.78 1,182.63 280.77 1,087.74 372.36 1,288.80 Amortization 660.95 604.55 633.19 835.79 761.41 823.85 806.97 916.44 Other capital and capital NIE Change in net reserves (increase in reserves = -) 77.93 -116.45 -133.74 -378.29 -129.14 -97.23 55.93 83.00 -161.68 102.75 249.23 -81.98 213.92 -38.86 -213.96 -197.51 Grossreserves(endofyear) 616.03 976.02 1,033.20 866.80 865.92 923.65 937.79 1,544.41 Memo Item: Current account balance (without Gazoduc and Miskar) -98.70 96.50 -310.80 -679.00 -577.44 -897.33 -947.89 -315.42 Source: Ministr of Economic Development, Centra Bank of Tunisia. 68 TuNIsiLs GLOBAL INTEGRAON AND SusTAiNABE DEVELOPMENT. STRATEGIC CHOICES FOR THE 21ST CENTURY
TABLE SA.9 Macroeconomic balances, 1988-93 (percentage of GDP) 1988 1989 1990 1991 1992 1993 Foreign savings Balance on current account exduding net official transfers 1.00 -3.10 -5.40 -4.40 -5.20 -5.90 Private sector Gross domestic investment Fixed investment Change in stocks 15.30 19.20 21.30 21.30 25.00 24.30 Nationalsavings 4.90 1.10 2.30 1.90 2.40 3.10 Investmentminussavings 10.40 18.10 19.00 19.40 22.60 21.20 Public sector GrossDomesticInvestment 4.10 4.50 5.40 4.90 5.10 5.00 Fxedinvestment 9.60 10.10 12.10 11.30 11.20 12.40 Change in stocks 0.10 1.60 2.70 0.60 3.20 1.30 National savings 15.50 19.50 18.80 20.00 22.40 20.40 Investment minus savings -11.40 -15.00 -13.40 -15.10 -17.30 -15.40 Public and private Investment minus savings -1.00 3.10 5.60 4.30 5.30 5.80 Memorandum Item: Share of gross domestic investment financed by foreign savings (percent) 19.40 13.10 20.70 16.40 17.70 20.10 Source: Ministry of Economic Development. STATISTICAL ANNEX 69
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Public Disclosure Authorized Public
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Copyright i 1996 The International
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Education policies 20 Basic educati
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2.4 Demand for telephone connection
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Acknowledgments The report is a pro
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STIL Soci&e Tunisienne d'Industrial
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Executive summary Elements of Tunis
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ments and controlling the expansion
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Progress in strengthening market fo
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investment banking, restructure som
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Chapter 1 Macroeconomic policy The
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Box .I Monetary policy Instruments,
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TALE 1.3 Main monetary Indicators 1
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national markets and ensure the sus
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domestic production, and inducing a
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was actually higher than that for t
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public banks and enterprises reveal
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(10 percent), and Malaysia (12 perc
Page 40 and 41: Infrastructure services: Provision
Page 42 and 43: on a pilot basis and is studying th
Page 44 and 45: or in the public sector. The Bank i
Page 46 and 47: onmental issues and their relation
Page 48 and 49: several industrial zones. Despite t
Page 50 and 51: vocational education more relevant
Page 52 and 53: also showed high effective rates of
Page 54 and 55: try an opportunity to accelerate a
Page 56 and 57: BOX 3.2 Free trade zones: Maximizin
Page 58 and 59: largest share of total employment (
Page 60 and 61: encouraging results and provides us
Page 62 and 63: ill market and to modernize the leg
Page 64 and 65: price/earnings ratio of about 25 in
Page 66 and 67: achieve their intended objectives i
Page 68 and 69: TABLE 4.2 crisis brought about an 7
Page 70 and 71: costly process of adjustment, the a
Page 72 and 73: ented economy The growth of exports
Page 74 and 75: as a whole, but the related transit
Page 76 and 77: Land degradation and water scarcity
Page 78 and 79: TABLE 5.1 Poky otfecdt Short term M
Page 80 and 81: TABLE 5.2 Complementary reforms (co
Page 82 and 83: IMF (International Monetasy Fund).
Page 84 and 85: Statistical Annex TABLE SA. I Exter
Page 86 and 87: TABLE SA.3 Public sector accounts,
Page 88 and 89: TABLE Sk6 GNP, output, and governme
Page 92 and 93: TABLE SA IO Key economic variables,
Page 96: __s~~~~0 I _ 1 , h 5 .*-~. 5~~~ i -
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Chapter 1

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