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Tunisia’s Economy Grows 2.6% in H1 2018

Kamel, 56, a brass carver and vendor of souvenirs, works at his shop as he waits for customers in the old city of Sousse, Tunisia June 23, 2016. REUTERS/ Zohra Bensemra
Kamel, 56, a brass carver and vendor of souvenirs, works at his shop as he waits for customers in the old city of Sousse, Tunisia June 23, 2016. REUTERS/ Zohra Bensemra
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Tunisia’s Economy Grows 2.6% in H1 2018

Kamel, 56, a brass carver and vendor of souvenirs, works at his shop as he waits for customers in the old city of Sousse, Tunisia June 23, 2016. REUTERS/ Zohra Bensemra
Kamel, 56, a brass carver and vendor of souvenirs, works at his shop as he waits for customers in the old city of Sousse, Tunisia June 23, 2016. REUTERS/ Zohra Bensemra

Tunisia’s national economy grew 2.6 percent in the first half of this year, compared to 1.9 percent in the same period of 2017, the National Institute of Statistics (INS) has said.

Gross Domestic Product (GDP) also grew 2.8 percent year-on-year in the second quarter of 2018 compared to the same period last year, and 0.6 percent in the first quarter of 2018, according to the latest statistics from INS.

This increase is particularly due to the rise in the value added of vital sectors, such as food industries (+2.4 percent), textiles, clothing and footwear (+2.6 percent) and chemical industries, which grew 4.9 percent.

Non-manufacturing industries also posted a 1.3 percent increase in the second quarter of 2018, compared to the same period of 2017, INS said.

The services sector has continued to grow, with a 3.6 percent increase in value added in the second quarter of 2018 due to a growth in hospitality by 11.5 percent.

Despite the positive results, economic expert Ezzeddine Soaidan said that the Tunisian economy has been facing many problems, mainly attracting investments and improving financial resources.

The economy’s growth of 2.6 percent is an important step but it is still not sufficient to achieve the required development and create job opportunities.

Tunisian authorities hope to reach a 3 percent economic growth by the end of 2018. But international agencies have expected a growth of only 2.8 percent.

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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.