Tunisia: $1.3b of Tourism Revenues Expected in 2019

People walk next to Palmarium shopping mall in Tunis. — Reuters
People walk next to Palmarium shopping mall in Tunis. — Reuters
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Tunisia: $1.3b of Tourism Revenues Expected in 2019

People walk next to Palmarium shopping mall in Tunis. — Reuters
People walk next to Palmarium shopping mall in Tunis. — Reuters

Tunisian Tourism Minister Roni Trabelsi expected the revenues of the tourism sector to exceed TND4 billion (USD1.3 billion) at the end of the year.

The minister affirmed that the number of tourists to visit Tunisia would surpass nine million compared to eight million during the same period in 2018.

FTH (Fédération Tunisienne de l'Hôtellerie) president Khaled Fakhfakh affirmed the importance of the Algerian market in reviving the tourism sector, in which the Tunisian destination witnessed a surge of over 2 million Algerian tourists in the past years.

Also, development in the Russian market was remarkable with the flow of more than 600,00 Russians to Tunisia.

The tourism sector contributes to around 14.2 percent of the GDP and guarantees job opportunities to a minimum of 2 million Tunisians.

Previous figures showed a contribution of around 8 percent to the GDP, however, the relapse of other economy drivers’ performance (investments, exporting, expats’ transfers) gave the sector a greater position.

During the past six months, revenues of the season underwent an increase by 42.5 percent – the profits were estimated at a minimum of TND1.98 billion (USD650 million approximately), compared to the same period of last year.

Moreover, tourists arriving from the Maghreb rose up to 18.3 percent. Meanwhile, European tourists increased by 22 percent with the British percentage doubling compared to the past year, an increase of 119 percent.

As for French tourists, the total increased by 26.2 percent compared to the same period in 2018.



Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel by 0600 GMT, while US West Texas Intermediate crude was at $71.43 a barrel, down 4 cents, or 0.06%.
"We are now in the calm before the storm," IG market analyst Tony Sycamore said.
Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets, Reuters said.
Still, risk-taking remains limited with a busy week - including the US election, the Federal Reserve's policy meeting, and China's National People's Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.
For now, polls suggest the US presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.
"Eyes are also on China's NPC meeting for any clarity on fiscal stimulus to uplift the country's demand outlook, but we are unlikely to see any strong commitment before the US presidential results, and that will continue to keep oil prices in a near-term waiting game," Yeap said.
Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
More oil could come from OPEC producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
In the US, a late season tropical storm predicted to intensify into a category 2 hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.
"Technically, crude oil needs to rebound above resistance at $71.50/72.50 to negate the downside risks," IG's Sycamore said, referring to WTI prices.
"All of which suggests there won't be a scramble to chase it higher in the short term."
Ahead of US weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that US crude stockpiles likely rose last week, while distillate and gasoline inventories fell.