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
TT

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 Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
TT

Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.