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Tunisia: Economy Grew in Third Quarter of 2022

Boats enter Al Ataya Port in Kerkennah Islands, off Sfax, Tunisia, October 23, 2022. REUTERS/Jihed Abidellaoui
Boats enter Al Ataya Port in Kerkennah Islands, off Sfax, Tunisia, October 23, 2022. REUTERS/Jihed Abidellaoui
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Tunisia: Economy Grew in Third Quarter of 2022

Boats enter Al Ataya Port in Kerkennah Islands, off Sfax, Tunisia, October 23, 2022. REUTERS/Jihed Abidellaoui
Boats enter Al Ataya Port in Kerkennah Islands, off Sfax, Tunisia, October 23, 2022. REUTERS/Jihed Abidellaoui

Tunisia's economy grew by 2.9% in the third quarter of this year, driven by growth in the services sector, the state statistics institute said on Tuesday.

In the same period last year, growth was 1.7%.

“Over the three months from July to September, the gross domestic product increased by 2.9% on an annual basis, marking an acceleration compared to the two previous quarters (respectively at 2.3% and 2.6%),” it said.

“Despite a difficult global environment and record inflation, economic activity is continuing its recovery dynamic after the 2020 health crisis; a process that is still incomplete, since the national income still remains below its level at the end of 2019,” it added.

Tunisian Minister of Tourism Mohamed Moez Belhassine also announced that the tourism sector welcomed this year more than 5.4 million tourists till November 10, a huge increase (174 percent) compared to the same period last year.

Despite the positive developments in the sector, the number falls short of the influx of tourists in 2019.

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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.