The latest indicators published by the Central Bank of Tunisia confirm a positive dynamic in labor income over the first eleven months of 2025. This improvement is part of a contrasting economic landscape, marked both by a sustained recovery in the tourism sector and a notable decline in debt service, but also by increasing pressure on the fiat money supply. The updated figures offer a precise overview of macroeconomic balances as the close of the financial year approaches.
The BCT reveals that cumulative labor income increased by 6.5% year-on-year. They now reach nearly 8 billion dinars, a level which reflects both the resilience of the job market and the improvement in formal transfers, particularly from abroad.
This development confirms a trend already observed since the start of the year, where the growth of declared income seems to exceed that of overall activity. It could also reflect better integration of workflows into banking circuits.
Tourism: a sector which is consolidating its recovery
Tourism receipts continue to show an upward trajectory. At the end of November 2025, they reached 7.5 billion dinars, compared to 7 billion a year earlier, an increase of 6.8%.
This increase confirms the renewed vigor of tourist activity, supported by denser attendance during the high season and by a gradual diversification of source markets. The sector thus remains one of the main contributors to the improvement of external income.
At the same time, debt services showed a decline of around 14%, going from 13.3 billion to 11.5 billion dinars. Such a decline remains unusual in a context where external commitments remain significant. This contraction mechanically reduces the pressure on foreign currency reserves and offers a slight margin to public finances.
Foreign currency assets at 104 days of importation
Net foreign currency assets are experiencing a slight erosion. As of December 5, 2025, they stand at 24.6 billion dinars, a decline of 1.5% compared to the same period last year.
Converted into days of import, this level corresponds to 104 days, a threshold which remains above the usual security line but which recalls the need to preserve external financing flows and the stability of foreign exchange earnings.
Fiat currency in circulation continues its spectacular rise. Banknotes and coins total 26.1 billion dinars, compared to 22 billion in December 2024, an increase of 18.2%.
Taken as a whole, the indicators published by the BCT depict an economy where certain components – labor income, tourism, debt service – are evolving favorably, while fiduciary liquidity and the slight contraction of external reserves recall structural fragilities.
