The Tunisian current account deficit widened sharply during the first nine months of 2026, reaching 5.7 billion dinars, or 3.1% of GDP, compared with 3 billion dinars and 1.7% of GDP in the same period of 2025, according to the Tunisian Central Bank (BCT) Conjuncture Bulletin.
This evolution occurs in an international environment marked by geopolitical and trade tensions, volatility in energy and commodity prices, and a moderation of external demand, notably from Europe. Despite the growth in tourism receipts and wage income, Tunisia’s external balances remain under pressure.
The Essentials
- Current deficit: 5.7 billion dinars as of end-September 2026, versus 3 billion a year earlier.
- Trade deficit: 21 billion dinars, up 25.5%.
- Financial account: a financing need of 5.092 billion dinars, versus 2.278 billion a year earlier.
- Tourism receipts and wage income: respective increases of 4.5% and 9.8%.
- Foreign exchange reserves: 23.679 billion dinars, representing 91 days of imports at end-September 2026.
A current deficit that worsens by 2.7 billion dinars
According to BCT data, the current account deficit rose from 3 billion dinars during the first nine months of 2025 to 5.7 billion dinars in the same period of 2026.
The deterioration thus amounts to 2.7 billion dinars, i.e., a 90% increase in the deficit, based on the published rounded figures (TN calculation).
As a share of GDP, the current deficit now represents 3.1%, up from 1.7% a year earlier, i.e., a widening of 1.4 percentage points.
The trade deficit reaches 21 billion dinars
The deterioration of the current balance is mainly attributed to the widening of the trade deficit (FOB-CAF), which worsened by 25.5% to reach 21 billion dinars in the first nine months of 2026.
The Central Bank notes especially the heavier energy bill and the effects of the moderation in demand for manufactured goods from Tunisia’s main trading partners.
Nevertheless, certain activities helped to ease pressures on external accounts. The olive sector performed well, while tourism receipts and wage income continued to rise.
Tourism receipts rose by 4.5% and wage income by 9.8% compared with the first nine months of 2025. These inflows of foreign currency helped limit the magnitude of the current imbalance, though they did not offset the deterioration of the trade deficit.
Financial account: a financing need exceeding 5 billion dinars
The financial account posted a financing requirement of 5.092 billion dinars in the first nine months of 2026, compared with 2.278 billion dinars in the same period of 2025.
The gap reaches 2.814 billion dinars, corresponding to an increase of about 123.5% in the financing need (TN calculation).
This evolution mainly results from the deterioration of the balance of portfolio investments and other investments. It shifted from a creditor balance of 2.866 billion dinars to a debtor balance of 1.213 billion dinars.
Meanwhile, the debtor balance of the balance of direct investments slightly widened, from 2.433 billion dinars to 2.512 billion dinars.
The main external indicators at end-September 2026
The following table presents the main balances and their evolutions over comparable periods.
| Indicator | 9 months 2025 | 9 months 2026 |
|---|---|---|
| Current deficit (MDT) | -3 000 | -5 700 |
| Current deficit (% of GDP) | -1.7 % | -3.1 % |
| Financing needs of the financial account (MDT) | -2 278 | -5 092 |
| Portfolio investments and other investments (MDT) | +2 866 | -1 213 |
| Balance of direct investments (MDT) | -2 433 | -2 512 |
| Overall balance of payments (MDT) | -2 711 | -1 367 |
Source: BCT. Variations: TN calculations based on end-December 2025 and end-September 2026 positions. These data are snapshots at two dates and not nine-month accumulations.
Reserves of foreign exchange: import coverage falls to 91 days
Net foreign currency assets also declined. Their stock stood at 23.679 billion dinars at end-September 2026, versus 25.115 billion dinars at end-December 2025.
This represents a decrease of 1.436 billion dinars, or about 5.7% between these two dates (TN calculations).
In terms of import coverage, reserves fell from 106 days at end-2025 to 91 days at end-September 2026, a reduction of 15 days.
| Indicator | End 2025 | End September 2026 |
|---|---|---|
| Net foreign currency assets (MDT) | 25 115 | 23 679 |
| Days of imports | 106 | 91 |
| Change in net assets (MDT) | — | -1 436 |
| Change in coverage (days) | — | -15 |
Source: BCT. Variations: TN calculations based on end-December 2025 and end-September 2026 positions. These data are snapshots at two dates, not nine-month accumulations.
A smaller overall balance of payments deficit than in 2025
Despite the widening current deficit and the deterioration of the financial account balance, the overall balance of payments deficit narrowed during the first nine months of 2026.
It stood at 1.367 billion dinars, compared with 2.711 billion in the corresponding period of 2025, i.e., a contraction of 1.344 billion dinars.
This reduction in the global deficit, however, does not alter the finding of an aggravation of the current deficit. These indicators correspond to distinct components of the balance of payments and should be interpreted within their respective scopes.
External balances still under pressure
Central Bank data highlight an intensification of Tunisia’s current imbalances during the first nine months of 2026, mainly due to the worsening of the trade deficit.
While the rise in tourism receipts, wage incomes, and the solid performance of certain export sectors helped support foreign exchange inflows, these factors were not enough to prevent the widening of the current deficit.
The decline in foreign exchange reserves and the deterioration of the financial account balance are thus two other important elements in assessing the country’s external situation, in a context marked by persistent economic and geopolitical uncertainties.
