Tunisia - Investment reported in the service activities dropped 39.5% during the first quarter (Q1) of 2023, compared to the same period of 2022, to 191,6 million dinars (MD), from 316,9 MD in 2022, according to a report from the Agency for the Promotion of Industry and Innovation (APII).

The number of reported projects rose from 2,514 to 2,546 during the first three months of 2023, up 1.3%. The number of jobs likely to be created stands at 8,234 compared to 7,998 in Q1 of 2022, an increase of 3%.

By regime, investment reported activities of totally exporting services dropped 53% to 12.5 MD, from 26.6 MD in Q1 2022.

As regards the services directed to the local market, the number of projects grew 1.8% to 2,029 in Q1 2023, from 1,994 during the same period of 2022.

As for the investment reported in services on the local market, they dropped 38.3% from 290.3 MD to 179.1 MD. These investments should create 6,544 jobs during the first quarter of 2023, against 6,199 for the same period of 2022, up 5.6%.

By region, Tunis attracts the largest number of reported projects in services, i.e. 833 projects during the first quarter of 2023, against 681 projects in 2022, with investment

worth 2.2 MD against 0.5 MD in 2022 (up 340%).

Kef recorded the least projects reported in services in Q1 of 2023, with only three projects, against 13 projects in 2022, down 76.9%. However, these investments have increased in value by 5,850% from 0.4 MD in 2022 (1st quarter) to 23.8 MD during the same period in 2023.

By nationality, the reported investment with foreign participation in the service activities represents only 8% of the total reported investments in Q3 of 2023. It went from 39 MD in 2022 to 15.5 MD in 2023, down 60.3%.

The number of projects with foreign participation has also fallen 4%, from 329 projects during the first three months of 2022 to 316 during the same period of 2023. The same applies to the number of jobs to be created, which went down 2.7%.

The APII noted that the Tunisian declarations experienced an increase in terms of projects (by 2.1%), a decrease in terms of investment (-36.6%), and an increase in terms of jobs to be created (4.2%).

As industry-related services, the reported investment, which represents 22.6% of the overall reported investment in service activities, fell 67.6%, from 133.5 MD in Q1 of 2022 to 43.3 MD during the same period of 2023.

According to the APII, the number of industry-related projects decreased 4.1%, from 1,641 to 1,573 during Q1 of 2023. The number of related jobs decreased from 4,488 jobs to 4,031, down 10.2%.

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