A fragile yet stabilising global economic backdrop- Advertisement -
The year 2025 unfolded within a global environment marked by moderate growth and heightened uncertainty. According to the International Monetary Fund, global GDP growth reached 3.2%, slightly below 3.3% in 2024, reflecting the lingering effects of monetary tightening, geopolitical tensions and trade fragmentation.
Advanced economies continued to face structural constraints. US growth slowed to 2%, while the euro area recorded a modest recovery to 1.2%. Emerging markets remained the main engine of global expansion, with China’s growth steady at 4.8% and India maintaining strong domestic-driven momentum.
Tunisia’s economy shows gradual improvement
Against this backdrop, Tunisia’s economy recorded 2.4% growth during the first nine months of 2025, driven primarily by agriculture (contributing 0.98 percentage points), manufacturing industries (+1.6%) and services (+1.4%). Full-year GDP growth is estimated at 2.6%, with projections of 3.3% in 2026.
Inflation eased significantly to 5.5%, down from 7.2% a year earlier. External trade figures highlight persistent imbalances: exports reached TND 57.9bn, while imports stood at TND 78.1bn, resulting in a trade deficit of TND 20.2bn and a coverage ratio of 74.2%.
A landmark year for the Tunis Stock Exchange
Within this macroeconomic setting, the Tunis Stock Exchange delivered an exceptional performance. The benchmark Tunindex surpassed the symbolic 13,000-point threshold to close at 13,449.95 points, posting a 35.12% annual gain and extending its rally for the fifth consecutive year.
Measured in foreign currencies, the performance was even more striking, with gains of 48.75% in US dollars and 32.76% in euros, reflecting both market strength and exchange-rate dynamics.
Strong corporate fundamentals underpin market momentum
Market performance was underpinned by solid corporate results. The 72 listed companies that published full-year 2024 financial statements reported a combined net profit of TND 3.0bn, up 12.2% year-on-year. Dividend distributions increased by 14.8% to TND 1.59bn.
For the first half of 2025, 66 listed firms recorded aggregate profits of TND 1.6bn, representing a 9.2% increase compared with the same period in 2024. Revenues reported by 73 companies rose 5.7%, reaching TND 18.5bn by September 2025.
Sector performance: consumption and finance lead gains
Of the 12 sector indices published by the exchange, 10 posted positive returns. The Consumer Services index led with a 59.32% rise, followed by Consumer Goods (+40.40%) and Financials (+39.48%).
By contrast, Industrials (-1.99%) and Construction and Building Materials (-3.93%) were the only sectors to end the year in negative territory.
Market capitalisation and liquidity surge
Total market capitalisation expanded by 31%, or TND 8.2bn, reaching TND 34.7bn by year-end. Financial companies accounted for 54% of total market value, followed by consumer goods (28.3%) and industry (6.9%).
Trading activity also accelerated sharply. Total turnover rose 46.3% to TND 5.38bn, while on-exchange trading increased 73.2% to TND 3.06bn. Notably, bond trading surged, with debt securities turnover jumping 496% to TND 934m.
Equity performance and foreign participation
Equity price movements were broadly positive, with 57 stocks advancing and 17 declining. The top performers included ASSAD (+412.9%), TUNINVEST-SICAR (+359.5%) and PGH (+118.3%).
Foreign ownership, largely strategic in nature, increased by TND 1.36bn to TND 6.55bn, representing 18.9% of total market capitalisation.
A market gaining depth and credibility
By the end of 2025, the Tunis Stock Exchange had firmly consolidated its role as a key financing channel for the national economy. Improved macroeconomic stability, resilient corporate earnings and rising liquidity have enhanced the market’s credibility, positioning Tunisia as an increasingly attractive frontier market for long-term investors.
