Latest news with #INS
African Manager
16-05-2025
- Business
- African Manager
Tunisia's economy grows by 1.6% in Q1
Tunisia's GDP finally grew by 1.6% year-on-year in the first quarter of 2025, adjusted for seasonal variations, according to the National Statistics Institute (INS). However, quarter-on-quarter, i.e. compared with the fourth quarter of 2024, GDP fell by 0.2% in volume terms, according to a note made public by the INS on Thursday. Growth in the first three months of 2025 was primarily driven by the agricultural sector's performance, with a 0.7% increase in value added compared to the same period in 2024. This contributed 0.59 percentage points to overall GDP growth by the end of March 2025. Similarly, the industrial sector grew by 0.5% in the quarter. The services sector also maintained its positive growth rate, with value added increasing by 1.1%, contributing an estimated 0.66 percentage points to the growth rate recorded for the quarter. The INS also reported a 3.7% increase in domestic demand, consisting of consumer spending and investment, which is estimated to have contributed 4 percentage points to growth. Conversely, net foreign trade contributed negatively to growth in the first quarter of 2025 (-2.4 percentage points), as imports grew faster than exports, at 8.6% and 4.5% respectively. Year-on-year growth rose from 0.3% in Q1 2024 to 1% in Q2 2024, reaching 1.8% in Q3 2024 before settling at 2.4% in Q4 2024. World Bank projection No one can predict exactly what will happen to the growth rate by the end of 2025, let alone 2026. According to the World Bank's latest Tunisia Economic Monitor, titled 'Better Connectivity for Growth', the Tunisian economy is expected to grow by 1.9% in 2025 compared to 1.4% in 2024. This growth is driven by improved rainfall and the gradual stabilisation of key sectors. Although the manufacturing sector is facing challenges, the resilience of tourism and agriculture is supporting the recovery. Growth is expected to stabilise at around 1.6–1.7% in 2026–2027. Although global trade uncertainties and limited external financing pose challenges, stronger reform momentum and moderating global trade uncertainty could improve the country's medium-term prospects. The US tariff effect Another projection for Tunisia's GDP growth was announced this week by the Fitch Ratings after Tunisia was downgraded in April 2025, when US tariffs were announced to fall from 1.2% to 1.0% in 2025 and from 2.1% to 1.5% in 2026. These forecasts are more pessimistic than those of the International Monetary Fund (IMF), which expects growth of 1.4% in both years. However, the direct impact of customs duties on Tunisian growth will be relatively limited, according to the rating agency, since Tunisian exports to the United States amounted to just USD 1.1 billion (2.2% of GDP) in 2024, much less than in many other emerging markets. The US announced reciprocal tariffs of 28.0% on imports from Tunisia. These were replaced almost immediately, however, by provisional tariffs of 12.3% for 90 days. Although the Tunisian authorities are currently negotiating with the US to reduce the reciprocal tariff rate, Fitch believes they will still face challenges. If the tariffs are fully implemented, they will negatively impact exports of key products to the US, such as olive oil and dates. Conversely, the impact of US tariffs on the growth of Tunisia's main trading partners (notably the Eurozone) will be more significant. In response to the change in US policy, Fitch has lowered its growth forecasts for the eurozone from 1.2% to 0.6% in 2025 and from 1.4% to 1.2% in 2026. Growth in Tunisia's three main export markets: France, Italy, and Germany will remain below 1.0% in both years. Fitch had already anticipated a decline in demand for Tunisian exports to the eurozone this year, particularly olive oil, and the rating agency stated that 'we now expect the decline to be even sharper'.
Yahoo
16-05-2025
- Business
- Yahoo
Solid Earnings May Not Tell The Whole Story For Instone Real Estate Group (ETR:INS)
Following the solid earnings report from Instone Real Estate Group SE (ETR:INS), the market responded by bidding up the stock price. While the profit numbers were good, our analysis has found some concerning factors that shareholders should be aware of. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. For the year to March 2025, Instone Real Estate Group had an accrual ratio of -0.11. That indicates that its free cash flow was a fair bit more than its statutory profit. To wit, it produced free cash flow of €113m during the period, dwarfing its reported profit of €35.9m. Instone Real Estate Group did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. Check out our latest analysis for Instone Real Estate Group That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. While the accrual ratio might bode well, we also note that Instone Real Estate Group's profit was boosted by unusual items worth €4.4m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is). In conclusion, Instone Real Estate Group's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Given the contrasting considerations, we don't have a strong view as to whether Instone Real Estate Group's profits are an apt reflection of its underlying potential for profit. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. In terms of investment risks, we've identified 1 warning sign with Instone Real Estate Group, and understanding it should be part of your investment process. In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Saba Yemen
15-05-2025
- Business
- Saba Yemen
Tunisian economy records annual growth driven by agricultural sector
Tunis – Saba: The Tunisian economy grew by 1.6% year-on-year in the first quarter of 2025, supported by the agricultural sector, according to data released on Thursday by the National Institute of Statistics (INS) in Tunisia. This growth is attributed to the positive performance of the agricultural sector, which contributed 0.59% to the overall GDP growth, alongside a 0.5% increase in industrial output compared to the first quarter of 2024. On a quarterly basis, however, Tunisia's economic growth declined by 0.2% in Q1 2025 compared to the last quarter of 2024, as per the institute's data. Unemployment in Tunisia dropped to 15.7% in the first quarter of 2025, down from 16% in the previous recorded figure from Q3 2024. According to the same data, youth unemployment (ages 15–24) fell to 37.7% from 40.5% in Q3 2024. Unemployment among university graduates also decreased to 23.5%, down from 25% in the same period. This month, the Tunisian government pledged to resume hiring in the public sector, which had been suspended since 2017 due to fiscal constraints. Minister of Employment and Vocational Training, Riyadh Chaoud, stated that the 2025 budget includes around 20,000 job opportunities in public administration and state-owned enterprises. Whatsapp Telegram Email Print
African Manager
14-05-2025
- Business
- African Manager
Tunisia's trade deficit spirals
As the months go by, Tunisia's trade deficit shows no sign of abating. Since the beginning of the current year, it has been widening visibly, as imports widen their gap with exports. According to the National Institute of Statistics (INS), during the first four months of 2025, trade at current prices reached 20,725.2 million dinars (MD) on the export side, compared with 21,245.2 MD four months ago, and 28,019.3 MD on the import side. As a result of this trend in exports (-2.4%) and imports (+7.8%), the trade deficit stood at (-7,294.1 MD) compared to (-4,734.8 MD) in the first four months of 2024. The coverage rate reached a level of (74%) compared with (81.8%) in the same period of 2024. Agro-food exports plunge -19.2% By industry, exports of machinery and equipment rose by 2.6%, mining, phosphates and derivatives by 6.1% and textiles, clothing and leather by 0.1%. On the other hand, exports fell in the energy sector (-33%) as a result of the drop in the country's sales of refined products (105.8 MD against 621.2 MD) and in the food sector (-19.2%) as a result of lower olive oil sales (1,758.6 MD against 2,450.2 MD). Imports: capital goods lead the way By product group, imports of capital goods rose by 22.1%, while imports of raw materials and semi-finished goods increased by 11.3%, pointing to future improvements in investment and production capacity. Imports of consumer goods (+15.7%) and food (+0.6%) also increased. Conversely, imports of energy products fell by 14.2%. Egypt stands out Tunisian exports to the European Union in the first four months of 2025 (70.1% of total exports) reached the value of 14,524.3 MD compared with 15,069.2 MD in the first four months of 2024. Exports increased with Germany (+14.3%) and the Netherlands (+10.2%). On the other hand, they fell with France (-1.7%), Italy (-9.4%) and Spain (-33%). Exports to the Arab countries increased with Libya (+36.5%), Morocco (+45.6%), Algeria (+23.4%) and Egypt (+81.1%). Imports with the European Union (43.3% of total imports) reached 12,139.6 MD compared with 11,451.6 MD in the first four months of 2002. Imports increased with France (+12.3%), Italy (+8.2%) and Germany (+10.5%). Conversely, they fell in Greece (-33.6%) and Belgium (-5.3%). Outside the European Union, imports increased with China (+54.1%) and Turkey (+14.6%). They fell for Russia (-14.1%) and Ukraine (-15.8%). Trade balance by product The trade balance showed a deficit (-7,294.1 MD). This deficit is mainly due to energy (-3,683.3 MD), raw materials and semi-finished goods (-2,462.2 MD), capital goods (-1179.6 MD) and consumer non-durables (-602.4 MD). On the other hand, the food group recorded a surplus (+633.3 MD). On the other hand, it should be noted that the trade deficit excluding energy narrowed to (-3,610.9 MD), while the energy deficit stood at (-3,683.3MD), compared to (-4,026.3MD) in the first four months of 2024.
The Hindu
07-05-2025
- The Hindu
Fishermen asked to alert govt on suspicious movements in sea
As part of the civil defence drill conducted throughout the country as a preparatory measure announced due to Operation Sindoor against Pakistan, the fishermen along the border in Rameswaram, Mandapam, Uchipuli, and other areas were instructed to alert marine police or fisheries department if they suspected any unusual movements in the sea. An information from the Fisheries Department said the drill was conducted as fishermen who venture into the sea should be alert enough to identify unusual movements of boats, humans on the sea and on land. In case of noting any suspicious movements, they were also instructed to inform officials of marine police, fisheries department or police. As an alert measure, the Indian Coast Guard forces stationed along the borders of Ramesawaram and other areas in the district have stepped up their sea patrol activity. As per reports, the Indian Coast Guard personnel, marine police, INS parundu personnel, were asked to remain alert and to abstain themselves from availing any leave.
