Mauritius: Economy#
Since independence in 1968, Mauritius has undergone a remarkable economic transformation from a low-income, agriculturally based economy to a diversified, upper middle-income economy with growing industrial, financial, and tourist sectors. Mauritius has achieved steady growth over the last several decades, resulting in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure.The economy currently rests on sugar, tourism, textiles and apparel, and financial services, but is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius’ textile sector has taken advantage of the Africa Growth and Opportunity Act, a preferential trade program that allows duty free access to the US market, with Mauritian exports to the US growing by 40% from 2000 to 2014.
Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects of the global financial crisis in 2008-09. GDP grew in the 3-4% per year range in 2010-14, and the country continues to expand its trade and investment outreach around the globe. Growth in the US and Europe fostered goods and services exports, including tourism, while lower oil prices kept inflation low in 2015.
Economic Facts#
| GDP (purchasing power parity) | $25.85 billion (2016 est.) $24.97 billion (2015 est.) $24.12 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $11.74 billion (2015 est.) |
| GDP - real growth rate | 3.5% (2016 est.) 3.5% (2015 est.) 3.6% (2014 est.) |
| GDP - per capita (PPP) | $20,500 (2016 est.) $19,800 (2015 est.) $19,200 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 15.8% of GDP (2016 est.) 16.3% of GDP (2015 est.) 17% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 74% government consumption: 14.4% investment in fixed capital: 17.3% investment in inventories: 3.4% exports of goods and services: 50.7% imports of goods and services: -59.8% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 4% industry: 22.1% services: 73.9% (2016 est.) |
| Agriculture - products | sugarcane, tea, corn, potatoes, bananas, pulses; cattle, goats; fish |
| Industries | food processing (largely sugar milling), textiles, clothing, mining, chemicals, metal products, transport equipment, nonelectrical machinery, tourism |
| Industrial production growth rate | 2.8% (2016 est.) |
| Labor force | 624,700 (2016 est.) |
| Labor force - by occupation | agriculture and fishing: 9% construction and industry: 30% transportation and communication: 7% trade, restaurants, hotels: 22% finance: 6% other services: 25% (2007) |
| Unemployment rate | 7.8% (2016 est.) 8% (2015 est.) |
| Population below poverty line | 8% (2006 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Distribution of family income - Gini index | 35.9 (2012 est.) 39 (2006 est.) |
| Budget | revenues: $2.478 billion expenditures: $2.95 billion (2016 est.) |
| Taxes and other revenues | 21.1% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -4% of GDP (2016 est.) |
| Public debt | 66% of GDP (2016 est.) 63.7% of GDP (2015 est.) |
| Fiscal year | 1 July - 30 June |
| Inflation rate (consumer prices) | 1.1% (2016 est.) 1.3% (2015 est.) |
| Central bank discount rate | 9% (31 December 2010) |
| Commercial bank prime lending rate | 8.3% (31 December 2016 est.) 8.5% (31 December 2015 est.) |
| Stock of narrow money | $2.743 billion (31 December 2016 est.) $2.547 billion (31 December 2015 est.) |
| Stock of broad money | $12.6 billion (31 December 2014 est.) $12.15 billion (31 December 2013 est.) |
| Stock of domestic credit | $13.96 billion (31 December 2016 est.) $13.28 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $7.239 billion (31 December 2015 est.) $8.751 billion (31 December 2014 est.) $8.942 billion (31 December 2013 est.) |
| Current account balance | -$509 million (2016 est.) -$562 million (2015 est.) |
| Exports | $2.676 billion (2016 est.) $2.685 billion (2015 est.) |
| Exports - commodities | clothing and textiles, sugar, cut flowers, molasses, fish, primates (for research) |
| Exports - partners | UK 13.2%, UAE 12.4%, France 11.9%, US 10.7%, South Africa 8.6%, Madagascar 6.5%, Italy 5.4%, Spain 4.4% (2015) |
| Imports | $4.355 billion (2016 est.) $4.526 billion (2015 est.) |
| Imports - commodities | manufactured goods, capital equipment, foodstuffs, petroleum products, chemicals |
| Imports - partners | India 18.7%, China 17.8%, France 7.1%, South Africa 6.5%, Vietnam 4.4% (2015) |
| Reserves of foreign exchange and gold | $4.526 billion (31 December 2016 est.) $4.26 billion (31 December 2015 est.) |
| Debt - external | $10.89 billion (31 December 2016 est.) $10.62 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | NA |
| Stock of direct foreign investment - abroad | $NA |
| Exchange rates | Mauritian rupees (MUR) per US dollar - 35.56 (2016 est.) 35.057 (2015 est.) 35.057 (2014 est.) 30.622 (2013 est.) 30.05 (2012 est.) |