Mauritius Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

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 depends on sugar, tourism, textiles and apparel, and financial services, but is expanding into fish processing, information and communications technology, education, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area but sugar makes up only around 3-4% of national GDP. Authorities plan to emphasize services and innovation in the coming years. After several years of slow growth, government policies now seek to stimulate economic growth in five areas: serving as a gateway for international investment into Africa; increasing the use of renewable energy; developing smart cities; growing the ocean economy; and upgrading and modernizing infrastructure, including public transportation, the port, and the airport.

 

Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. The Mauritius International Financial Center is under scrutiny by international bodies promoting fair tax competition and Mauritius has been cooperating with the European Union and the United states in the automatic exchange of account information. Mauritius is also a member of the OECD/G20’s Inclusive Framework on Base Erosion and Profit Shifting and is under pressure to review its Double Taxation Avoidance Agreements. The offshore sector is vulnerable to changes in the tax framework and authorities have been working on a Financial Services Sector Blueprint to enable Mauritius to transition to a jurisdiction of higher value added. 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 35.6 % from 2000 to 2014. However, lack of local labor as well as rising labor costs eroding the competitiveness of textile firms in Mauritius.

 

Mauritius' sound economic policies and prudent banking practices helped mitigate negative effects of the global financial crisis in 2008-09. GDP grew in the 3-4% per year range in 2010-17, 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. Mauritius continues to rank as one of the most business-friendly environments on the continent and passed a Business Facilitation Act to improve competitiveness and long-term growth prospects. A new National Economic Development Board was set up in 2017-2018 to spearhead efforts to promote exports and attract inward investment.

Real GDP (purchasing power parity)

$24.64 billion (2020 est.)

$28.95 billion (2019 est.)

$28.1 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.8% (2017 est.)

3.8% (2016 est.)

3.6% (2015 est.)

Real GDP per capita

$19,500 (2020 est.)

$22,900 (2019 est.)

$22,200 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14.004 billion (2019 est.)

Inflation rate (consumer prices)

0.4% (2019 est.)

3.2% (2018 est.)

3.6% (2017 est.)

Credit ratings

Moody's rating: Baa1 (2012)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4% (2017 est.)

industry: 21.8% (2017 est.)

services: 74.1% (2017 est.)

GDP - composition, by end use

household consumption: 81% (2017 est.)

government consumption: 15.1% (2017 est.)

investment in fixed capital: 17.3% (2017 est.)

investment in inventories: -0.4% (2017 est.)

exports of goods and services: 42.1% (2017 est.)

imports of goods and services: -55.1% (2017 est.)

Agricultural products

sugar cane, poultry, pumpkins, gourds, potatoes, eggs, tomatoes, pineapples, bananas, fruit

Industries

food processing (largely sugar milling), textiles, clothing, mining, chemicals, metal products, transport equipment, nonelectrical machinery, tourism

Industrial production growth rate

3.2% (2017 est.)

Labor force

554,000 (2020 est.)

Labor force - by occupation

agriculture: 8%

industry: 29.8%

services: 62.2% (2014 est.)

Unemployment rate

6.65% (2019 est.)

6.84% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 24.5%

male: 21.7%

female: 28% (2020 est.)

Population below poverty line

10.3% (2017 est.)

Gini Index coefficient - distribution of family income

36.8 (2017 est.)

39 (2006 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 2.994 billion (2017 est.)

expenditures: 3.038 billion (2017 est.)

Budget surplus (+) or deficit (-)

-0.3% (of GDP) (2017 est.)

Public debt

64% of GDP (2017 est.)

66.1% of GDP (2016 est.)

Taxes and other revenues

22.5% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$875 million (2017 est.)

-$531 million (2016 est.)

Exports

$5.17 billion (2019 est.) note: data are in current year dollars

$5.59 billion (2018 est.) note: data are in current year dollars

Exports - partners

France 10%, South Africa 10%, United States 10%, United Kingdom 8%, Zambia 7%, Madagascar 6% (2019)

Exports - commodities

fish products, raw sugar, clothing and apparel, diamonds, refined petroleum (2019)

Imports

$7.41 billion (2019 est.) note: data are in current year dollars

$7.53 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 15%, India 13%, France 10%, South Africa 8%, United Arab Emirates 7% (2019)

Imports - commodities

refined petroleum, cars, fish products, aircraft, packaged medicines (2019)

Reserves of foreign exchange and gold

$5.984 billion (31 December 2017 est.)

$4.967 billion (31 December 2016 est.)

Debt - external

$226.799 billion (2019 est.)

$232.17 billion (2018 est.)

Exchange rates

Mauritian rupees (MUR) per US dollar -

39.65 (2020 est.)

36.51 (2019 est.)

34.4 (2018 est.)

35.057 (2014 est.)

30.622 (2013 est.)

NOTE: The information regarding Mauritius on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Mauritius 2022 information contained here. All suggestions for corrections of any errors about Mauritius 2022 should be addressed to the CIA or the source cited on each page.