Macro-economic Profile

Mauritius, a strong and diversified economy

 

 

Mauritius has a vibrant economy with an impressive track record of sustained growth.

With its technology-oriented approach, the country extends its leading position in Africa.

 

Macro-economic profile of Mauritius

Economic growth: No recession in 39 years

Mauritius belongs to the very few countries in the world that have experienced uninterrupted annual economic growth for more than three decades. There was no recession in Mauritius from 1981 to 2019. 

Between the 1980s and 2000, Mauritius experienced robust economic growth which propelled the country to the rank of upper middle-income status. At the same time, Mauritius achieved full employment and wages rose relative to other countries. This led to a shift from a labour intensive to a capital intensive growth model.

Compared to peer countries, over the past 15 years, Mauritius’ growth rate was relatively stable and had the smallest fall in growth during the 2009 global financial crisis, maintaining a positive growth rate over this period. However, the Corona pandemic hit tourism and the hospitality industry hard: In 2020, Mauritius’ GDP contracted by 14.9%.

For 2021, the IMF’s World Economic Outlook expects growth of 6.6%. The African Economic Outlook forecasts average GDP growth of 7.1% for 2021 and 2022.

Well diversified economy

Mauritius is an upper middle-income country with activities evenly distributed over many sectors, making the national economy robust and resilient against potential external shocks.
  • Primary (agriculture, forestry, fishing, mining): 4%
  • Secondary (industry): 21.8%
  • Tertiary (services): 74.1%

Other aggregations:

  • Export-oriented enterprises: 4.9%
  • Tourism: 8.0%
  • ICT: 5.6%
  • Global Business: 5.7%
Percentage Distribution of Gross Value Added by industry group at current basic prices, 2017

(Data source: Statistics Mauritius, under the aegis of the Ministry of Finance & Economic Development)

Key Sectors

The Financial Services sector is the future

Financial and insurance activities show the strongest growth in 2018, followed by ICT, tourism and trade.
Percentage Growth Rates of GDP Contribution of main Sectors in 2018

(Source: Financial Services Commission, Mauritius)

Macro-economic Indicators

Financial Situation

Key figures show evidence that Mauritius was in a financially healthy situation until 2019. However, some data have deteriorated since 2020:

    • Population: 1.38 million people (July 2021e)
    • GDP growth: -14.9% (2020)
    • GDP per capita (PPP): $22,989 (Dec 2019)
    • Inflation rate: 2.4% (May 2021)
    • Budget Deficit (% of GDP): 13.6% (Dec 2020)
    • Public sector debt  (% of GDP): 73.4% (Dec 2020)
    • External debt (% of GDP): 30.9% (Mar 2021e)
    • Consumer Price Index: +3.2% (2018e)
    • Savings rate (% of GDP market prices): 10.9% (2017)
    • Main import partners: China 17%, India 14%,  South Africa 8.2%, UAE 7.4%, France 7.1%, (2019)
    • Main export partners: France 13%, US 11%, UK 11%, South Africa 11%, Madagascar 7.1%, Italy 5.5%, Spain 4.5% (2019)
    • Unemployment rate: 6.65% (2019)