Mauritius Economy Profile 2009

Economy - overview

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been in the order of 5% to 6%. This remarkable achievement has been reflected in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and 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, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA).

GDP (purchasing power parity)

$15.27 billion (2008 est.)
$14.6 billion (2007 est.)
$13.85 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$8.738 billion (2008 est.)

GDP - real growth rate

4.6% (2008 est.)
5.4% (2007 est.)
5.1% (2006 est.)

GDP - per capita (PPP)

$12,000 (2008 est.)
$11,600 (2007 est.)
$11,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 4.6%
industry: 24.9%
services: 70.5% (2008 est.)

Population below poverty line

8% (2006 est.)

Labor force

584,000 (2008 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

7.2% (2008 est.)
8.8% (2007 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Distribution of family income - Gini index

39 (2006 est.)
37 (1987 est.)

Investment (gross fixed)

25.4% of GDP (2008 est.)

Budget

revenues: $1.871 billion
expenditures: $2.163 billion; including capital expenditures of $NA (2008 est.)

Public debt

56.6% of GDP (2008 est.)
29.2% of GDP (2004 est.)

Inflation rate (consumer prices)

9.7% (2008 est.)
8.8% (2007 est.)

Commercial bank prime lending rate

NA% (31 December 2008)
21.87% (31 December 2007)

Stock of money

$1.68 billion (31 December 2008)
$1.673 billion (31 December 2007)

Stock of quasi money

$6.915 billion (31 December 2008)
$6.759 billion (31 December 2007)

Stock of domestic credit

$9.324 billion (31 December 2008)
$8.582 billion (31 December 2007)

Industries

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

Industrial production growth rate

5% (2008 est.)

Electricity - production

2.321 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 90.8%
hydro: 9.2%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

2.058 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

22,450 bbl/day (2006 est.)

Oil - imports

23,650 bbl/day (2006)

Oil - exports

0 bbl/day (2006)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$974.5 million (2008 est.)
-$408.3 million (2007 est.)

Agriculture - products

sugarcane, tea, corn, potatoes, bananas, pulses; cattle, goats; fish

Exports

$2.404 billion (2008 est.)
$2.231 billion (2007 est.)

Exports - commodities

clothing and textiles, sugar, cut flowers, molasses, fish

Exports - partners

UK 29.9%, France 14.7%, US 8.3%, Madagascar 7%, Italy 6.4%, Belgium 5%, UAE 4.9% (2008)

Imports

$4.391 billion (2008 est.)
$3.656 billion (2007 est.)

Imports - commodities

manufactured goods, capital equipment, foodstuffs, petroleum products, chemicals

Imports - partners

India 21.3%, France 11.9%, China 9.4%, South Africa 7.6% (2008)

Reserves of foreign exchange and gold

$1.785 billion (31 December 2008 est.)
$1.822 billion (31 December 2007 est.)

Debt - external

$2.476 billion (31 December 2008 est.)
$2.149 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$3.443 billion (31 December 2008)
$5.666 billion (31 December 2007)
$3.598 billion (31 December 2006)

Economic aid - recipient

$31.93 million (2005)

Currency (code)

MUR

Currency (code)

Mauritian rupee (MUR)

Exchange rates

Mauritian rupees (MUR) per US dollar - 27.973 (2008 est.), 31.798 (2007), 31.656 (2006), 29.496 (2005), 27.499 (2004)

Fiscal year

1 July - 30 June