Economy of Mauritius
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| Economy of Mauritius | |
| Currency | Mauritian rupee (MUR) |
|---|---|
| Fiscal year | 1 July - 30 June |
| Trade organisations | WTO, COMESA, SADC and others |
| Statistics | |
| GDP | $15.73 billion (2005 estimate) |
| GDP growth | 2.5% (2005 estimate) |
| GDP per capita | $12,800 (2005 estimate) |
| GDP by sector | agriculture (5.9%), industry (29.8%), services (38.3%)Tourism(54.6)(2008 estimate) |
| Inflation (CPI) | 5% (2005 estimate) |
| Population below poverty line |
10% (2001 estimate) |
| Labour force | 570,000 (2005 estimate) |
| Labour force by occupation |
agriculture and fishing (14%), construction and industry (36%), transportation and communication (7%), trade, restaurants, hotels (16%), finance (3%), other services (24%) (1995) |
| Unemployment | 7.6 (2008 estimate) |
| Main industries | food processing (largely sugar milling), textiles, clothing, chemicals, metal products, transport equipment, nonelectrical machinery, tourism |
| External | |
| Exports | $1.949 billion f.o.b. (2005 estimate) |
| Export goods | clothing and textiles, sugar, cut flowers, molasses |
| Main export partners | UK 32.3%, France 20.7%, United States 11.7%, Madagascar 6.2%, Italy 5.3% (2005) |
| Imports | $2.507 billion f.o.b. (2005 estimate) |
| Import goods | manufactured goods, capital equipment, foodstuffs, petroleum products, chemicals |
| Main import partners | France 12.1%, South Africa 11%, India 7.2%, Finland 6.1%, China 6%, Germany 5.3%, Bahrain 5.2%, Singapore 4.1% (2005) |
| Public finances | |
| Public Debt | $3.246 billion (67.5% of GDP) (2005 estimate) |
| Revenues | $1.377 billion (2005 estimate) |
| Expenses | $1.77 billion; including capital expenditures of $NA (2005 estimate) |
| Economic aid | $42 million (1997) |
| Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars |
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The economy of Mauritius refers to the economic activity of the island nation of Mauritius.
Contents |
[edit] 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. Sugarcane is grown on about 90% of the cultivated land area and accounts for 25% of export earnings. The government's development strategy centers on expanding local financial institutions and building a domestic information telecommunications industry. Mauritius has attracted more than 9,000 offshore entities, many aimed at commerce in India and South Africa, and 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).
Mauritius ranks first in respect of FDI inflows to India amongst all the countries with cumulative inflows amounting to US $ 10.98 billion. Top sectors attracting FDI inflows from Mauritius (from January 2000 to December, 2005) are electrical equipment, telecommunications, fuels, cement & gypsy products and services sector (financial & non-financial).[1]
[edit] Financial services
Mauritius provides an environment for banks, insurance and reinsurance companies, captive insurance managers, trading companies, ship owners or managers, fund managers and professionals to conduct their international business. The economic success achieved in the 1980s engendered the rapid growth of the financial services sector in Mauritius. The following types of offshore activities can be conducted in Mauritius:
- Offshore Banking
- Offshore Insurance
- Offshore Funds Management
- International Financial Services
- Operational Headquarters
- International Consultancy Services
- Shipping and Ship Management
- Aircraft Financing and Leasing
- International Licensing and Franchising
- International Data Processing and Information Technology Services
- Offshore Pension Funds
- International Trading
- International Assets Management
- International Assets Management
- International Employment Services
[edit] Board of Investment
The Mauritius Board of Investment is an agency of the Government of Mauritius whose aim is to promote and facilitate investment in Mauritius.
The Board of Investment targets the international business community and is responsible for attracting international investment and talents in the country.
[edit] Macroeconomic statistics
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Distribution of family income - Gini index: 37 (1987 estimate)
Agriculture - products: sugarcane, tea, corn, potatoes, bananas, pulses; cattle, goats; fish
Industrial production growth rate: 8% (2000 estimate)
Electricity - production: 1,836 GWh (2002)
Electricity - consumption: 1,707 GWh (2002)
Oil - consumption: 21,000 bbl/day (2003 estimate)
21,000 bbl/day (2001 estimate)
Current account balance: $151 million (2005 estimate)
$284.1 million (2004 estimate)
Reserves of foreign exchange and gold: $1.676 billion (2004 estimate)
$1.605 billion (2005 estimate)
Exchange rates: Mauritian rupees per US dollar - 29.31 (01 Feb 2008), 32.86 (2006), 29.14 (2005), 27.499 (2004), 27.902 (2003), 29.962 (2002), 29.129 (2001)
[edit] See also
- Mauritius
- Bank of Mauritius (central bank)
- Mineral industry of Mauritius
[edit] Notes and references
This article incorporates public domain material from websites or documents of the CIA World Factbook.
[edit] External links
- Economy of Mauritius at the Open Directory Project
- Ministry Of Finance and Economic Development
- Mauritius Chamber of Commerce and Industry
- Central Statistics Office - Official gatherer and provider of statistics for Mauritius
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