|Names||Conventional long form: Republic of Mauritius
Conventional short form: Mauritius
|Independence||12 March 1968 (from UK)|
|National holiday||Independence Day, 12 March 1968|
Mauritius 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).
Key economic indicators
|Main Economic indicators||Unit||2017||2018||2019||2020||2021b||2022a|
|GDP (market prices)||Rs bn||472.9||500.0||512.1||448.6||478.6||
|Per capita GDP (market prices)||US $||373.8||395.1||404.5||354.3||377.9||
|GDP growth (basic prices)||%||+3.9||+4.0||+2.9||-14.6||+3.5||
|Headline inflation||Dec, %||3.7||3.2||0.5||2.5||4.0||10.8|
|Unemployment rate||Average, %||24.9||25.1||22.8||26.1||27.7||-|
Source : Statistics Mauritius, Ministry of Finance and Economic Development. *First Quarter
Foreign direct investment by sector, Rs million
*First Three Quarters of 2021 and 2022
|Accommodation & food service activities||2,381.9||1,365||70||192||944||1,095|
|Financial and insurance activities||386||4,277||534||607||46||25|
|Real estate activities||8,793||9,066||16,148||8,531||5,549||9,965|
|of which IRS/RES||5,775||8,064||14,030||6,308||3,794||7,510|
Source : Bank of Mauritius.*First Quarter
Direct investment abroad by sector (excluding GBC1s)
|Accommodation & food service activities||386||1,365||1,498||192||73||37|
|Financial and insurance activities||6,586||4,277||534||607||38||9|
|Real estate activities||8,793||9,066||16,148||8,531||279||776|
Source : Bank of Mauritius.
Imports from and exports to Mauritius
|Country of origin (Rs million) / U.S. Imports To Mauritius||2015||2016||2017||2018||2019||2020|
|United Arab Emirates||68,896.57||86,312.30||112.485.30||193,662.33||407,625.08||-|
|Country of origin (Rs million) / U.S. Exports To Mauritius||2015||2016||2017||2018||2019||2020|
|United Arab Emirates||306,766.98||63,334.23||21.377.96||15,290.37||6,547.56||-|
Source : WITS - World Integrated Trade Solution.