Mauritius’ Foreign Direct Investment amounted to Rs 10.10 billion in the first three quarters of 2014
The island economy had attracted Rs 10.10 billion in FDI in the first three quarters of 2014, with the real estate sector attracting the most investment. (Image: Wired.co.uk)
Mauritius attracted Rs 10.10 billion of foreign direct investment (FDI) in the first three quarters of the year, which is higher than the Rs 9.51 billion recorded for the whole year of 2013, according to figures released by the Bank of Mauritius on Friday.
Sector-wise, the central bank said that the real estate sector attracted most investment between January to September 2014 at Rs 4.32billion even it knew a decrease of 27.1% when compared to the similar period of 2013.
Accommodation and food service activities attracted FDI worth Rs 3.26 billion, followed by financial and insurance activities, which got Rs 1.42 billion.
Finally, human health and social work activities attracted Rs 532 million of FDI while construction got Rs 260 million.
Conversely, only Rs 47 million was injected into the repair of motor vehicles and motorcycles while the energy sector saw only Rs 36 million in investments.
Another let-down was the manufacturing sector, which attracted only Rs 26 million in FDI.
Coming to sources of investment, the largest bloc was of developed countries with an investment of Rs 6.74 billion against Rs 3.36 billion invested by developed economies.
Europe in particular contributed a sizeable Rs 6.62 billion in FDI for the first three quarters of the year and the European Union contributed Rs 6.16 billion.
France invested as much as Rs 2.64 billion, Rs 843 million came from the United Kingdom and Rs 418 million from Luxembourg.
Besides, Switzerland and North America also made a high contribution of Rs 392 million and Rs 118 million respectively.
Of developing economies, Asia contributed the most at Rs 2.13 billion, with South and East Asia investing the most at Rs 1.55 million while Rs 1.41 billion came from East Asia.
Further data released by the BoM on balance of payments showed that the current account deficit (CAD) amounted to Rs 10.72 billion in the third quarter of 2014, on the back of lowering merchandise trade deficit from Rs 17.61 billion to Rs 17.42 billion.
On a yearly basis, exports of goods increased by 17.2% while imports of goods witnessed a growth at lower pace of 9.1%.
Additionally, excluding ship, stores and bunkers, exports of goods rose by 19.7%, driven mainly by re-exports of ‘telecommunication equipment & accessories.’
The rise in imports of goods showed high imports of ‘machinery and transport equipment’ and ‘mineral fuels, lubricants and related products.’
However, the surplus on the services increased to Rs 6.23 billion in the third quarter of 2014, from Rs 1.92 billion in the year-ago period, largely due to a combination of higher net inflows on the travel and net other services accounts with the latter being driven by private net other services.
The capital and financial account balance, inclusive of reserve assets, posted lower net inflows of Rs 7.87 billion in the third quarter of 2014, from Rs 12.46 billion during in the year-ago period.
The central bank concluded that the overall balance of payments, excluding valuation changes, recorded a surplus of Rs 3.39 billion in the third quarter 2014, against a deficit of Rs 3.43 billion recorded in the corresponding quarter of 2013.