Mauritius GDP to show 3.2% growth in 2013
The latest issue of Economic Indicators for Mauritius shows that that the GDP is likely to have increased by 3.2 per cent for the year 2013 (Image: business.mega.mu)
The island economy is likely to have achieved 3.2% growth in GDP for 2013 against 3.4% realized in 2012, according to the latest issue of Economic Indicators for Mauritius.
Exclusive of sugar, the growth rate would be around 3.3% in 2013, and 3.5% in 2012, as the sugar sector showed a dip in performance in both years, particularly 2012.
To illustrate, the sugar industry’s production for 2013 is estimated at around 407,000 tonnes, showing a decrease of 1.3% compared to a decrease of 7.3% in 2012.
Based on information on key sectors of the economy and the performance of the first nine months of 2013, GDP for the year is expected to hit Rs 322,696 million against 2012 when the figure was Rs 302,758 million, representing a 6.6% increase on nominal rates.
Further, the GDP at market prices for 2013 is expected to have increased by 6.5% to Rs 366,401 million from Rs 343,975 million in 2012.
Taxes on products are likely to show a 6 per cent rise to Rs 43,705 million for 2013 compared to 2012 where it was estimated at Rs 41,218 million.
The manufacturing sector is poised to improve by 3 per cent compared to 2.2 per cent in 2012. However, because of the completion of the airport extension and shopping malls in 2012, the construction industry will likely show a decline of 9.4% after a reduction of 3% in 2012.
In 2012, the number of tourists coming to Mauritius was 965,441 and in 2013 the number is expected to be one million, thus food and accommodation activities may show a growth of 3.5 per cent.
The information and communication as well as financial and insurance activities should show a growth of 7.1 per cent each in 2013 compared to the 8.6 per cent and 5.4 per cent increase respectively achieved in 2012.
In 2013, the level of investment decreased 2.7 per cent to Rs 77,019 million from Rs 79,185 million in 2012.
In case of goods and services, both imports and exports increased in 2013 compared to 2012. In 2013, the figure for imports stood at Rs 240,468 million compared to Rs 229,251 million in 2012, representing an increase of 4.9 per cent.
Regarding exports of goods and services, the figure would reach Rs 198,476 million, representing an increase of 5.7 per cent from Rs 187,688 million in 2012.
2014 is expected to be a good year for the economy with GDP growth rate likely to be 3.7 per cent, higher than the 3.2 per cent achieved in 2013. Exclusive of sugar, the growth rate would be 3.8% compared to 3.3% in 2013.
The estimation is based on information obtained on key sectors of the economy and on the assumption of the same implementation rate as in 2013 for measures announced in the last budget regarding public investment projects.