Mauritius sees GDP growth of 3.2% in 2013; expects 3.7% in 2014
In 2014, the share of the private sector in total investment would decrease to 73.6% and that of the public sector would increase to 26.4%, estimated Statistics Mauritius. (Image: Standard Bank)
Mauritius GDP in 2013 grew 3.2% while GDP in 2014 is forecast to grow by 3.7%, according to data released by Statistics Mauritius today.
Statistics Mauritius indicated that GDP grew by 2.9% in the fourth quarter 2013. The main contributors were manufacturing, financial and insurance activities, wholesale and retail trade & repair of motor vehicles and motorcycles, contributing 0.9% points, 0.5% points and 0.4% points respectively while construction pulled growth down by 1.2% points.
Total consumption expenditure grew 2.3% in the fourth quarter of 2013, slightly higher than the 2.2% of the previous quarter.
Consumption expenditure of households grew 2.8% in the last quarter of 2014 compared to 2.6% in the previous quarter while that of the general government declined 0.1% as opposed to 0.4% growth in the third quarter of 2013.
In the fourth quarter of 2013, investment grew 1.5%, spurred by 58.3% growth in machinery and equipment but partly counteracted by a decline of 19.1% in construction.
Export of goods and services rose by 8.3% even as imports of goods and services grew 12.2%.
Quarter-on-quarter GDP growth rates show that the economy grew at a lower rate of 0.3% in the fourth quarter of 2013 compared to 1.0% in the third quarter of 2013.
For the whole year, the GDP grew by 3.2% and exclusive of sugar, the growth rate worked out to 3.3%.
Other agriculture segments showed a lower growth of 1.7% over 5.5% in the third quarter of 2013 as a result of lower-than-expected performance of in fishing activities and food crops.
Manufacturing expanded at a higher rate of 4.5% compared to 3.0%, on the back of improved performance in ship building and boat activities.
Accommodation and food services grew by 2.5% rather than 3.5% as estimated earlier, based on tourist arrivals of 993,106 instead of the 1 million forecast in December 2013.
Expectations for the year 2014 show that the GDP is forecast to grow by 3.7%. Exclusive of sugar, the growth rate would be 3.8%.
Agriculture, forestry and fishing is anticipated to expand by 7.1%. Sugar production of around 410,000 tonnes is expected, with sugarcane growth of 1.2%. And, other agriculture segments are expected to expand by 10% due to expected increase in fishing activities.
Manufacturing is expected to decrease by 2.4% with the sugar milling sector to grow by approximately 3.2% after a contraction of -1.0% in 2013, food processing to recover from the negative growth of -0.3% in 2013 to expand by 3.0%, taking into account full operations of the additional fish processing plant set up in the second semester of 2013.
Assuming sustained recovery in the main markets and diversification of regional markets, textile manufacturing is set to grow at a rate of 2%.
Construction is expected to decline by -3.0% after the contraction of -9.4% in 2013, assuming the same implementation rate as in 2013 for public projects announced in the last budget and a drop in major private construction projects.
On a forecast of around 1,025,000 tourist arrivals in 2014, a growth of approximately 3% is anticipated in the accommodation and food service segment, and tourist earnings are forecast at Rs 44 billion.
In addition, financial and insurance activities are expected to grow by 5.3%.
Final consumption expenditure of households and government is expected to grow by 2.6%, while the saving rate is expected to hit 13%.
The share of the private sector in total investment would decrease to 73.6% and that of the public sector would increase to 26.4%.