Statistics Mauritius estimates 3.8% growth in 2015 on financial services boost
Mauritius’ GDP is forecast to grow by 3.8% in 2015, higher than the 3.5% growth in 2014, with the main contributors being “Financial and insurance activities”, “Manufacturing” and “Wholesale & retail trade; repair of motor vehicles and motorcycles”. (Image: Wikipedia)
Statistics Mauritius released today the national accounts estimates report based on information gathered on key sectors of the economy, basis which the GDP/GVA at basic prices is forecast to grow by 3.8% in 2015 against 3.5% in 2014, exclusive of sugar,however this represents a downward revision in growth from an earlier forecast of 4.1% by Statistics Mauritius.
The main contributors to the 3.8% growth in GDP/GVA at basic prices would be “Financial and insurance activities”, “Manufacturing” and “Wholesale & retail trade; repair of motor vehicles and motorcycles”.
Final consumption expenditure would grow by 3.2% in 2015, compared to 2.9% in 2014, and, in terms of saving for 2015, Gross Domestic Saving (GDS) as a percentage of GDP at market prices for 2015 would be 12.2 compared to 11.5 in 2014.
On the investment side, total investment would rebound by 5.2% in 2015 after several years of contraction. Within this, private sector investment is expected to fall by -0.1% in 2015 after the negative growth of -8.4% in 2014, and public sector investment is likely to expand by 20.5% in 2015 compared to 1.8% in 2014.
Imports of goods and services would grow by 6.4% in 2015, compared to 8.8% in 2014, and exports of goods and services would grow by 9.5%, compared to the 11.1% growth in 2014. Net exports of goods and services are expected to result in a deficit representing 9.5% of GDP at market prices, lower than the figure of 11.4% registered in 2014.
On the basis of information gathered on key sectors of the economy and performance in the first quarter of 2015, GDP/GVA at basic prices is expected to grow by around 3.8% in 2015, higher than the 3.5% growth in 2014.
As for the growth rate by industry to achieve the forecast of 3.8% growth in 2015, information and communication shall register the highest growth rate of 7.0%, higher than the 6.4% in 2014, followed by accommodation and food service activities which will register growth of around 5.4% based on a forecast of around 1,100,000 tourist arrivals in 2015 and tourist earnings forecast of Rs 48.5 billion.
As for activities of Export Oriented Enterprises (EOE), these are expected to grow by 1.7%, higher than the growth of 0.8% recorded in 2014. Besides, the construction segment is expected to recover by 1.4% after four consecutive years’ contraction, with positive growth credited to ongoing private and public projects and new public projects announced in the budget.
Sectors that are forecast to record lower growth rate than 2014 are: manufacturing, which will grow by 1.9%, lower than the 2.2% in 2014; and, agriculture, forestry and fishing, which shall expand by 3.6%, compared to the 3.9% growth in 2014. Within agriculture, a sugar production of around 410,000 tonnes of refined and special sugars will result in a growth of 1.9% after a contraction of -1.7% in 2014. Finally, “other Agriculture” will grow by 4.2% this year, compared to 6.5% in 2014.
To conclude, the report noted that financial and insurance activities would see a growth of 5.3% in 2015, slightly lower than the 5.4% growth observed in 2014.