Summary of Economic Overview 2024

  • Mauritius is an upper-middle-income island nation with a diversified economy driven by the services sector (around 66.9% of GDP), particularly tourism, financial services, ICT, and real estate. [1][3]
  • In 2022, Mauritius’ GDP was estimated at $12.9 billion with a per capita GDP of around $10,200. [1][4]
  • After a 14.6% contraction in 2020 due to COVID-19, GDP growth rebounded to 3.5% in 2021 and accelerated to an estimated 8.3-8.7% in 2022, supported by the recovery in tourism. [1][2][5]

Growth Projections

  • GDP growth is projected to moderate to around 5.0-5.1% in 2023 as economic activities gradually normalize post-pandemic. [1][2][5][8]
  • For 2024, GDP growth is forecast at 3.8-4.9%, driven by construction projects, continued tourism recovery, and sectors like transport and financial services. [6][8]
  • Over the medium-term to 2025, Mauritius’ economy is expected to converge to its pre-pandemic trend growth rate of 3.0-3.5%. [3]

Key Sectors

  • Manufacturing (particularly textiles), agriculture (sugarcane), ICT, seafood processing, renewable energy, and education are other important economic sectors. [1][3]
  • The government aims to promote emerging sectors like fintech, artificial intelligence, blockchain, biotechnology, and the ocean economy. [2][3]
  • Tourism directly contributed around 5 percentage points to the 9.1% GDP growth in 2022, along with manufacturing, financial services, public administration, trade, and professional services. [5]

Inflation and External Position

  • Inflation spiked to 10.8% in 2022 due to imported food and energy prices but is projected to moderate to 7.0% in 2023 and 4.9-6.5% in 2024. [1][2][6][8]
  • The current account deficit is estimated at 11.5% of GDP in 2022, projected to narrow to 6.2% in 2023 and 4.1% in 2024 as the trade deficit declines. [2]
  • Foreign exchange reserves remain comfortable at around 10 months of import cover as of end-2022. [2]

So in summary, Mauritius has a relatively diversified upper-middle-income economy that was severely impacted by COVID-19 but has rebounded strongly since 2022, led by a resurgent tourism sector. While facing external headwinds like high inflation, the outlook remains positive with projected GDP growth of around 4-5% in 2024 before converging to a longer-term trend of 3-3.5%.

GDP Growth:
2020: -14.6% (contraction due to COVID-19)
2021: 3.5%
2022: 8.3-8.7% (estimated)
2023: 5.0-5.1% (projected)
2024: 3.8-4.9% (projected)
2025 and beyond: 3.0-3.5% (projected long-term trend)

Key Sectors (% contribution to GDP):
Services: 66.9%

  • Tourism, Financial Services, ICT, Real Estate
    Manufacturing: (specific percentage not provided)
  • Textiles
    Agriculture: (specific percentage not provided)
  • Sugarcane
    Other sectors: ICT, Seafood Processing, Renewable Energy, Education
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