Le Budget 2018-19 Dan Son Integralité

SUPPLEMENT TO THE BUDGET
2018-2019
PURSUING OUR
TRANSFORMATIVE JOURNEY
BUDGET SUPPLEMENT | 2018-2019 1
SUPPLEMENT
TO THE BUDGET
2018/2019
4 BUDGET SUPPLEMENT | 2018-2019
Purpose
To supplement the Budget 2018-2019
with a review and outlook of the
economy in greater detail.
Outline
The supplement is structured into four
parts:
1. The Global Economic Performance
with respect to output, investment
flows and global trade
2. Review of the Mauritian Economy:
Highlights
3. Economic Review and Outlook:
Macroeconomy
4. Economic Review and Outlook:
Sectoral
Data coverage
All data, unless otherwise specified, are
official data from Statistics Mauritius and
Bank of Mauritius.
Contents
06 REVIEW OF THE GLOBAL ECONOMY 24 ECONOMIC

SECTORAL
REVIEW AND OUTLOOK:
GLOBAL GDP GROWTH 06
SECTORAL PERFORMANCE
GLOBAL TRADE 07
TRADITIONAL SECTORS 24
GLOBAL FOREIGN DIRECT INVESTMENT 07
AGRICULTURE, FORESTRY AND FISHING
MAURITIUS AND THE GLOBAL ECONOMY 07 THE SUGAR-CANE SUB-SECTOR 25
MAURITIUS ECONOMIC GROWTH AND EMPLOYMENT 26
NON-SUGAR AGRICULTURAL SECTOR 27
WORLD TRADE 07 TEA PRODUCTION 27
FOOD CROPS 28
09 REVIEW OF THE MAURITIAN ECONOMY:
HIGHLIGHTS
FISH PRODUCTION
LIVESTOCK
28
28
MILK AND CHEESE 29
MACROECONOMIC PERFORMANCE 10 EMPLOYMENT 29
MANUFACTURING 30
SECTORAL PERFORMANCE 13 SUGAR MANUFACTURING 31
FOOD PROCESSING 32
14 ECONOMIC REVIEW AND OUTLOOK:
MACROECONOMY
TEXTILE
OTHER MANUFACTURING
33
33
TOURISM 34
MACROECONOMIC PERFORMANCE TOURIST ARRIVALS 34
TOURISM EARNINGS 35
MAURITIUS GDP GROWTH 14 EMPLOYMENT 36
EMPLOYMENT/UNEMPLOYMENT 14 TOURIST ACCOMMODATION 36
YOUTH UNEMPLOYMENT MODE OF TRANSPORT 37
PRODUCTIVITY 15 GOLF COURSES 37
CONSUMPTION EXPENDITURE 15 CONSTRUCTION 38
NATIONAL SAVINGS 16 FINANCIAL SERVICES 40
INVESTMENT 16 GLOBAL BUSINESS 41
FOREIGN DIRECT INVESTMENT INFLOWS 16 INVESTMENT 42
FOREIGN DIRECT INVESTMENT OUTFLOWS 17 ICT 43
EXTERNAL TRADE & BALANCE OF PAYMENT 17 EMERGING SECTORS 45
FOREIGN CURRENCY RESERVES 18 REAL ESTATE 45
INFLATION 18 IRS/RES/HIS/PDS 46
EXCHANGE RATE 18 KNOWLEDGE CENTRE OF EXCELLENCE 47
EXCESS LIQUIDITY 19 MEDICAL HUB 48
GOVERNMENT REVENUE 19 RENEWABLE ENERGY 49
GOVERNMENT EXPENDITURE 20 CREATIVE INDUSTRY 50
EXPENDITURE BY SECTOR 21 BLUE ECONOMY 52
FISCAL BALANCES 21 SEAFOOD 53
PUBLIC SECTOR DEBT 22 SEAPORT 53
STRUCTURE OF GOVERNMENT DEBT PORTFOLIO 22
CURRENCY COMPOSITION OF EXTERNAL DEBT 22
DEBT AFFORDABILITY 23
MATURITY STRUCTURE 23
INTEREST RATE RISK 23
EXTERNAL DEBT SERVICE RATIO 23
Review of the Global Economy
Global GDP Growth
According to the World Economic Outlook published CHART 1 : REAL GDP GROWTH
6.0
in April 2018 by the IMF, the global economic
upswing that began around mid-2016 has become 5.0 4.8
4.9
4.3 4.4
broader and stronger. With financial conditions still 4.0 3.8
3.9
supportive and expectations of a sizeable fiscal 3.5

3.2 3.4 3.4
% 3.0
expansion in the United States, global growth is 2.3 2.4
2.8
expected to strengthen in 2018 and 2019. 2.0

2.1
1.8
1.4
The downside risks are possible sharp tightening 1.0
of financial conditions, waning popular support for 0.0

global economic integration, geopolitical strains, WORLD EURO AREA
EMERGING MARKET
AND DEVELOPING
SUB-SAHARAN
AFRICA
growing trade tensions and risks of a shift toward ECONOMIES
2015 2016 2017 2018

protectionist policies.
Source: World Economic Outlook, April 2018, IMF
Global GDP growth is estimated to have picked up
from 3.2 percent in 2016 to 3.8 percent in 2017, the to 4.8 percent in 2017. It is expected to rise further to 4.9
fastest rate since 2011. It is expected to rise to 3.9 percent in 2018.
percent in both 2018 and 2019.
China’s economic growth is forecast to moderate to
In advanced economies, growth in 2017 is estimated 6.6 percent in 2018 from 6.9 percent in 2017.
to have rebounded to 2.3 percent from 1.7 percent
India’s GDP is expected to pick up to a 7.4 percent
in 2016, explained almost entirely by a significant
growth rate in its fiscal year 2018/19.
surge in investment. In 2018, these economies are
expected to grow at a higher rate of 2.5 percent. For the Sub-Saharan African region, growth is
Faster growth in the US and Euro area, particularly in expected to rise to 3.4 percent in 2018 from 2.8
France, will drive this output acceleration. percent in 2017.
Growth in Emerging Market and Developing Countries In South Africa, economic growth is forecast to tick
is estimated to have increased from 4.4 percent in 2016 up to 1.5 percent in 2018 from 1.3 percent in 2017.
CHART 4 : FDI FLOWS

Global Trade
1,200 1,141 1,133
1,000
Global trade has picked up significantly in 2017, 800
859
744 712
685
USD BILLION
652 693 649
growing by 4.9 percent in contrast to 2.3 percent in 600 597
670 671
2016. It is expected to expand at a higher rate of 5.1 400
percent in 2018. 200

65 84 57 36 64 47
0
2012 2013 2014 2015 2016 2017
Developed countries Developing countries Transition Economies
CHART 2 : WORLD TRADE VOLUME GROWTH RATE
Source: World Investment Report 2018, UNCTAD
6
4 Mauritius and The Global Economy

%
2 Chart 5 shows that during the past four decades,
economic growth in Mauritius has followed a similar
0
pattern to that of global economic growth. However,
2015 2016 2017 2018
on average, the economic growth rate of Mauritius
Source: World Economic Outlook April 2018, IMF has been higher than that of the global economy.
The chart also shows that Mauritius has

Global Foreign Direct Investment not known an economic recession in the
past 37 years. Mauritius holds the record
In contrast with accelerated growth in GDP and for the longest run of positive economic
trade, global FDI flows declined by 23 percent in growth in the world.
2017 according to the World Investment Report
2018 of UNCTAD.
CHART 5: GDP GROWTH
UNCTAD forecasts a marginal increase in global 15
FDI flows of about 5 percent in 2018. 10
% 0
CHART 3 : WORLD FDI FLOWS -5
1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
2,000 -10
1,800 -15
USD BILLION
1,600 Mauritius World
1,400 Source: Statistics Mauritius & IMF WEO Database

1,200
1,000 Mauritius Economic Growth

2012 2013 2014 2015 2016 2017 and World Trade
Source: World Investment Report 2018, UNCTAD Chart 6 shows that both GDP growth and the Export
of Goods & Services of Mauritius are particularly
FDI flows to developed economies fell by 37 sensitive to trends in Global Trade.
percent in 2017 while flows to developing
economies remained stable. CHART 6: MAURITIUS GDP GROWTH
AND WORLD TRADE GROWTH
Flows to transition economies also dropped by 27 30
percent after increasing by 78 percent in 2016. 20
% 10
For 2018, UNCTAD forecasts an increase in flows 0

1980 1985 1990 1995 2000 2005 2010 2015
-10
to developed and transition economies while flows
-20
to developing countries will remain stable.
World Trade Volume (IMF) Mauritius GDP Growth Rate Mauritius Exports of
Goods & Services
Source: Statistics Mauritius & IMF WEO Database

Seychelles
Agalega Rodrigues INDIAN OCEAN
Islands
Comores
Cargados
Madagascar Carajos
Islands
Mauritius
Reunion Rodrigues
INDIAN OCEAN INDIAN OCEAN
Source: ontheworldmap.com
Review of the Mauritian Economy:

Highlights
Most indicators point to a firming up of macro-

economic fundamentals and an economic re-
newal leading to a higher growth path.
Both the IMF and Moody’s have expressed opti-

mism on the Mauritian economy.
The IMF views that the macroeconomic outlook

is broadly positive:
“Economic activity is expected to remain

robust, driven by the government’s
ambitious Public Investment Program,
and supported by continued dynamism
in the tourism sector and financial
intermediation activities. [...] Considering
Mauritius’ track record of reinventing its
economic model, there are grounds for
optimism that the country will successfully
manage the reform process.”
Source: 2017 IMF Article IV Consultation Staff Report
In March 2018, Moody’s re-affirmed the Baa1

rating for Mauritius – a rating which according
to them is supported by strong growth and
macroeconomic resiliency to shocks.
“The Mauritian government’s credit

profile is supported by a diversified,
upper-middle income economy
that has demonstrated resilience to
external shocks, despite being small
and open.”
Source: Moody’s Investors Service Credit Opinion March 2018
10
Macro-Economic Performance
PRODUCTIVITY
REAL GDP GROWTH
GROWTH
LABOUR PRODUCTIVITY
• 2017: 2.4%
• 2017: 3.8% (Estimates)
• 2016: 3.4%
• FY 2017/18: 3.9% (Estimates)
CAPITAL PRODUCTIVITY
• 2018 : 3.9% (Forecast)
• 2017: 0.9%
• FY 2018/19: 4-4.2% (Forecast)
• 2016: 1.1%
MULTI FACTOR
PRODUCTIVITY
CONSUMPTION • 2017: 1.4%
• 2016: 1.9%
& SAVINGS
TOTAL CONSUMPTION UNEMPLOYMENT
EXPENDITURE RATE
GROWTH IN 2017 LOWEST IN 16 YEARS
• Real terms: 2.7%
• Nominal terms: 6.1% • 2017: 7.1%
• 2016: 7.3%
AS A % OF GDP
• 2017: 89.3% FEMALE
• 2016: 89.0% UNEMPLOYMENT
• 2017: 10.7%
• 2016: 11.2%
HOUSEHOLD
CONSUMPTION YOUTH
EXPENDITURE UNEMPLOYMENT
GROWTH IN 2017 • 2017: 24.9%
• Real terms: 3.0% • 2016: 23.9%
AS A % OF GDP
• 2017: 74.2%
• 2016: 73.6% FOREIGN
CURRENCY
RATIO OF GROSS RESERVES
DOMESTIC SAVINGS
HIGHEST IN MORE
TO GDP
THAN FIVE DECADES
• 2017: 10.7%
• 2016: 11.0% • 2017: Rs 220.0 BILLION
Enough to cover 10.7months’ imports
• 2016: Rs 178.9 BILLION

11
INVESTMENT PUBLIC FINANCE

RS
AS A % OF GDP
TOTAL
INVESTMENT
BUDGET DEFICIT
AS A % OF GDP
• FY 2016/17: 3.5%
• 2017: 17.3% • FY 2015/16: 3.5%
• 2016: 17.2%
PRIVATE RECURRENT BUDGET DEFICIT

INVESTMENT • FY 2016/17: 1.9%
AS A % OF GDP • FY 2015/16: 1.5%
• 2017: 13.2%
• 2016: 12.8% TOTAL REVENUE
• FY 2016/17: 21.0%
PUBLIC • FY 2015/16: 20.9%
INVESTMENT
TOTAL EXPENDITURE
AS A % OF GDP
• FY 2016/17: 24.5%
• 2017: 4.1%
• FY 2015/16: 24.4%
• 2016: 4.4%
FOREIGN DIRECT PUBLIC SECTOR DEBT

INVESTMENT • END-JUNE 2017: 64.8%
• 2017: Rs 17.5 BILLION • END-JUNE 2016: 65.0%
• 2016: Rs 13.6 BILLION
INFLATION EXTERNAL BALANCE

HEADLINE BALANCE OF PAYMENT
INFLATION RATE SURPLUS
• 2017: 3.7% AS A % OF GDP
• 2016: 1.0% • 2017: 6.2%
• 2016: 6.0%
YEAR-ON-YEAR
INFLATION RATE CURRENT ACCOUNT DEFICIT
• 2017: 4.2% AS A % OF GDP
• 2016: 2.3% • 2017: 6.6%
CORE 1 INFLATION TOTAL EXPORTS/IMPORTS

• 2017: 2.2% OF GOODS AND SERVICES
• 2016: 0.4% • Total exports of goods and services
contracted by 0.6%, while total im-
CORE 2 INFLATION ports of goods and services increased
by 8.2%.
• 2017: 2.2%
• 2016: 2.2%
12
13
Sectoral Performance
% Contribution to Growth in 2017 % Growth in 2017
1 0.8 0.6 0.4 0.2 0 0 2 4 6 8 10
0.7 FINANCIAL AND

INSURANCE ACTIVITIES 5.5
0.3 CONSTRUCTION
7.5

0.4 TOURISM
5.2
0.4 WHOLESALE &
RETAIL TRADE

3.1
0.3 ICT
4.4
0.2 MANUFACTURING
1.4
0.2 HUMAN HEALTH &
SOCIAL WORK ACTIVITIES 4.5
0.2 5.4
PROFESSIONAL,
SCIENTIFIC & TECHNICAL
ACTIVITIES
0.2 REAL ESTATE

ACTIVITIES 3.3
0.1 EDUCATION
1.8
1 0.8 0.6 0.4 0.2 0 0 2 4 6 8 10
% Contribution to Growth in 2017 % Growth in 2017

14
Economic Review & Outlook:

Macroeconomy
Mauritius GDP Growth Youth Unemployment
In 2017, GDP expanded by 3.8 percent, with A high proportion of the unemployed were
positive growth in all sectors, except sugarcane among the youths within the 16-24 years age
and textile. group.
It is expected that GDP growth would be 3.9 The youth unemployment rate is estimated at
percent in 2018, mainly driven by financial 24.9 percent in 2017 compared to 23.9 percent
services, construction and tourism. Sectors such as in 2016.
agriculture, food processing, textile, construction,
CHART 9 : YOUTH UNEMPLOYMENT RATE
retail trade, ICT and global business are expected
35 32.7
to register a higher growth rate than in 2017. 31.2 31.9
30 MALE
In nominal terms, GDP at market prices increased 26.3
23.9 24.9
by 5.8 percent in 2017 compared to 6.1 percent % 25
21.6
in 2016. It is expected to pick up to 7.0 percent in 18.3
19.5
FEMALE
20
2018.
BOTH
15 SEXES
CHART 7 : MAURITIUS’ GDP GROWTH

10
4.0 2015 2016 2017
3.9
3.9
3.8 3.8 The employment of Mauritians increased from
3.8
% 538,600 in 2016 to 545,100 in 2017. Increase in
3.7 female employment accounted for 58 percent of
3.6
the net increase in total Mauritian employment.
3.6
3.5 There were 28,400 foreign workers in Mauritius
2015 2016 2017 2018F
in 2017.
CHART 10 : MAURITIAN EMPLOYMENT

Employment/Unemployment
2017
The unemployment rate declined to 7.3 percent
in 2016 and further to 7.1 percent in 2017.
2016
CHART 8 : UNEMPLOYMENT RATE

13.5 2015
11.6 11.2
11.5
10.7 0 100 200 300 400 500 600
THOUSAND
% 9.5
7.9 FEMALE
7.3 MALE BOTH SEXES
7.5
7.1
5.5
5.5 4.8
4.8 Total activity rate was 59.6 percent in 2017,
3.5
2015 2016 2017
same as in 2016. Male activity rate remained
Male Female Both sexes
unchanged at 74.3 percent while female activity
rate increased from 45.5 percent to 45.7 percent.
15
CHART 11 : ACTIVITY RATE

CHART 13 : PRODUCTIVITY AND COMPETITIVENESS
INDICATORS (YEAR 2007 = 100)
80 74.8 74.3 74.3 130
70 120
60.4 59.6 59.6
INDEX
60 110
% 100
50 46.6 45.5 45.7
90
40 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
LABOUR CAPITAL MULTI FACTOR

30 PRODUCTIVITY PRODUCTIVITY
PRODUCTIVITY
2015 2016 2017
MALE FEMALE BOTH SEXES

Consumption Expenditure
Productivity Total consumption expenditure increased, in
The gap between growth in labour productivity nominal terms, by 5.3 percent in 2016 and 6.1
and average compensation continued to widen, percent in 2017, compared to 4.8 percent in
leading to a constant rise in unit labour costs. 2015, mainly due to higher growth in household
consumption.
In 2017, labour productivity increased by 2.4
percent, while average compensation went up by In real terms, total consumption expenditure
4.1 percent. As a result, unit labour cost rose by 1.7 increased by 2.7 percent in 2017 compared to
percent. 2.9 percent in 2016.
Sectors with the highest increase in labour In 2018, total consumption expenditure is
productivity during the period 2009-2017 were expected to increase by a higher rate of 6.8
administrative and support service activities, ICT percent in nominal terms and by 3.1 percent in
and financial services. real terms.
CHART 12 : LABOUR PRODUCTIVITY CHART 14 : CONSUMPTION EXPENDITURE

(NOMINAL GROWTH)
200
12
9.7
150 10
8 7.3
INDEX
6.7 6.8
100 % 6.1
6 5.3 5.3
4.8 4.7
4.4 4.2
50 4 3.2
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0
UNIT LABOUR COST AVERAGE

LABOUR
2015 2016 2017 2018F
(MRU) COMPENSATION OF
PRODUCTIVITY
EMPLOYEES
FINAL CONSUMPTION HOUSEHOLDS GENERAL GOVERNMENT
EXPENDITURE
Capital productivity is on a rising trend and

increased by 0.9 percent in 2017.
Multifactor productivity, which measures the rate

of change in productive efficiency, increased by 1.4
percent in 2017 compared to 1.9 percent in 2016.
16
Macroeconomy
(cont’d)
National Savings For 2018, the investment rate is forecast at
around 17.2 percent. A decline in the ratio of
Gross Domestic Savings, as a percentage of GDP, private investment to GDP from 13.2 percent
was 11 percent and 10.7 percent respectively in in 2017 to 12.6 percent in 2018 would be offset
2016 and 2017. In 2018, it is expected to rise to by a rise in public investment to GDP ratio from
10.9 percent. 4.1 percent to 4.6 percent. Investment in non-
residential building would remain high while a
CHART 15 : SAVINGS pick-up is expected in residential buildings and
11.2
other construction works.
11.0
11.0 CHART 17 : INVESTMENT
10.9 (NOMINAL GROWTH)
10.8
2015 2016 2017 2018F
% 10.6 10.7 40
29.7
10.4 30 25.6
10.4 15.6
10.2 20 13.4
3.6 5.2
10.0 % 10 1.8 4.8
2015 2016 2017 2018F 0
-0.1
GROSS DOMESTIC SAVINGS (GDS) AS A % OF GDP AT MARKET PRICES -10 -8.0
-10.6
-20
Investment -16.7
RESIDENTIAL NON- RESIDENTIAL

OTHER
CONSTRUCTION
BUILDING BUILDING WORK
The investment rate, defined as the ratio of gross
domestic capital formation to GDP, averaged Foreign Direct Investment Inflows
17.3 percent during the period 2015-2017.
Mauritius continues to attract significant
The ratio of private investment to GDP for the amount of foreign direct investment.
period averaged 12.9 percent.
CHART 16 : INVESTMENT RATE CHART 18: FOREIGN DIRECT INVESTMENT
FLOWS IN MAURITIUS
20 17.4 17.2 17.3 17.2 (EXCLUDING GLOBAL BUSINESS)
19,000 17,491
15 12.6 12.8 13.2 12.6
10 13,648
% 14,000
Rs Million
4.7 4.4 4.1 4.6

5
9,677
0 9000
2015 2016 2017 2018F
PUBLIC PRIVATE TOTAL

4000
2015 2016 2017
Total investment grew by 5.9 percent in nominal
terms in 2017 compared to 5.4 percent in 2016. [Note: For the period 2015-2017, the figures do not include reinvested
earnings and shareholders’ loans and therefore are not comparable with
Investment in non-residential buildings, which fell previous years’ data.]
by around 15 percent on average annually over
2013-2016, increased by 29.7 percent in 2017 In 2017, there were some Rs 17.5 billion of FDI
mainly due to the renovation of a number of flows in Mauritius compared to Rs 13.6 billion
hotels. in 2016. These investments were mainly in real
17
estate development and financial services, External Trade & Balance of

which together accounted for 87.9 percent Payment
of total inflows. The share of FDI directed
towards the construction sector amounted to In 2017, Mauritius registered a visible trade
6.0 percent compared with an average of 4.2 deficit of 21.6 percent of GDP. The high deficit
percent during the previous 4 years. is explained by lower exports of textile and
clothing products and lower re-exports of
France was the main source of FDI inflows, telecommunication equipment, combined with
accounting for 25.1 percent of total inflows in higher imports of petroleum products and road
2017. Significant inflows were also registered vehicles.
from Luxembourg, South Africa, China and
the UK. In 2018, the visible trade deficit is expected to
slightly go down to 21.5 percent of GDP.
CHART 19 : FDI INFLOWS BY SECTOR, 2017
CHART 21: VISIBLE TRADE BALANCE AS A % OF GDP
41.0 39.3
38.0 38.6
Financial
and Insurance
activities 37.7% 22.8
19.4 17.7
Real 17.1
Estate
activities
50.3% Construction 6.0%
2015 2016 2017 2018F

Accommodation
and food service -18.2
activities 2.2% -18.6 -21.6 -21.5
EXPORT OF IMPORT OF VISIBLE TRADE
Information & GOODS GOODS BALANCE
Communication 0.4%
Others 3.4%
The current account of the balance of payments

registered a deficit of 6.6 percent of GDP in
Foreign Direct Investment Outflows 2017.
CHART 22 : COMPONENTS OF CURRENT
In 2017, FDI outflows increased to Rs 2.6 billion,
ACCOUNT AS A % OF GDP
from Rs 1.8 billion in 2016. Most of the investment
was directed towards financial services, 2015 2016 2017
manufacturing, and real estate development. 10
Some 74 percent of the investment went to 0

developing countries, particularly in Africa
(Kenya, Mozambique and Madagascar) and -10
South Asia. -20 -16

-17 -20
CHART 20 : DIRECT INVESTMENT ABROAD -30
INCOME AND
GOODS SERVICES
3,000 CURRENT CURRENT ACCOUNT
2,410 2,553 TRANSFERS
2,500
1,842
2,000
The surplus in the overall balance of payments
RS MILLION
1,500
has been rising in recent years and reached
1,000 6.2 percent of GDP in 2017. Net inflows of
500 investment and government loans in the
capital and financial account were more
0
2015 2016 2017 than adequate to finance the current account
18
Macroeconomy
(cont’d)
Foreign Currency Reserves
CHART 24: INFLATION RATE
As at end May 2018, total reserves amounted to 5
Rs 222.0 billion, equivalent to some 10.7 months 4
of imports. This is an increase of 23.8 percent over
the level of reserves in May 2017. 3
2
%
CHART 23 : GROSS OFFICIAL INTERNATIONAL RESERVES 1
0
250,000 12.0
MARS 15
MARS 16
MARS 17
MAR 118
SEPT 15
SEPT 16
SEPT 17
DEC 15
DEC 16
DEC 17
JUN 15
JUN 16
JUN 17
200,000 10.0
RS MILLION
MONTHS
8.0
150,000
HEADLINE CORE1 CORE2 YEAR-ON-YEAR
6.0
100,000
4.0
50,000
2.0
[Note: Headline inflation is measured by comparing the average level of
prices, as measured by the CPI, during a twelve-month period with the
0.0
average level during the corresponding previous twelve-month period.]
SEPT 15
SEPT 16
SEPT 17
NOV 15
NOV 16
MAR 15
MAR 16
MAR 18
NOV 17
MAR 17
MAY 15
MAY 16
MAY 17
JAN 15
JAN 16
JAN 18
JAN 17
JUL 15
JUL 16
JUL 17
GROSS OFFICIAL INTERNATIONAL RESERVES IMPORT COVER (RHS)

Exchange Rate
In 2017, the Mauritian rupee appreciated against
Inflation the currencies of most of its main trading partners,
except the South African rand. In nominal effective
Headline inflation reached a low of 1.0 percent terms, as measured by the Mauritius Exchange
in 2016. It rose to 3.7 percent in 2017 due to the Rate Index 1 (MERI1), the rupee appreciated by 2.1
increase in prices of petroleum products, prices percent between December 2016 and December
of vegetables following unfavourable climatic 2017 and 1.7 percent between December 2015
conditions and excise taxes on tobacco and and December 2016, compared to a depreciation
alcoholic products. It further rose to 5.0 percent for
of 9.4 percent between December 2014 and
the year ending April 2018 due to a jump in the
December 2015.
prices of vegetables.
Year-on-year inflation rate in December 2017 was CHART 25: MERI 1

4.2 percent compared to 2.3 percent in December CHANGE IN MERI 1 (+VE MEANS DEPRECIATION)
2016. It was at 3.7 percent in April 2018. 9.4
CORE1 inflation, which excludes “Food, Beverages

and Tobacco” components and mortgage interest 6.0
%
on housing loan from the CPI basket, increased
from 0.4 percent in 2016 to 2.2 percent in 2017. It
stood at 2.5 percent in March 2018. 1.0
CORE2 inflation, which excludes food, beverages -4.0

-1.7 -2.1
and tobacco, mortgage interest, energy prices DEC 2014/DEC 2015 DEC 2015/DEC 2016 DEC 2016/DEC 2017
and administered prices, was rather stable at 2.2

percent over the period.
19
Against individual currencies, the rupee evolved in Excess Liquidity

line with international trends.
Excess liquidity in the banking sector, measured
Against the US dollar, the rupee appreciated by 6.1
as cash balances held by banks in excess of the
percent between December 2016 and December
2017. It was rather stable between December statutory cash reserve requirements, reached
2015 and December 2016. Rs 26 billion in December 2017 and remained
at an elevated level of around Rs 22 billion, on
Against the Euro, the rupee depreciated by 5.4 average, during the first quarter of 2018.
percent between December 2016 and December
2017, in contrast to an appreciation of 2.9 percent CHART 27: EXCESS LIQUIDITY
between December 2015 and December 2016.
Against the British pound, the rupee depreciated 30,000
by about 1 percent against the pound between 25,000
RS MILLION
20,000
December 2016 and December 2017. It 15,000
appreciated by around 17 percent between 10,000
December 2015 and December 2016. 0
30 MARS 17
19 MARS 15
31 MARS 16
29 MAR 118
29 SEPT 16
24 DEC 15
CHART 26: EXCHANGE RATE
18 SEPT 17
23 JUN 16
3 SEPT 15
22 DEC 16
25 JUN 15
22 JUN 17
21 DEC 17
RS/USD
38
Government Revenue
33
Government total revenue amounted to 21
28
percent of GDP in FY 2016/17, almost same as
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Jan-16
Jan-17
Apr-17
Oct-17
Oct-17
Jan-18
in FY 2015/16.
Tax revenue as a percentage of GDP increased

from 18.5 in FY 2015/16 to 18.8 in FY 2016/17.
RS/EUR Non-tax revenue, which includes grants from
45
donor countries and transfers from Special
40 Funds, amounted to 2.2 percent of GDP, slightly
35 lower than in FY 2015/16.
30
CHART 28: TOTAL REVENUE AS A % OF GDP
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Jan-16
Jan-17
Apr-17
Oct-17
Oct-17
Jan-18
20.9 21.0
20.3
18.4 18.5 18.8
RS/GPB
50
2.0 2.4 2.2
2014 2015/16 2016/17

30
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Jan-16
Jan-17
Apr-17
Oct-17
Oct-17
Jan-18
TAX REVENUE NON-TAX REVENUE TOTAL REVENUE
Source: Ministry of Finance and Economic Development

20
Macroeconomy
(cont’d)
VAT receipt is the largest component of tax Government Expenditure
revenue, followed by personal and corporate
income taxes and excise duties. As a percentage Total government expenditure as a percentage of
of GDP, VAT receipts were stable at 6.8, revenue GDP reached 24.5 in FY 2016/17.
from income tax increased from 4.5 to 4.9 in FY
2016/17, and excise duties increased from 3.8 to Capital expenditure as a percentage of GDP went
3.9 mainly due to the increase in excise rates on down from 2.5 percent of GDP to 2.3 percent in FY
tobacco and alcoholic products. 2016/17.
CHART 29: SHARE OF TAX REVENUE,

CHART 30: TOTAL EXPENDITURE AS A % OF GDP
% FY 2016/17
23.5 24.5
24.4
Personal
Income
Tax
10.3% 20.6 21.9 22.2
Customs
Duties 1.4% VAT 35.9% 2.9 2.5 2.3
Other Taxes
17.7%
2014 2015/16 2016/17
Excise RECURRENT CAPITAL TOTAL
Corporate Duty 20.5% EXPENDITURE EXPENDITURE EXPENDITURE
Income Tax
14.1% Source: Ministry of Finance and Economic Development

The ratio of recurrent expenditure to GDP
increased from 21.9 percent to 22.2 percent in FY
2016/17 due to higher staff costs and increase in
External grants increased from 0.1 of GDP to 0.6
pensions and other social benefits.
percent in FY 2016/17 mainly due to the grants
provided by the Government of India for the
implementation of the Metro Express project, the CHART 31: RECURRENT EXPENDITURE
construction of the Supreme Court building, the AS A % OF GDP
ENT Hospital, acquisition of tablets for primary
school students and the construction of social 8.0
6.2 6.3
housing. 6.1 5.9 6.1
6.0
4.9
4.0
2.6 2.4 2.4
2.0
0.0
2014 2015/16 2016/17
COMPENSATION
INTEREST SOCIAL BENEFITS
OF EMPLOYEES

21
Expenditure by Sector
The share of Government expenditure allocated 2015/16 to 55.0 percent in FY 2016/17.
to social sectors increased from 54.1 percent in
CHART 32: EXPENDITURE BY SECTOR, FY 2016/17
Social Protection
27.7%
Education 14.3%
Others 34.8%
Social sectors
55.0%
Health 10.1%
Environmental
Protection 1.2%
Recreation, Culture
Housing 2.2% and Religion 0.8%
Economic Sectors 8.9%
Fiscal Balances
For FY 2016/17, the budget deficit was 3.5 After taking into account transactions in
percent of GDP while the recurrent budget financial assets, namely loans and equity,
registered a deficit of 1.9 percent of GDP. Government borrowing requirements slightly
increased from 3.4 percent of GDP in FY
2015/16 to 3.5 percent in FY 2016/17.
CHART 33: FISCAL BALANCES AS A % OF GDP
3.4% 3.4% 3.5%
3.5%
3.5%
3.2%
1.9%
1.5%
0.4%
2014 2015/16 2016/17
OVERALL BUDGET DEFICIT RECURRENT BUDGET DEFICIT GOVERNMENT BORROWING REQUIREMENTS

22
Macroeconomy
(cont’d)
Public Sector Debt CHART 35: COMPOSITION OF GOVERNMENT DEBT
Public sector debt, which includes debt of central

Government, local authorities/parastatal bodies 90% 23.7% 24.1% 23.1% 21.3% 20.0% 17.4% 17.2% 16.9%
and public enterprises, amounted to 65.5

percent of GDP, as at end March 2017. This high 70%
level of debt was partly due to the issuance of

50%
Government securities for mopping up excess 76.3% 75.9% 76.9% 78.7% 80.0% 82.6% 82.8% 83.1%
liquidity in the banking sector as from September

30%
2014. As at end March 2017, some Rs 16 billion of
Government securities, equivalent to 3.6 percent 10%
of GDP, were issued for the purpose. DEC JUN DEC JUN DEC JUN DEC MAR
14 15 15 16 16 17 17 18
Since April 2017, Government securities are DOMESTIC EXTERNAL

no longer being issued for mopping up excess
liquidity.
At end December 2017, the debt ratio fell to 63.4 Currency composition
percent. It declined further to 62.9 percent at end
March 2018. of external debt
The currency composition of Government
CHART 34 : PUBLIC SECTOR DEBT AS % OF GDP
external debt is generally aligned to that of
68% 45% proceeds from export of goods and services.
65.5%
66%
63.4% 63.6%
64.2%
65.0% 64.9%
64.4% 64.8% 64.5% Thus as at March 2018, 42.4 percent of external
63.4%
64%
62.9% 62.9% 35%
debt was denominated in Euro, 30.3 percent in
62%
59.5% 59.5% 59.9% 25%
US dollar, and 10.8 percent in Chinese Yuan.
59.3% 59.3%
58.6%
60%
57.7% 57.8%
57.3% 56.9% 15%
58% 56.6% 56.6% CHART 36 :CURRENCY COMPOSITION
56% OF GOVERNMENT EXTERNAL DEBT
5%
54% 6.3% 6.1% 5.9% 5.5% 5.4% 5.3% 5.1% 5.6% 5.5% 6.7% 6.4% 6.3%
MAR 30.3% 42.4% 10.8% 16.5%
52% -5% 18
JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR
15 15 15 16 16 16 16 17 17 17 17 18 DEC 32.3% 40.7% 11.0% 16.1%
17
PUBLIC SECTOR BUDGETARY CENTRAL
PUBLIC ENTERPRISES DEBT (RHS)
DEBT GOVERNMENT TOTAL DEBT
JUN 33.5% 39.1% 11.2% 16.2%
Source: Ministry of Finance and Economic Development 17
Structure of Government JUN

16
41.8% 32.1% 11.3% 14.8%
Debt Portfolio DEC

14
39.5% 34.7% 10.7% 15.1%
Domestic v/s External

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Most of the Government debt stock is domestically
USD EURO CHINESE YUAN OTHERS
sourced. As at end March 2018, some 83 percent of
Government debt was held by domestic investors. Source: Ministry of Finance and Economic Development
Most of Government external debt are from bilateral

(G2G) sources or multilateral institutions and are on
concessionary terms.
23
Debt affordability CHART 38: STRUCTURE OF GOVERNMENT

DOMESTIC DEBT (%)
The debt affordability metrics have improved
significantly as: 100%
- the ratio of interest payments to Government 80%
revenue has declined from 20.1 percent in FY 60%
2007/08 to 11.6 percent in FY 2016/17; and 40%

- the ratio of interest payments to GDP has come 20%
down from 3.9 percent to 2.4 percent over the 0%
same period. DEC JUN DEC JUN DEC JUN DEC JUN DEC JUN DEC JUN DEC JUN DEC MAR
10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18
SHORT TERM MEDIUM TERM LONG TERM

CHART 37: DEBT AFFORDABILITY RATIOS 9%
30% 9%
20% 4% Interest Rate Risk

4%
Interest rate risk is very low as more than 95
10%
percent of Government’s domestic debt has a
-1% fixed interest rate.
0% -1%
2007/08 2008/09 2010 2011 2012 2013 2014 2015/16 2016/17 The average time for re-fixing total Government
INTEREST PAYMENTS TO INTEREST PAYMENTS
debt, which is also a measure of interest rate risk,
GOVERNMENT REVENUE TO GDP (RHS)
has steadily increased and reached 4 years in
March 2018.
External debt service ratio

Maturity structure The external debt service ratio (external
debt service as a percentage of revenue from
The maturity structure of Government debt exports of goods and non-factor services) has
has improved as evidenced by the following been relatively low in recent years. From 3.7
indicators: percent during FY 2015/2016, it increased to
6.2 percent at end-June 2017 mainly due to the
Between end-December 2010 and end-March
early repayment of external loans of some Rs 4.2
2018:
billion. For the period March 2017 to March 2018,
the debt service ratio declined to 5.8 percent.
(a) The share of short-term domestic debt
declined from 26 percent to 11.4 percent,
and the share of long-term domestic debt Chart
CHART 39: 39: External
EXTERNAL DebtSERVICE
DEBT Service Ratio
RATIO
increased from 39 percent to 63 percent. 5.9%
6.2%
(b) The average time to maturity of
Government domestic debt has been
gradually lengthened from 2.9 to 4.7 years 3.8% 3.8%
thereby reducing debt refinancing risks.

3.7%
(c) Almost all external debt is long-term, with
an average time to maturity of 5.9 years. Dec 2014 Jun 2016 Jun 2017 Dec 2017 Mar 2018
24
Economic Review & Outlook:

Sectoral
Traditional Sectors
AGRICULTURE, FORESTRY AND FISHING
The contribution of the agricultural sector to the economy declined to 3.1 percent in 2017.
CHART 40: AGRICULTURE, FORESTRY AND FISHING AS A % OF GDP
% 4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
In 2017, its output contracted by 0.2 percent due to lower cane and sugar production and lower growth
in production of food crops. It is expected to grow by 1.1 percent in 2018.
CHART 41: REAL GROWTH RATE - AGRICULTURE, FORESTRY AND FISHING

+12.0 +10.2
+10.0
+8.0
+6.0
% +2.7
+3.5 +3.7 +3.7 +2.0
+4.0 +1.1 +0.3 +1.1
+0.5
+2.0
+0.0
-2.0 -0.4 -0.2
-4.0 -2.2
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2016, employment in the sector amounted to 41,300, accounting for 7.3 percent of total employment
in the economy.
CHART 42: TOTAL EMPLOYMENT - AGRICULTURE, FORESTRY AND FISHING
60.0
40.0
THOUSAND
20.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SUGARCANE NON SUGAR

25
THE SUGARCANE SUB-SECTOR
The share of the sugarcane sub-sector in Agriculture has declined in recent years to reach 18.7
percent in 2017. Its share in GDP has consequently declined to 0.6 percent.
CHART 43: CONTRIBUTION OF SUGARCANE SECTOR
2.00 60
40
% 1.00 %
20
0.00 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
SUGARCANE AS A % OF AGRICULTURE (RHS) SUGARCANE AS A % OF GDP
Gross value added in the sub-sector declined by 7.9 percent in real terms in 2017 compared to a 5.2
percent growth in 2016. It is expected to register a zero growth in 2018.
CHART 44: REAL GROWTH RATE - SUGARCANE SECTOR

+20.0
+14.9
+15.0
+10.0
+4.3 +5.2
+5.0 +2.4
0.0
% +0.0
-5.0 -2.2 -3.5 -3.8 -1.4
-6.5 -5.4
-10.0 -7.9
-9.9
-15.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2017, some 49,973 hectares, under sugarcane cultivation, were harvested, down by 2.9 percent
compared to 2016.
CHART 45: CANE AREA
75,000
70,000
HECTARES
65,000
60,000
55,000
50,000
45,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AREA UNDER CANE CULTIVATION CANE AREA HARVESTED

26
Traditional Sectors
(cont’d)
THE SUGARCANE SUB-SECTOR (cont’d)
Sugarcane production amounted to 3.7 million 2016. Total sugar produced was 355,213 tonnes
tonnes in 2017, compared to 3.8 million tonnes in in 2017, down from 386,277 tonnes in 2016.
CHART 46: CANE AND SUGAR PRODUCTION
4,900,000 500,000
450,000
4,400,000
TONNES
TONNES
400,000
3,900,000
350,000
3,400,000 300,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CANE PRODUCTION SUGAR PRODUCTION (RHS)
Average cane yield per hectare increased from two consecutive years of decline.
73.8 tonnes in 2016 to 74.3 tonnes in 2017, after
CHART 47: CANE YIELD
100.0
77.3 74.4 74.6 72.9 71.4 79.8 76.5 74.3
73.1 73.8
80.0 65.9
TONNES / HECTARES
60.0
40.0
20.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EMPLOYMENT
In 2016, the sugarcane industry accounted for 30.0 sector. Employment in the industry was at around
percent of total employment in the agricultural 12,400 in 2016, of which 71.8 percent were men.
CHART 48: EMPLOYMENT - SUGARCANE SECTOR
17.0
12.0
THOUSAND
7.0
2.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

27
NON-SUGAR AGRICULTURAL SECTOR
The share of non-sugar agricultural activities in Agriculture increased to 81.3 percent.
CHART 49: CONTRIBUTION OF NON-SUGARCANE SECTOR
3.0 100
2.0
% 50 %
1.0
0.0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
NON SUGARCANE AS A % OF NON-SUGARCANE AS A % OF GDP
AGRICULTURE (RHS)
The non-sugar sector grew by 2.3 percent in 2017 and a growth of 1.3 percent is expected in 2018.
CHART 50: REAL GROWTH RATE - NON-SUGAR SECTOR

+8.0
+6.9
+6.5
+6.0
+4.5
+3.9 +4.1 +3.5
% +4.0
+2.7 +3.2
+2.3
+1.5 +1.8 +1.6
+2.0 +1.3
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
TEA PRODUCTION
Tea plantation covered an area of 622 hectares manufactured tea (Black Tea) increased by
in both 2016 and 2017. 1.9 percent from 1,353 tonnes in 2016 to 1,379
tonnes in 2017.
Some 7,300 tonnes of green tea leaves were
produced in 2017. The production of
CHART 51: TEA PRODUCTION

10,000
8,000
6,000
TONNES
4,000
2,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GREEN BLACK TEA

28
Traditional Sectors
(cont’d)
FOOD CROPS
A total of 7,780 hectares, under food crops, were increased by 0.3 percent from 106,271 tonnes in
harvested in 2017, representing an increase of 2016 to 106,621 tonnes in 2017.
0.2 percent. The production of food crops
CHART 52: FOODCROPS
130,000 9,000
120,000
HECTARES
TONNES
110,000 7,000
100,000
90,000 5,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
PRODUCTION AREA (RHS)
FISH PRODUCTION
Fish production increased by 36.1 percent, from for processing and exports), which accounts for
16,698 tonnes in 2016 to 22,732 tonnes in 2017. 92 percent of total fish production, rose by 40.8
Production of other catch (mainly tuna percent. Fresh coastal fish catch decreased by
2.6 percent.
CHART 53: TOTAL FISH PRODUCTION
30,000
25,000 22,732
TONNES
20,000 16,698
14,239
15,000 12,637
5,000 6,377 6,706 5,887

5,660 5,283 4,780 5,795
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
LIVESTOCK
In 2017, production of beef from live cattle Production of goat meat and mutton went up by
amounted to 2,078 tonnes, 6.2 percent higher 33.3 percent from 42 tonnes in 2016 to 56 tonnes
than in 2016. Ninety six percent of the production in 2017. The production of pork decreased by
came from the slaughter of imported cattle 4.1 percent.
which increased by 4.7 percent in 2017.
29
CHART 54: LIVESTOCK SLAUGHTERED
30,000
NO OF HEADS
27,000
24,000
21,000
18,000
15,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
POULTRY
The production of poultry increased by 3.7 percent from 45,800 tonnes in 2016 to 47,500 tonnes
in 2017.
MILK AND CHEESE
Some 4,025 tonnes of fresh milk and cream were and dried milk went up from 17,857 tonnes in
produced in Mauritius in 2016. Imports of fresh 2015 to 22,414 tonnes in 2016.
CHART 55: LOCAL PRODUCTION AND IMPORTS OF MILK
24,000
18,000
TONNES
12,000
5,025 5,025 4,525 4,025
6,000
0
2013 2014 2015 2016
LOCAL PRODUCTION IMPORTED MILK

EMPLOYMENT OF MILK
Total employment in the non-sugar sector was 28,900 in 2016, 36.3 percent of whom were women.
CHART 56: EMPLOYMENT - NON SUGAR SECTOR

25.0
25.0
THOUSAND
THOUSAND
5.0 15.0
2007
5.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

30
Traditional Sectors
(cont’d)
MANUFACTURING
`
The manufacturing sector includes Sugar Chart 57 shows that the share of the
Processing, Food, Textiles and Other manufacturing sector, in terms of contribution to
Manufacturing activities. GDP, has been decreasing.
CHART 57: MANUFACTURING AS A % OF GDP
17
15
13
11
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
The manufacturing sector grew by 1.4 percent In 2018, the sector is expected to grow by 1.3
in 2017, compared to 0.3 percent in 2016. percent, with improvements in Textile and
Food.
CHART 58: REAL GROWTH RATE - MANUFACTURING

+4.7
+5.0
+4.0
+2.6 +2.9
% +3.0 +2.4 +2.1 +1.8
+1.9 +1.9
+2.0 +1.4 +1.3
+0.7
+1.0 +0.1 +0.3
+0.0
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
In 2016, some 98,700 people were employed in the manufacturing sector.
CHART 59: TOTAL EMPLOYMENT - MANUFACTURING

115.0
112.9 113.4
110.0
THOUSAND
105.0 104.5 103.1

101.6 101.6 101.0
100.0 99.5 98.8 98.7
95.0
90.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
31
The output per employee increased to Rs 546,160 in 2016.
CHART 60: OUTPUT PER EMPLOYEE IN MANUFACTURING

600,000
550,000
500,000
450,000
RS
400,000
350,000
300,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SUGAR MANUFACTURING
In 2018, the industry is expecting a sugar production of around 355,000 tonnes which is the same as in 2017.
CHART 61: TOTAL SUGAR PRODUCTION
490,000
440,000
TONNES
390,000
340,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
In 2017, the sugar manufacturing sector grew by 2.4 percent. It is expected to register a zero
growth rate in 2018.
CHART 62: REAL GROWTH RATE - SUGAR
+18.0
+20.0
+15.0
+10.0 +5.6 +6.6
+4.1
% +5.0 +0.4 +0.8
+2.4
0.0 +0.7
+0.0
-5.0 -2.9
-5.8 -5.1
-10.0
-15.0 -12.8
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
32
Traditional Sectors
(cont’d)
In 2016, there were around 1,400 employees in the sugar milling sector.
CHART 63: TOTAL EMPLOYMENT - SUGAR
2.0 1.8
1.5 1.5 1.6 1.6 1.5 1.5 1.5 1.5
1.4
1.5
THOUSAND
1.0
0.5
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
FOOD PROCESSING
Food processing activities are expected to grow by 1.0 percent in 2018, higher than the 0.2 percent
growth in 2017.
CHART 64: REAL GROWTH RATE - FOOD, EXCLUDING SUGAR

+10.0
+7.6
+8.0
+6.1
+6.0
+4.2 +4.1 +3.0 +2.7
% +4.0 +2.7 +2.4 +1.4 +0.2 +1.0
+2.0
0.0
-0.3
-2.0 -1.4
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
Total employment in the sector increased to around 18,300 in 2016.
CHART 65: TOTAL EMPLOYMENT - FOOD, EXCLUDING SUGAR

17.3 18.2 18.3
20.0 16.5
15.2
13.8 14.5
13.2
15.0 11.4 12.1
THOUSAND
10.0
5.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
33
TEXTILE
Textile manufacturing is expected to expand by 1.0 percent in 2018, following a contraction of 0.7
percent in 2017.
CHART 66: REAL GROWTH RATE - TEXTILE
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
+15.0 +9.8
+10.0
+0.3 0.0 0.0 +3.0 +2.6 +4.2 +1.0 +0.8
% +5.0
0.0
-5.0
-1.1 -2.8 -0.7
-10.0
-5.8
Total employment in the sector was around 47,100 in 2016, compared to around 48,600 in 2015.
CHART 67: TOTAL EMPLOYMENT - TEXTILE

80.0
60.0 64.2 63.6

54.9
THOUSAND
53.7 50.1 48.6 49.3 49.5 48.6 47.1

40.0
20.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
OTHER MANUFACTURING
Other manufacturing sectors grew by 4.5 percent in 2017 and are expected to expand by 2.0 percent in 2018.
CHART 68: REAL GROWTH RATE - OTHER MANUFACTURING
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
+12.7
07-17
15.0
10.0
+2.8 +1.8 +2.0 +4.8 +4.5
% 5.0 +2.0 +2.1
+0.6 0.0
0.0
-0.2
-5.0
-1.0
-4.3
-10.0
Total employment in the sector was estimated at around 31,900 in 2016.

CHART 69: TOTAL EMPLOYMENT - OTHER MANUFACTURING
38.0 36.2
35.8
36.0 34.8 34.3
THOUSAND
33.8 33.3 33.5 33.3 32.7

34.0 31.9
32.0
30.0
28.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
34
Traditional Sectors
(cont’d)
TOURISM
The tourism sector is the fourth most important In 2017, it grew by 5.2 percent and it is forecast
contributor to the economy, accounting for 7.1 to grow by 4.7 percent in 2018.
percent of GDP.
CHART 70: REAL GROWTH RATE - TOURISM

+12.7 +11.5
15.0
+7.0 +6.3 +7.2
10.0 +5.2 +4.7 +4.7
+1.7 +3.2 +1.9
5.0 +0.7
%
0.0
-5.0
4.9
-10.0
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
TOURIST ARRIVALS
Some 1.3 million tourists visited Mauritius in Reunion and South Africa remained the main
2017, an increase of 5.2 percent from 2016. source countries in the African region, with
Tourist arrivals are forecast to increase to 1.4 tourist arrivals from South Africa increasing by
million in 2018. 7.0 percent over the past year.
Europe is the leading market with a share Among Asian countries, arrivals from India
of around 60 percent of total arrivals. The grew by 4.4 percent, while those from China
number of tourists from France increased by dropped by 8.1 percent in 2017.
0.5 percent, from Germany by 14.5 percent,
from UK by 5.6 percent and from Italy by 12.0
percent in 2017.
CHART 71: TOTAL TOURIST ARRIVALS
1,410,000
1,341,860
1,275,227
1,151,252
1,038,334
992,503
934,827
964,642
956,441
930,456
871,356
906,971
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
35
TOURISM EARNINGS
Tourism earnings increased to Rs 60.3 billion in 2017, from Rs 55.9 billion in 2016. It is estimated at
Rs 62.5 billion for 2018.
CHART 72: TOURISM EARNINGS
60,262
55,867
RS MILLION
50,191
41,213 42,717 44,378 44,304
40,687 39,456 40,557
35,693
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
[Note: As from 2015, tourism earnings figures include data from money changers and foreign exchange dealers.]
Average expenditure per tourist increased to around Rs 44,900 in 2017 from around Rs 43,800 in 2016.
CHART 73: AVERAGE EXPENDITURE PER TOURIST
47,000 45,967
46,000 44,860 44,938
45,000 44,293 44,283
43,835
43,587
44,000
42,642
43,000 42,208
RS
42,000
40,963 40,839
41,000
40,000
39,000
38,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
SURVEY OF INBOUND TOURISM

1st Semester 2017, Statistics Mauritius
According to the Survey of Inbound Tourism Around 60 percent of tourists travelled on a
carried out by Statistics Mauritius during the 1st package tour (where airfare, accommodation
Semester of 2017, tourists from Russia were the and other items such as meals, sightseeing, car
highest spenders followed by Switzerland, UK, hire are included in the tour price paid before
China and the US. departure from the home country of the tourist)
Tourists spent some 13.6 million nights in and spent some Rs 5,005 per tourist per night
Mauritius in 2017. The average length of stay per compared to only Rs 3,595 by those travelling
tourist works out to 10.3 nights. Visitors from UAE on non-package tour.
spent the most per night in Mauritius, followed by Some 80 percent of total tourists stay in hotels,
their Chinese, American and Swiss counterparts. 8.5 percent in tourist residences, 5.5 percent
Some 60 percent of total expenditure was with friends/relatives, and 5.3 percent in guest
on accommodation, 12 percent on food and houses. More than 90 percent of tourists from
beverages, 9 percent on shopping, 7 percent on India and the UK, and 80-90 percent of tourists
sightseeing and 4 percent on entertainment and from China, Germany, South Africa, Italy and
recreation. Switzerland stay in hotels.
36
Traditional Sectors
(cont’d)
EMPLOYMENT
Total employment in the Accommodation and As at March 2017, it was estimated that there
food service sector, the major component of were 30,974 employees in large establishments
tourism, was estimated at around 40,800 in 2016. in hotels, air transport services, tour operators,
Output per employee was around Rs 705,000 that travel agencies and car rental, slightly higher
year. than in 2016.
CHART 74: EMPLOYMENT IN LARGE ESTABLISHMENTS, HOTELS AND

TRAVEL & TOURISM ACTIVITIES
30,974
30,556
29,352 29,437
29,115
29,000 28,487 28,935
27,664 27,685
26,622
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
TOURIST ACCOMMODATION
As at end December 2017, 111 hotels were The bed occupancy rate also increased from 65
operational in Mauritius and one was under percent to 68 percent over the period.
renovation. The total room capacity of these
hotels was 13,511 with 29,650 bed places. For Large hotels accounted for 51 percent of all
the year 2017, the room occupancy rate of all hotels, 78 percent of total room capacity and 80
hotels averaged 77 percent, up from 73 percent percent of total bed places.
in 2016.
CHART 75: OCCUPANCY RATE
ROOM OCCUPANCY RATE BED OCCUPANCY RATE

68%
68%
70%
67%
65%
63%
77%
79%
60%
76%
57%
58%
70%
72%
73%
55%
57%
55%
62%
65%
63%
65%
65%
67%
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
ALL HOTELS LARGE HOTELS

37
MODE OF TRANSPORT
Ninety-eight percent of tourists travel by air increased significantly. In 2017, some 29,600
to Mauritius. During the past few years, the tourists arrived by sea.
number of tourists arriving by cruise ships has
CHART 76: CRUISE VESSELS AND TOURIST ARRIVALS BY SEA
40,000 40
29 30
30,000 23 23 23
30
18 20
20,000 15
10,000 10
25,047 16,930 12,815 3,336 19,797 28,365 29,565
0 0
2012 2012 2013 2014 2015 2016 2017
TOURIST ARRIVALS BY SEA CRUISE VESSELS (RHS)
According to the Air Traffic Forecast Report 2017 largest foreign airline is Emirates, with 361,636
of Airports of Mauritius Ltd, the total seat capacity outbound seats followed by Air Austral with
in 2017 was 2,353,455. Air Mauritius is the largest 10.4 percent of seat capacity.
carrier with 46.6 percent of seat capacity. The
CHART 77: SEAT CAPACITY IN MAURITIUS IN 2017
Others
17.6%
South African Airways

4.7%
Air France
5.2%
Air Austral
10.4%
Air Mauritius
Emirates 46.6%
15.5%
Source: Air Traffic Forecast Report 2017, Airports of Mauritius Ltd
GOLF COURSES 18-HOLE CHAMPIONSHIP GOLF COURSES IN MAURITIUS
There are currently nine 18-hole Championship MONT CHOISY GYMKHANA
golf courses around the island, designed by ANAHITA ILE AUX CERFS
world leading golfers. TAMARINA GOLF ESTATE CONSTANCE BELLE MARE
VILLAS VALRICHES AVALON GOLF ESTATE
PARADIS GOLF
38
Traditional Sectors
(cont’d)
CONSTRUCTION
In 2017, the construction industry recovered from Growth in the construction sector is expected to
a five-year contraction, with a growth rate of 7.5 rise further to 9.5 percent in 2018, driven mostly
percent. This upturn resulted mostly from higher by investment in major public infrastructure
private investment, especially in the tourism sector. projects.
CHART 78: REAL GROWTH RATE - CONSTRUCTION
+20.0
+15.7
+15.0 +11.8
+7.5 +9.5
+10.0
+5.9 +4.3
% +5.0 +1.4
0.0
0.0
-5.0 -2.0 -3.0 -4.9
-10.0 -8.2 -8.5
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
GROWTH
07-17
Total investment in the construction sector billion. It is expected to increase by 9.3 percent in
increased by 12.6 percent in 2017 to reach Rs 1.3 2018 to Rs 1.4 billion
CHART 79: INVESTMENT IN CONSTRUCTION

2,600
2,400
2,200
RS MILLION
2,000
1,800
1,600
1,400
1,200
1,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
39
Investment in building and construction work, 2016 to Rs 49,917 million in 2017. It is expected
which accounts for 63.0 percent of total investment, to increase by 12.8 percent to Rs 56,303 million in
increased by 7.6 percent from Rs 46,408 million in 2018.
CHART 80: INVESTMENT IN BUILDING AND CONSTRUCTION WORK

14,199
12,287
13,067 11,677
16,078
RS MILLION
9,872 12,802
10,726
21.925 24,859 24,828 26,026
2015 2016 2017 2018F

RESIDENTIAL BUILDING NON-RESIDENTIAL BUILDING OTHER CONSTRUCTION WORK
EMPLOYMENT
Total employment in the construction sector was estimated at 39,600 in 2016.
CHART 81: TOTAL EMPLOYMENT - CONSTRUCTION
44.0
42.6 42.8 42.7
43.0 42.5
THOUSAND
42.0 41.4
40.7
41.0
40.0 40.1 40.2
39.6
40.0
39.0
38.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Output per employee increased by 1.6 percent to reach Rs 404,722 in 2016.
CHART 82: OUTPUT PER EMPLOYEE IN THE CONSTRUCTION SECTOR
460,000
440,000
420,000
400,000
Rs
380,000
360,000
340,000
320,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
40
Traditional Sectors
(cont’d)
FINANCIAL SERVICES
The Financial and Insurance activities sector contributes around 10.5 percent to GDP.
CHART 83: FINANCIAL AND INSURANCE ACTIVITIES AS A % OF GDP

11.5
11.0
%
10.5
10.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
The sector expanded by 5.5 percent in 2017 and is expected to grow at the same rate in 2018.
CHART 84: REAL GROWTH RATE - FINANCIAL AND INSURANCE ACTIVITIES

+12.0
+10.1
+10.0
+7.6
+8.0
+5.7 +5.7 +5.5 +5.5 +5.3 +5.7 +5.5 +5.5 +6.0
% +6.0 +4.7 +4.5
+4.0
+2.0
+0.0
AV
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F GROWTH
07-17
The total investment in the sector amounted to Rs 2.3 billion in 2017. Some Rs 1.8 billion are expected
to be invested in 2018.
CHART 85: INVESTMENT IN FINANCIAL AND INSURANCE ACTIVITIES

3,000
2.500
RS MILLION
2.000
1,500
1,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018f
41
The Financial and Insurance activities sector representing 2.4 percent of total employment in
employed around 13,500 workers in 2016, the economy.
CHART 86: TOTAL EMPLOYMENT - FINANCIAL AND INSURANCE ACTIVITIES
12.6 13.1 13.5 13.5 13.5
15.0
11.3 11.9 12.2
10.6
9.3
THOUSANDS
10.0
5.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Output per employee works out to Rs 3.5 million in 2016.
CHART 87: OUTPUT PER EMPLOYEE IN FINANCIAL AND INSURANCE ACTIVITIES
4,000,000
3,500,000
RS
3,000,000
2,500,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
GLOBAL BUSINESS
The Global business sector contributed around Between January 2017 and 2018, the number
5.5 percent to GDP and grew by 4.5 percent in of live global business companies Category
2017. It is expected to expand at a higher rate 1 (GBC1) increased by 3.9 percent to 11,501.
of 4.7 percent in 2018. During the same period, the number of GBC
Category 2 declined from 10,283 to 10,084.
CHART 88: NUMBER OF LIVE GBCS

12,500
11,500
10,500
9,500
JAN- 13 JAN- 14 JAN- 15 JAN- 16 JAN- 17 JAN -18
GBC (CATEGORY 1) GBC (CATEGORY 2)

Source: Financial Services Commission
TABLE 1 : GLOBAL BUSINESS EVOLUTION

Number of Live GBCs1 Category12 Category2 MCs3 Global Funds4
Jan-13 9,660 11,207 165 860
Jan-14 9,825 10,668 171 871
Jan-15 10,306 11,011 174 883
Jan-16 10,756 10,688 180 917
Jan-17 11,067 10,283 178 929
Jan-18 11,501 10,084 182 982
1: Exclude companies Struck off / surrendered licence/ licence revoked/ Licence Lapsed or changed regime during the year
2: Include Global Funds
3: MCs Management Companies (Include Corporate Trustees as from May 2008)
4: Exclude funds in process of winding up
Source: Financial Services Commission
42
Traditional Sectors
(cont’d)
EMPLOYMENT
Some 3,355 persons were employed in figures for 2017 indicated a further increase of
Management Companies in December 2016, 3,614 in employment.
compared to 2,987 in December 2015. Provisional
CHART 89: EMPLOYMENT IN MANAGEMENT COMPANIES

3614
3355
2988
2724
2451
2286
2012 2013 2014 2015 2016 2017
INVESTMENT
In 2016, total outward investment through GBC1 of total investment into Africa increased from 8.7
entities amounted to USD 327.6 billion, out of percent in 2015 to 9.6 percent in 2016.
which around 55 percent was to India. The share
CHART 90: TOTAL GBC1 OUTWARD INVESTMENT

70
300
50
USD BILLION
200
30 %
100 10
0 -10
2012 2013 2014 2015 2016
TOTAL OF GBC 1 INVESTMENT SHARE OF INVESTMENT TO INDIA (RHS) SHARE OF INVESTMENT TO AFRICA (RHS)
43
ICT
The ICT sector contributes around 5 percent to GDP, on average.
CHART 91: ICT AS A % OF GDP
3
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
Activities in the ICT sector expanded by 4.4 percent in 2017 and are expected to grow by 4.5
percent in 2018.
CHART 92: REAL GROWTH RATE - ICT
+15.1
+16.0
+12.4
+14.0 +11.7 +11.2
+12.0 +9.4 +8.9 +9.0
+10.0
+6.9 +6.6 +7.1
% +8.0
+5.4 +4.4 +4.5
+6.0
+4.0
+2.0
00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2016, large establishments in the ICT sector 4.9 percent of the total employment in large
employed around 15,390 persons, representing establishments nationwide.
TABLE 2: EMPLOYMENT IN LARGE ESTABLISHMENTS - ICT SECTOR
2012 2013 2014 2015 2016

Large Establishments in ICT sector 136 138 140 134 129
Employment in ICT sector 12,972 14,094 14,747 15,006 15,390
Male 7,068 7,600 7,900 8,120 8,060
Female 5,904 6,494 6,847 6,886 7,330

44
Traditional Sectors
(cont’d)
In 2017, exports of ICT goods amounted to Rs and re-exports of cellular phones. Exports of ICT
1,295 million, while imports were Rs 9,653 million. services amounted to Rs 4,385 million against
Trade in ICT goods was lower than in 2015 and imports of Rs 3,523 million.
2016, mainly due to a decline in both imports
CHART 93: TRADE IN ICT
TRADE IN ICT SERVICES TRADE IN ICT GOODS
8,000 20,000
6,000 15,000
RS MILLION
RS MILLION
4,000 10,000
2,000 5,000
0 0
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
IMPORT EXPORT
While the percentage of households with 2016, to reach 63.3 percent of total households.
cellular mobile telephones increased by 2.6 The number of mobile cellular subscriptions per
percent between 2014 and 2016, the percentage 100 inhabitants went up from 139.5 in 2015
of those with fixed telephones declined by to 143.6 in 2016. This represented an increase
2.5 percent. The number of households with of 2.9 percent, with 1,814,000 mobile cellular
internet access increased by 11.3 percent in subscriptions in 2016.
CHART 94: ICT INFRASTRUCTURE AND ACCESS

200
PER 100 INHABITANTS
150
100
50
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
FIXED TELEPHONE MOBILE CELLULAR INTERNET

LINES SUBSCRIPTIONS SUBSCRIPTIONS
The proportion of the population aged 5 and Mauritius has been consistently improving its
above who can use computers reached 60.5 performance in the ICT sector. The International
percent in 2016, indicating an increase of 1.7 Telecommunication Union ranked Mauritius, with
percent compared to 2014. an ICT Development Index of 5.88, 1st in Africa and
72nd out of 176 countries worldwide in 2017.
CHART 95: ICT DEVELOPMENT INDEX
5.88
5.27 5.51
5.22
2014 2015 2016 2017

Source: International Telecommunication Union
45
Economic Review And Outlook:

Sectoral
Emerging Sectors
REAL ESTATE
In 2017, Real Estate activities grew by 3.3 percent and are expected to expand by 3.4 percent in 2018.
CHART 96: REAL GROWTH RATE - REAL ESTATE ACTIVITIES
+7.1
+8.0 +6.2 +6.9
+7.0 +5.6 +6.1 +5.3 +5.3
+6.0 +4.6 +4.8 +4.3 +4.1
+5.0
+3.3 +3.4
% +4.0
+3.0
+2.0
+1.0
00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2017, around 38 percent of total investment and is expected to increase by 4.7 percent to
was directed towards the Real Estate sector. reach Rs 31,297 million in 2018.
Investment in the sector went up by 6.3 percent
CHART 97: INVESTMENT IN REAL ESTATE ACTIVITIES
34,000
29,000
RS MILLION
24,000
19,000
14,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
46
Emerging Sectors
(cont’d)
CHART 98: GROSS DIRECT INVESTMENT FLOWS
IN REAL ESTATE ACTIVITIES IN 2017
IRS/RES/IHS/PDS 1
In 2017, Rs 8.8 billion of FDI

were invested in Real Estate
development, of which 65.7 Others
percent went to projects 34.3%
under the IRS/RES/IHS/PDS IRS/RES/IHS/PDS

65.7%
Schemes.
It was estimated that 50 IRS, 100 RES and 67 PDS residential units were sold in 2017.
CHART 99: RESIDENTIAL UNITS SOLD
NUMBER OF IRS UNITS SOLD NUMBER OF RES UNITS SOLD NUMBER OF PDS UNITS SOLD
80
250 250 225 229 223 67
198 70
186
200 200 60
159
50
150 150 129
113 117 40
94 103 100
82 101 83 100
100 62 59
30
42 50 39 20
50 20 33 50
10 2
0 0 0
2015 2007 2009 2011 2013 2015 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 2016 2017
Source: Economic Development Board
Between 2005 and 2017, total revenue from the sales of these residential units amounted to Rs 6,708
million namely Rs 2,709 million from IRS, Rs 3,023 million from RES, and Rs 976 million from PDS.
CHART 100: REVENUE FROM SALES OF RESIDENTIAL UNITS
IRS SALES REVENUE RES SALES REVENUE PDS SALES REVENUE

696
18,
20000
5000 1200
96
04
4,0
3,7
976.4
23
025
15000 4000 1000

3,0
RS MILLION
RS MILLION
RS MILLION
1,6 ,689
70
11,
3000
2,5
10000 800
56
71
2
27
1,5
1,7
2000
81
13
09
20
600
73
3,8
29
5000
3,0
2,7
2,9
2,7
1000
1,6
400
0 0
200
2005-2010
2011
2012
2013
2014
2015
2016
2017
2005- 2011 2012 2013 2014 2015 2016 2017

2010
55.2
0
2016 2017
1. The Integrated Resort Scheme (IRS), the Real Estate Scheme (RES) and Property Development Scheme (PDS) are aimed at encouraging the acquisition of residential
property in Mauritius by non-citizens.
47
KNOWLEDGE CENTRE OF EXCELLENCE

Total enrolment in tertiary education amounted The number of foreign students in Mauritius has
to 48,089 in 2016. Around 80 percent (38,178) increased from 573 in 2007 to 1,736 in 2016.
were studying locally and 20 percent (9,911) The students are mainly enrolled in medical
overseas. Of those based locally, around programmes, business management, information
55 percent (20,966) were enrolled in public technology, hospitality management and Law.
funded institutions, 32 percent (12,303) in It is estimated that an international student
private institutions and 13 percent (4,909) were spends on average MUR 20,000 per month which
undertaking self-study2 without going through a includes tuition fees, accommodation costs and
tertiary institution locally. living expenses.
CHART 101: ENROLMENT IN TERTIARY EDUCATION
9,460 8,958 10,151 11,099 9,911

10,063
10,907
10,939
11,248 17,994
9,531 13,464 18,603 17,664 16,250 17,212
11,661
10,663
9,612 10,003
19,882 21,766 22,442 21,562 23,627 22,793 21,621
17,372 20,966
15,880
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
PUBLIC FUNDED INSTITUTIONS PRIVATE & SELF-STUDY OVERSEAS
CHART 102: ENROLMENT OF INTERNATIONAL STUDENTS IN TERTIARY EDUCATION LOCALLY
2000
1500
1000
500
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MALE FEMALE TOTAL
The foreign students came from 69 different countries, mainly India, South Africa, Nigeria, Madagascar,
France, Tanzania and Kenya.
TABLE 3: MAIN COUNTRIES OF ORIGIN OF INTERNATIONAL STUDENTS
Number Percentage
India 503 29.0
South Africa 231 13.3
Nigeria 146 8.4
Madagascar 122 7.0
France 110 6.3
Tanzania 82 4.7
2. Students on Self-study follow courses exclusively through the distance education/e-learning mode
Kenya 79 4.6
2. Students on Self-study follow courses exclusively through the distance education/e-learning mode
48
Emerging Sectors
(cont’d)
MEDICAL HUB CHART 103: MAIN AREAS OF MEDICAL TREATMENT IN 2017
In 2017, some 11,000 foreign patients

visited Mauritius for treatment Other 23%
compared to 18,000 in 2016. They
chose Mauritius mainly for advanced
treatment in cardiology, cosmetic General Medical
Check ups 36%
& plastic surgery, hair grafting and
General surgery 9%
fertility treatment.
Cosmetic and
plastic surgery 15%
Cardiology 17%
CHART 104: MAIN COUNTRIES OF ORIGIN

OF MEDICAL TOURISTS IN 2017
14
15
10
Around 14 percent of foreign
10
patients were from France and 16 %
3 3
percent from countries in the region. 5
0
FRANCE MADAGASCAR SEYCHELLES COMOROS
There are 5 regional hospitals and 2 district Seventeen private health institutions are also
hospitals providing public healthcare services providing health care services.
in Mauritius. In addition, there are 3 specialised
hospitals for chest diseases, 1 for eye diseases, There are some 5,000 medical and paramedical
1 for ear, nose and throat (E.N.T.) diseases, 1 personnel in the public sector and 2,900 in the
psychiatric hospital and 2 Cardiac Centres. private sector.
CHART 105: PUBLIC & PRIVATE SECTOR HEALTH PERSONNEL IN 2016
PUBLIC SECTOR SELECTED HEALTH PRIVATE SECTOR SELECTED

PERSONNEL IN 2016 HEALTH PERSONNEL IN 2016
Pharmacists 1%
Doctors Pharmacists 17%
(incl.314
Specialists)
23.0%
Dentists
1% Doctors
Qualified (incl.499
Nurses Specialists)
& Midwife 56.0%
16%
Qualified
Nurses
& Midwife Dentists
75% 11%
49
RENEWABLE ENERGY
In 2016, around 15 percent of the total primary renewable sources comprising hydro, wind, landfill
energy requirement was produced from local gas, photovoltaic, bagasse and fuel wood.
CHART 106: RENEWABLES AS A % OF TOTAL ENERGY REQUIREMENTS

20
15
10
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Bagasse was the main source of energy supply from the renewables.
CHART 107: SOURCES OF RENEWABLES AS A % OF TOTAL LOCAL (RENEWABLES) REQUIREMENTS IN 2016
Fuel Wood
2.8%
Hydro
3.8%
Wind
0.7%
Bagasse Landfill Gas

90.9% 0.7%
Photovoltaic
1.1%
Energy production from photovoltaic went up by Production from wind increased significantly from
18.2 percent in 2016, from 2.2 ktoe3 to 2.6 ktoe. 0.2 ktoe to 1.5 ktoe that is around 7 folds.
3. Ktoe: thousand tonnes of oil equivalent

50
Emerging Sectors
(cont’d)
CREATIVE INDUSTRY
Between 2016 and 2017, the contribution to GDP of the Arts, Entertainment and Recreation sector
increased from 3.0 percent to 3.1 percent .
CHART 108: ARTS, ENTERTAINMENT AND RECREATION AS A % OF GDP

3.50
3.00
2.50
2.00
1.50
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
The sector expanded by 4.7 percent in 2017 and is expected to grow by 4.8 percent in 2018.
CHART 109: REAL GROWTH RATE - ARTS, ENTERTAINMENT AND RECREATION

+14.0
+11.5
+12.0 +10.9
+10.0 +8.1 +7.7 +7.7 +7.2
+8.0 +6.7 +6.8
% +5.5
+4.8
+6.0 +4.7 +4.7 +4.8
+4.0
+2.0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2017, some Rs 571 million were invested in substantially to Rs 1,785 million, mainly due to
the Arts, Entertainment and Recreation sector. the construction of the Multi-Sport Complex at
In 2018, investment is expected to increase Cote d’Or.
CHART 110: INVESTMENT IN ARTS, ENTERTAINMENT AND RECREATION

2,000
1,800
1,600
RS MILLION
1,400
1,200
1,000
800
600
400
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
51
In 2016, employment in the sector increased from around 11,600 to around 12,200 persons.
CHART 111: TOTAL EMPLOYMENT - ARTS, ENTERTAINMENT AND RECREATION
15 11.6 12.2
9.8 10.6
THOUSAND
7.6 7.6 8.9

10 6.4
5.4
4.6
5
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Output per employee increased from Rs 1,066,293 in 2015 to Rs 1,078,700 in 2016.
CHART 112: OUTPUT PER EMPLOYEE IN ARTS, ENTERTAINMENT AND RECREATION
1,180,000
1,130,000
1,080,000
RS
1,030,000
980,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
52
Emerging Sectors
(cont’d)
BLUE ECONOMY
Mauritius has a total maritime zone of 2.6 expanse of 396,000 km2 is co-managed with
million km2, of which 2.3 million km2 represents the Republic of Seychelles.4
the Exclusive Economic Zone. An additional
EXCLUSIVE ECONOMIC ZONE OF JOINT MANAGEMENT AREA SUBMISSION IN THE REGION PRELIMINARY INFORMATION
(MAURITIUS AND SEYCHELLES OF RODRIGUES ISLAND IN THE CHAGOS
THE REPUBLIC OF MAURITIUS
EXTENDED CONTINENTAL SHELF)
ARCHIPELAGO REGION
4. The Republic of Mauritius established that the outer edge of the continental margin in the relevant land territory in the Chagos Archipelago Region (Egmont and
Diego Garcia Islands) extends beyond 200 nautical miles. As required by the United Nations Convention on the Law of the Sea (UNCLOS Article 76), Mauritius made a
submission to the Commission to set out the coordinates of the outer limits of the Extended Continental Shelf (ECS).
53
THE SEAFOOD SECTOR
CHART 113: REAL GROWTH RATE - SEAFOOD

+15.0
+12.0 +11.3 +9.8
+10.0
+6.8 +6.4 +6.6 +5.2
+3.6 +4.0
% +5.0 +2.2 +1.6
-1.6 -2.8
0.0
- 5.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F AV
GROWTH
07-17
In 2017, imports of seafood products increased at Rs 3,503 million, while processed seafood
year-on-year from Rs 11,132 million to Rs products exported amounted to Rs 10,768
12,634 million. These imports were re-exported, million. A net export of Rs 1,637 million in the
processed and canned for exports, and consumed seafood sector was recorded.
locally. Total re-exports5 in 2017 were estimated
CHART 114: TOTAL EXPORTS AND IMPORTS OF FISH AND FISH PREPARATIONS
+20000
+15000
RS MILLION
+10000
+3,590 +3,563
+5000 +1,767
+2,719 +2,945
+1,637
+201
0
2011 2012 2013 2014 2015 2016 2017
NET EXPORTS EXPORTS (F.O.B VALUE) IMPORTS (C.I.F VALUE)
SEAPORT
In 2017, out of the 3,184 vessels which visited Port cruise vessels has increased by about 1 percent
Louis, 34 percent were fishing vessels while 17 in 2017.
percent were carrying containers. The share of
TABLE 4: VESSEL TRAFFIC
2011 2012 2013 2014 2015 2016 2017
Vessel Traffic 2,654 3,476 3,652 3,329 2,947 2,934 3,184
Containerised Vessels 543 624 669 607 568 567 538
Dry Bulk Carrriers 53 57 61 58 52 56 58
Tankers (Liquid Bulk Carriers) 74 71 70 61 78 141 115
General Bulk Vessels 13 11 5 7 103 101 100
Fishing Vessels 767 851 993 1,067 953 977 1,067
Cruise Vessels 23 23 15 18 23 28 30
Others 1,181 1,839 1,839 1,511 1,170 1,064 1,276
Source: Mauritius Port Authority
5. Re-exports are goods which are exported in the same condition as imported or after undergoing minor operations which leave them essentially unchanged
54
Emerging Sectors
(cont’d)
Total cargo traffic (both imports and exports) increased from 7.3 million tonnes in 2016 to 7.7 million
tonnes in 2017.
CHART 115: CARGO TRAFFIC

10.0
8.0
MILLION TONNES
1.3
1.1 1.1 1.2 1.1 1.3
6.0 1.1
4.0
5.4 5.9 5.7 5.7 5.7 6.0 6.4
2.0
0
2011 2012 2013 2014 2015 2016 2017
IMPORTS EXPORTS
In 2017, some 379,371 containers were handled in 2017 – 250,916 containers (TEU: 20 foot equivalent
units) for imports and 128,455 for exports.
CHART 116: CONTAINER TRAFFIC
440,000
420,000
400,000
380,000
TEU’S
360,000
340,000
320,000
300,000
2011 2012 2013 2014 2015 2016 2017

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Le Budget 2018-19 Dan Son Integralité

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SUPPLEMENT TO THE BUDGET

06 REVIEW OF THE GLOBAL ECONOMY 24 ECONOMIC

Review of the Global Economy

Global GDP Growth

supportive and expectations of a sizeable fiscal 3.5

expected to strengthen in 2018 and 2019. 2.0

The downside risks are possible sharp tightening 1.0

of financial conditions, waning popular support for 0.0

2015 2016 2017 2018

CHART 4 : FDI FLOWS

2016. It is expected to expand at a higher rate of 5.1 400

percent in 2018. 200

4 Mauritius and The Global Economy

The chart also shows that Mauritius has

FDI flows of about 5 percent in 2018. 10

1,600 Mauritius World

1,400 Source: Statistics Mauritius & IMF WEO Database

1,000 Mauritius Economic Growth

percent after increasing by 78 percent in 2016. 20

For 2018, UNCTAD forecasts an increase in flows 0

Source: Statistics Mauritius & IMF WEO Database

INDIAN OCEAN INDIAN OCEAN

Review of the Mauritian Economy:

Most indicators point to a firming up of macro-

Both the IMF and Moody’s have expressed opti-

The IMF views that the macroeconomic outlook

“Economic activity is expected to remain

In March 2018, Moody’s re-affirmed the Baa1

“The Mauritian government’s credit

• 2016: Rs 178.9 BILLION

INVESTMENT PUBLIC FINANCE

PRIVATE RECURRENT BUDGET DEFICIT

FOREIGN DIRECT PUBLIC SECTOR DEBT

INFLATION EXTERNAL BALANCE

CORE 1 INFLATION TOTAL EXPORTS/IMPORTS

0.7 FINANCIAL AND

0.2 REAL ESTATE

% Contribution to Growth in 2017 % Growth in 2017

Economic Review & Outlook:

CHART 7 : MAURITIUS’ GDP GROWTH

CHART 10 : MAURITIAN EMPLOYMENT

CHART 8 : UNEMPLOYMENT RATE

CHART 11 : ACTIVITY RATE

LABOUR CAPITAL MULTI FACTOR

MALE FEMALE BOTH SEXES

CHART 12 : LABOUR PRODUCTIVITY CHART 14 : CONSUMPTION EXPENDITURE

UNIT LABOUR COST AVERAGE

Capital productivity is on a rising trend and

Multifactor productivity, which measures the rate

RESIDENTIAL NON- RESIDENTIAL

4.7 4.4 4.1 4.6

PUBLIC PRIVATE TOTAL

estate development and financial services, External Trade & Balance of

2015 2016 2017 2018F

The current account of the balance of payments

manufacturing, and real estate development. 10

Some 74 percent of the investment went to 0

South Asia. -20 -16

GROSS OFFICIAL INTERNATIONAL RESERVES IMPORT COVER (RHS)

Year-on-year inflation rate in December 2017 was CHART 25: MERI 1

CORE1 inflation, which excludes “Food, Beverages

CORE2 inflation, which excludes food, beverages -4.0

and administered prices, was rather stable at 2.2

“The Mauritian government’s credit

- the ratio of interest payments to Government 80%