Economic growth revised upwards to 7.1% of GDP in 2023

The economic growth for the calendar year 2023 has been revised upwards to 7.1% of GDP (market prices) by Statistics Mauritius in the latest National Accounts Estimates published on December 21.

In September, Statistics Mauritius had estimated it at 6.7% of GDP.

At 7.1% of GDP, this growth estimate aligns more or less with that of the Bank of Mauritius, which had predicted a 7% GDP growth at its latest Monetary Policy Committee meeting on November 28.

Strategie Mauritius, the research unit of EDB, was more optimistic, estimating this key economic indicator at 7.3% of GDP for the same period.

Three economic sectors are expected to drive this 7% growth, namely tourism and hospitality, which will experience a growth of 31% based on tourist arrivals of 1.3 million in 2023, compared to 997,290 last year; construction with a growth of 28.6% compared to 1.3% in 2022; and financial services, which are expected to grow by 4.8%.

Household consumption expenditure and government services expenditure are expected to increase by 1.8% this year, while the gross domestic savings are projected to reach 18% of GDP, compared to 14% in 2022.

Source: l’Express