Full Report of the Mauritian Economy Status

On December 10, Prime Minister Navin Ramgoolam addressed the National Assembly, presenting a sobering assessment of the Mauritian economy. He revealed that the real growth rate of the Gross Domestic Product (GDP) for 2023 is now estimated at 5.6%, a reduction from the September 2024 projection of 7%.

Ramgoolam contended that the earlier forecast was artificially inflated, particularly for certain sectors such as construction.

The growth projection for 2024 has also been adjusted downward, with the latest data from Statistics Mauritius indicating a revised estimate of 5.1%, down from the initial figure of 6.5%.

During his address, Ramgoolam highlighted a significant rise in inflation in Mauritius over recent years, peaking at 10.8% in 2022.

This increase has been largely attributed to surging international prices and a steep depreciation of the rupee against major currencies.

Furthermore, from October 2019 to October 2024, the prices of various essential goods have escalated dramatically, with hikes ranging from 10.8% to as high as 114.4%.

On the labor market front, the Prime Minister expressed concern over the unemployment rate, which is currently at 6.3% in 2023.

This figure is particularly alarming given that many sectors are experiencing labor shortages.

The country has approximately 37,600 unemployed individuals, while 26,700 foreign workers are filling positions across nearly all economic sectors.

Ramgoolam attributed this discrepancy to a structural issue concerning skill mismatches in the job market.

The complete report, released following the Prime Minister’s statement, can be read on this link: State of the Economy

Source: Defi Media