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Report: Mauritius Trade Deficit Narrows, GDP to see 3.7 Percent Growth in 2014

Report: Mauritius Trade Deficit Narrows, GDP to see 3.7 Percent Growth in 2014

In 2013, Mauritius’ economy grew 3.2 percent according to a recent African Manager report. In 2014, the island is expected to see a 0.5 percent increase growing 3.7 percent over the entire year.

More than the 2013-2014 growth bump, sugar production alone will contribute to 0.6 percent of economic growth, reaching 410,000 tons next year, the report said.

In addition to a three ton jump in sugar production from 2013-2014, Mauritius’ growth can be attributed to expansion across sectors. In 2014, the manufacturing, textile and financial and insurance sectors are expected to see 2.6 percent, 2 percent and 5.2 percent growth, respectively.

According to the report, the manufacturing sector grew by 3.1 percent in 2013, financial and insurance activities by 5.4 percent and the information and communications sector by 7.1 percent.

More good news for Mauritius comes in the form of a Reuters report disclosing the narrowing of the trade deficit. In October, the island’s economy gained a small boost as the trade deficit gap narrowed by 10 percent — now sitting at $224 million.

According to Reuters, a higher volume of exports — an increase of 13.6 percent — contributed to the trade deficit shave.

Mauritius’ trade deficit has experienced slumps and climbs, narrowing 16.3 percent in Aprilnarrowing 20.6 percent in May and widening by 48.2 percent in September.