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Mauritius Economy Set To Grow 5.5% In 2007

by Lorys Charalambous, Tax-News.com, Cyprus

15 January 2007


Information gathered by the Mauritius government's Central Statistics Office on key sectors of the economy and on recent past trends shows that the economy of Mauritius is expected to grow by around 5.5% in 2007, higher than the 4.7% growth of last year, the government has claimed.

According to the first issue of the Economic Indicators for 2007, the major sectors of the economy are set to grow in 2007.

Financial intermediation is predicted to grow by around 7.0%, with an expected increase of 5.0% for commercial banks in line with the economy, and 10.0% for the offshore banks.

EPZ manufacturing industries are set to expand by 2.5% with an expected output of around R39.5 billion in 2007 compared to R36 billion in 2006.

The construction sector is forecast to grow at around 6.0% compared to 5.0% in 2006, mostly due to the construction of hotels and Integrated Resort Scheme projects.

Hotels and restaurants are expected to expand by around 7.3% with tourist arrivals forecast at 850,000 following market diversification, liberalisation of air access and increased seat capacity on the national airline with the acquisition of aircraft in December 2006 and in 2007.

The government is also anticipating sugar production of around 550,000 tonnes in 2007.

On the basis of latest information gathered on various sectors of the economy, gross domestic product growth rate for 2006 is revised upwards to 4.7%, slightly higher than the forecast of 4.6% made in September 2006, the government said.


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