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The economy of Mauritius advanced by 4.8% from a year ago in Q3 2023, following an upwardly revised 6.8% rise in the prior three-month period. Apart from being adjudged as the second richest country in Africa, advantaged by its small size of the population, like its neighboring Seychelles, the good thing about the Indian Ocean Nation is that it is not depending exclusively on tourism to fuel its growth. Sectors like finance, agriculture, fisheries, food processing, etc. are progressing steadily.
Although showing moderation, domestic activity remains strong, notably supported by solid growth in the key hospitality sector (+15.6% vs +31.6% in Q2) and construction (+30.1% vs +14.6%). The agricultural sector also continued to expand firmly (+10.4% vs +13.3%), alongside transportation and storage (+7.6% vs +13.9%).
Meanwhile, manufacturing activity (+1% vs +4.7%) decelerated noticeably, amid steep declines in the textile (-12.8%) and the sugar (-1.4%) subsectors, while the mining and quarrying sector contracted by 7.6%.
On the expenditure side, fixed investment accelerated (+23.1% vs +10.7%) and household consumption rose modestly (+3.1% vs +3.3%). In contrast, government spending continued to fall (-1.6% vs -1.7%). On the external side, exports decreased by 0.2% in Q3 (vs -0.2% in Q2) and imports dropped 1% (vs +8.4% in Q2).
Industrial production in Mauritius increased by 1% in the third quarter of 2023, easing from a 4.5% rise in the previous quarter and marking the 10th consecutive quarter of growth. Output decelerated for manufacturing (1% vs 4.7% in Q2), electricity, gas, steam & air conditioning (3.1% vs 5.3%) and further declined for mining & quarrying (-7.6% vs -2.1%). Meanwhile, production for water supply & sewerage waste management accelerated (2.8% vs 2.1%). Every quarter, industrial output advanced 4.4% in Q3, following a 6.2% rise in the previous quarter.
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The annual inflation rate in Mauritius fell further to 4% in November 2023, the lowest since May 2021, easing from 4.6% in the prior month, mainly due to a sharp slowdown in prices of housing & and utilities (6% vs 11.3% in October). Softer increases were also seen in other CPI categories, including restaurants & and hotels (4.8% vs 5.3%); food and non-alcoholic beverages (4% vs 4.3%); furnishings and household equipment (4.2% vs 4.5%); miscellaneous goods & services (4.2% vs 4.4%) and clothing & footwear (3.3% vs 4.3%). Every month, consumer prices were down 0.3% in November, after falling 0.1% in the previous month.
