Detailed Review of Mauritius’s Economy
Following its independence from Britain Mauritius has enjoyed a long period of growth, achieving a rate of 6%, through a policy of economic diversification. Agriculture, which was formerly very important, has seen its share of GDP decrease (but not disappear) in favour of industry and services. This transition has resulted in an increase in the standard of living and an improvement in infrastructure.
Mauritian agriculture employs 14% of the workforce and focuses mainly on sugar cane, which occupies 90% of the total cultivable area. It also generates 25% of total export revenue. Industry accounts for 36% of the workforce and its most important sector is textiles, although it has slowed down in recent years faced with competition from China.
Finally, services account for the rest of the workforce (50%) and constitute the majority of the country’s GNP. Call centres and tourism are the flagship activities, but the country is also well-known as a popular offshore destination, with more than 9,000 offshore companies registered in the country.
Mauritius’s Economic Strengths
- Tax advantages
- High-quality offshore destination
- Good economic development
- Political stability