Drastic and fast action by the government of Mauritius to lock down and isolate the island allowed the country to record only 315 cases and 10 deaths from COVID–19 between January and December 2020. But the protocol that allowed the island nation to escape the worst of the pandemic entailed a very high cost for the economy. In just one year, Mauritius lost 18 percentage points of growth. Real GDP was estimated to contract by 15% in 2020, against positive real GDP growth of 3% in 2019. The tourism and hospitality industry, which traditionally contribute around 24% of GDP and account for 22% of employment with significant spillover effects on the whole economy (transport, agriculture, wholesale and retail trade, and administrative and support services), incurred an estimated 75% loss in value added. At the same time exports of seafood, textiles and apparel, and sugar were hurt by disruptions in global demand. Only the information and telecommunication sector grew, supported by heavy use of technological and teleworking services during the lockdown. The financial services sector also registered a positive growth of 1.1%. An increase of 53% in public expenditure targeted at social and economic safety nets, coupled with lower tax receipts because of the economic downturn, led to a more than doubling of the fiscal deficit to about 8% from 3.2% in 2019. The current account deficit widened to 12.9% due to the decline in export and tourist receipts. Inflation more than tripled, to 2.5% in 2020 from the prepandemic low of 0.5%. Inflation was fueled by increase in prices of imported products and the depreciation of the rupee. As a result of the economic downturn, unemployment doubled in the third quarter of 2020 to 10.9% from 6.7% a year earlier. Poverty remained contained because the government decided to increase the level of existing social protection schemes, with priority given to the most vulnerable segments of the population. (Download detailed Analysis Source : Report African Economic Outlook 2021 ; AfDB)
Credit distributed to businesses by Mauritius banks represents $6.2billion and, more broadly, credit to private sector totaling $13 billion.
In April 2017, the banking sector of Mauritius represented a total asset of $ 10.3 billion.
The Stock Exchange of Mauritius accounts 76 listed companies, representing, in the end of 2017, a market capitalization of $8 billion.
Amounts invested by private equity represents $22 million.