Republic of Mauritius home to a population of 1.25 million is an exotic beautiful island nation located 1,100 miles off the east coast of Madagascar in southern Africa. As a relatively small country with only 177 km of total coastline, the economy is progressive, free and prosperous attaining status as a middle income country. Mauritius enjoys a low tax environment, responsible government, good infrastructure, low inflation, low unemployment, good GDP growth, increased life expectancy rate - an African success story. Politically stable, Mauritius is well known for being a regional sophisticated financial & banking centre with over 9,000 offshore companies domiciled. Independence was obtained in March 1968 from the United Kingdom.
Economic Statistics
Total GDP as measured by purchasing power parity stands at $16.3 billion USD (2005) with corresponding GDP/Capita at $13,200 USD. GDP market came in at $6.3 billion USD (2005). GDP growth rates include year 2005 at 3.5 percent, 2006 estimated at 2.7 percent, 2007 at 2.9 percent. Inflation quotes include year 2005 at 5.6 percent, 2006 estimated at 7.1 percent (presently running at 4.9 percent), year 2007 at 6.2 percent - mounting inflation pressures are present. Current account deficit measured at $185 million USD (2005 and/or 3 percent) of GDP, the trade component showing a deficit of $692 million USD (2005). Fiscal account in deficit at 5 percent of GDP (2005). Total public debt is at 71 percent of GDP, external debt at $3 billion USD (2005). Unemployment is at 11 percent (2005). Foreign exchange reserves including gold at $1.577 billion USD (March 2005). Interest rates are at 7.52 percent at time of review. No oil & gas production. Industry consists of sugar cane (25 percent of foreign exchange earnings), tourism, manufacturing and agriculture. Energy statistics include Mauritius being a surplus electricity producer, modest oil importer.
CURRENCY: ISO Symbol ‘MUR’, Mauritius rupee, Mauritian rupee. At time of review on May 19, 2006, the Mauritian rupee had an exchange value of 30.87 MUR to the US-dollar (USD) and/or 39.3 EUR to the Euroland euro (EUR). The currency regime follows that of a managed float.
CURRENCY HISTORY: the Mauritian rupee entered circulation in 1934 replacing the then circulating Indian rupee at par, the UK pound at 10.25 rupees and the Mauritian dollar at 2 rupees. Previously, the Indian rupee circulated officially from 1876. Historical exchange quotes include: year 2005 at 29.49 MUR to the US-dollar (USD), 2004 at 27.5, 2003 at 27.9, 2002 at 29.96, 2001 at 29.13, 2000 at 26.25, 1999 at 25.18, January 1998 at 22.22, 1997 at 20.56, 1996 at 17.94, 1995 at 17.38, 1994 at 17.96, 1993 at 17.6.
CURRENCY FORECAST: oil imports impacting economy.
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