You are Here : Home  » Country Guides  »  Africa  »  Mauritius  
Follow Us
Share   
Advertisement












 
Mauritius News
Mauritius Events
Mauritius Travel Packages
Mauritius HoneyMoon Packages
Mauritius Cruises
Communications
Culture
Dialing Codes
Duty Free
Economy
Embassies in Abroad
Entertainment
Festivals
Food
Foreign Embassies-Consulates
Getting There
Health
Hotels
Map
Money
Overview
Public Holidays
Sightseeing
Top Things To Do
Transport
Travel Advice
Travel Guide
Travel Information
Visa and Passport
Weather
 
Mauritius Economy

Economy
By the 1960s, Mauritius was still a monocultural economy (dependent on a single crop), and had to import many goods for local consumption. Unemployment was high, which created social tensions. In the mid-1960s, the Mauritian government began to follow a 2-pronged strategy of import substitution and export-oriented development.

Import substitution was promoted through the use of high tariff barriers to protect local industry from overseas competition. To encourage the production of goods for export, Export Processing Zones (EPZs) were established in 1971, following the successful Taiwanese model. The principle behind EPZs was to import semi-finished goods duty -free, to complete the manufacturing process in the EPZs, and then to re-export these goods. Clothing and textiles were the main manufactures produced by the EPZ sector.

The EPZ sector grew rapidly since its inception and attracted large amounts of foreign investment. This allowed for the rapid industrialization of the country. Nowadays, only 25 percent of export earnings come from sugar, while 40 percent are derived from manufacturing. Over the past twenty years, the economy has consistently achieved high rates of growth, resulting in a quadrupling of GDP per capita between 1970 and 1997. According to the World Bank, the economy of Mauritius has sustained a growth rate of about 5.5 percent since independence in 1968, and the country is currently classified among middle-income earners.

Besides manufacturing and sugar, the nation's other important economic sectors are tourism and financial services. With its white sands, coral reefs, and subtropical climate, Mauritius is an island paradise for tourists. Visitors come mainly from Europe and from South Africa.The hospitable nature of the Mauritian people also contributes to the island's attraction.

The island of Rodrigues has not seen the same level of development as Mauritius has—which is perhaps not so surprising when one considers that the 2 islands are 600 kilometers (373 miles) apart. Subsistence agriculture is the main economic activity on Rodrigues, with the principal crop being maize instead of sugarcane.

By the late 1990s in Mauritius, only about 5 percent of the population was living below the poverty line. However, challenges such as tariff reductions, rising wages, and limited growth prospects for the almost-saturated tourism industry have contributed to an increase in unemployment on the island, which in mid-2000 stood at 8 percent. This is rather disturbing for a country that had had full employment only a few years before.

A major factor which should not be overlooked in Mauritius's success is the political climate, which is characterized by stability and ethnic tolerance. Ordinary Mauritians have also demonstrated a strong work ethic, which has resulted in a highly productive labor force .


Major Exports:
    * Clothing And Textiles
    * Sugar
    * Cut Flowers
    * Molasses
    * Machinery and transport equipment
    * Chemicals and related products
    * Food and live animals

Major Imports:
    * Capital Equipment
    * Foodstuffs
    * Mineral fuels, lubricants and related products
    * Chemicals and related products
    * Machinery and transport equipment
    * Food and live animals
    * Crude materials (inedible) except fuel

Advertisement
Cheap Hotel Bookings India
India Cheap Hotel Rooms
Port Louis Air Ticket Cheap 
Cheap Travel Insurance
Kailash Mansarovar

Car Hire India
India Tourism
Travel Guide

 
 
Travel2Abroad .. all rights reserved