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Mauritius Exits Longest Recession on Record as Textiles Recover
Gross value added grew 19.3% in the three months through June, compared with a year earlier, Port Louis-based Statistics Mauritius said in a report published on its website. That’s after five consecutive quarters of contraction — the longest recession on record.
Manufacturing that rose 53% in the quarter led the rebound followed by construction that increased 567.7%.
The pace of growth is likely to accelerate due to the Indian Ocean island nation reopening its borders to vaccinated tourists in July after being closed for 16 months to curb the spread of the virus. Tourism is one of the nation’s main sources of foreign currency.
The country expects to attract 325,000 tourists this year, after a 99% slump in the six months through June, according to the statistics agency.
Before the pandemic struck, as many as 1.4 million tourists per year descended on the country’s pristine beaches, accounting for 10% of gross domestic product.
The central bank forecasts GDP to expand 5.5% in 2021, compared with a 14.9% contraction a year earlier.