Mauritius’ economy expanded by 3.7% y/y in the fourth quarter of 2014, accelerating slightly from a revised 3.6% y/y growth in the preceding quarter, data from Statistics Mauritius showed. On a seasonally adjusted quarterly comparison basis, the economy grew 0.6% in Q4, at the same rate as in Q3.
For the full year 2014, the Indian Ocean island’s economy expanded by 3.5%. The statistics office forecast GDP growth to speed up to 4.1% in 2015 on the back of higher growth in manufacturing, agriculture, tourism, and ICT, and a rebound in construction after four years of contraction.
The main contributors to the 3.7% y/y GDP growth in Q4 were the manufacturing industry with a contribution of 0.7pp, followed by the wholesale and retail trade and the financial and insurance sectors, each contributing 0.5pp, the statistics office said. The y/y growth in these sectors quickened - to 3.7% in Q4 from 2.7% in Q3 in manufacturing, to 3.5% from 3.2% in trade, and to 5.4% from 4.8% in finance and insurance.
On the opposite side, the construction sector was the single largest underperformer, contributing -0.5pp to the overall GDP development. The y/y contraction in the sector, however, softened to 9.0% in Q4 from 9.2% in Q3.
Total final consumption expenditure grew 3.4% y/y in Q4, accelerating from a 3.2% y/y growth in Q3. The final consumption expenditure of households, which accounts for 75.3% of the total, grew 2.9% y/y in Q4, decelerating from 3.1% in Q3, while the growth in general government consumption quickened to 5.9% from 3.5% in Q3.
At the same time, investment continued shrinking, but the y/y rate of contraction softened to 4.2% in Q4 from 11.4% in Q3.
Exports of goods and services edged up 1.6% y/y, slowing from a 14% y/y rise in Q3, and imports grew 2.8% y/y after a 7.2% increase in Q3.
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more