The public debt of Mauritius has surpassed the Rs 700 billion mark, reaching Rs 700.61 billion in September 2026, according to data released by the Ministry of Finance on October 30. This represents an increase of Rs 17.23 billion over three months from June 2026, when the debt was Rs 683.38 billion. The continuous rise in borrowing has been observed despite a decrease in the public debt-to-GDP ratio.
The debt-to-GDP ratio has decreased to 81.9% in September 2026, down from nearly 90% in March 2026. Financial authorities attribute this decrease to the revaluation of national wealth and a denominator effect, rather than an actual reduction in debt. The gross public debt before consolidation adjustment stands at Rs 700.61 billion, while the debt-to-GDP ratio before adjustment is 81.9%. After consolidation adjustment, the public debt is Rs 680.86 billion, and the debt-to-GDP ratio is 79.6%.
The country's GDP is estimated at Rs 854.95 billion, which has been revised upward by Statistics Mauritius on September 30. The revision added Rs 58 billion to the 2023 GDP, driven by three primary factors: Rs 27 billion from changing the base year, improved data coverage, and updates from the Census of Economic Activities. Additionally, Rs 11 billion was added due to the implementation of the System of National Accounts 2025, and Rs 20 billion from integrating merchanting activities by Global Business Corporations.
The revision of national accounts has altered the statistical perspective of the nation's indebtedness across multiple quarters. Experts emphasize that a lower debt-to-GDP ratio does not necessarily mean lower overall debt. The decrease in the ratio is primarily due to the revised national accounts, which have increased the estimated scale of the economy. This means that the country has not de-indebted itself, but rather, the statistical nuance has changed.
The Ministry of Finance and Statistics Mauritius have worked together to provide a more accurate picture of the country's economy. The implementation of the System of National Accounts 2025 and the integration of merchanting activities by Global Business Corporations have improved data coverage and accuracy. These changes align with International Monetary Fund recommendations and provide a more comprehensive understanding of the nation's economy.
A clear distinction must be made between a lower debt-to-GDP ratio and lower overall debt. While the ratio has decreased, the actual debt burden remains high. The country's public debt continues to escalate in rupees, but its relative weight in the economy appears lighter due to the revised national accounts. This statistical nuance is vital to understanding the nation's indebtedness.
The updated data released by the Ministry of Finance provides a comprehensive breakdown of the country's financial situation. Key financial indicators, such as the gross public debt and debt-to-GDP ratio, are essential for understanding the nation's economic health. As the country continues to navigate its economic challenges, accurate and reliable data will be crucial for informed decision-making.
Key points
- Mauritius' public debt exceeds Rs 700 billion, reaching Rs 700.61 billion in September 2026.
- The debt-to-GDP ratio decreases to 81.9% in September 2026, driven by the revaluation of national wealth and a denominator effect.
- The country's GDP is estimated at Rs 854.95 billion, revised upward by Statistics Mauritius on September 30.
