The Mauritian government has taken note of a revision to the country's national accounts, aimed at better measuring the economy and facilitating international comparisons. According to Statistics Mauritius, the revision is based on three major changes. The year 2023 has replaced 2018 as the reference year, following the 2023 economic activities census, the 2023 household budget survey, the 2024 agricultural census, and enhanced administrative sources.
The revision also involves the gradual implementation of the 2025 System of National Accounts, with full implementation expected by 2029. Furthermore, Statistics Mauritius has improved the coverage and classification of Global Business companies, particularly those engaged in international trade, in line with International Monetary Fund recommendations. These changes have resulted in an upward revision of the 2023 GDP by approximately Rs 58 billion.
The revision breaks down into several components, with Rs 27 billion coming from the change in reference year and improved data coverage, Rs 11 billion from the new accounting system, and Rs 20 billion from integrating the international trade activities of Global Business companies. As a result, Statistics Mauritius has recalculated GDP figures since 2013 to ensure a coherent time series.
The revision has concrete implications for Mauritius' economic indicators. A higher GDP mechanically alters several key ratios, including the debt-to-GDP ratio, which may appear improved as the debt is expressed as a percentage of a larger economy. A higher GDP also brings Mauritius closer to the threshold of a "high-income country," with associated image and rating effects.
The changes are expected to have a positive impact on Mauritius' economic perception and may influence investment decisions. The revised GDP figures will provide a more accurate representation of the country's economic performance, allowing for better policy-making and resource allocation.
Statistics Mauritius has emphasized the importance of these revisions in enhancing the accuracy and reliability of national accounts. The revised data will be used to inform economic policy and support sustainable development goals. The agency will continue to work towards improving data quality and methodology to ensure that national accounts remain relevant and reliable.
The revision of Mauritius' GDP calculation marks a significant step towards improving the country's economic statistics. With a more accurate representation of the economy, policymakers and stakeholders can make more informed decisions about resource allocation and investment. The changes are expected to have a lasting impact on Mauritius' economic development and growth.
Key points
- The revision of Mauritius' GDP calculation results in an increase of Rs 58 billion for 2023.
- The changes are based on three major revisions, including a new reference year, implementation of the 2025 System of National Accounts, and improved coverage of Global Business companies.
- The revised GDP figures will have implications for Mauritius' economic indicators, including the debt-to-GDP ratio and its classification as a "high-income country."
