Key Highlights:
- Budget deficit target for FY24 set at 2.9% of GDP, from 3.9% in FY23.
- Government expects budget measures unveiled to add 2 percentage points to GDP growth in FY24.
- Bank of Mauritius left the key rate unchanged at 4.5% at the June MPC meeting.
- Central bank expects inflation to reach the target range of 2-5% in 2024.
- Healthy performance of the tourism sector to aid in narrowing of CAD to 8.3% of GDP in 2023.
- CPI inflation moderated to a 16-month low of 7.9% y-o-y in May.
- Core CPI eased to 5.3% y-o-y in May, from 6.3% a month ago.
- Exports contracted 9% y-o-y to MUR 6.3 billion, while imports fell 8% to MUR 21 billion in April.
- Gross official international reserves rose by MUR 908 million to MUR 291.8 billion in May.
- Deposit and lending rates moved higher to 2.50% and 7.17%, respectively, in April.
- Tourist arrivals stood at 100,030 in May, with gross tourism earnings at MUR 6.6 billion in April.
