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Post-MPC Press Presentation
22 February 2019
Real GDP Growth, Y-o-y, Per cent
Bank of Mauritius
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2012 2013 2014 2015 2016 2017 2018
UK US Euro area China India
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
4.0
4.4
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2012 2013 2014 2015 2016 2017 2018
G7 OECD - Total G20
PMI, Indicators of Global Economic Activity
Bank of Mauritius
50.0
50.5
51.0
51.5
52.0
52.5
53.0
53.5
54.0
54.5
55.0
Jan-14
Ap
r-14
Jul-
14
Oct-
14
Jan-15
Ap
r-15
Jul-
15
Oct-
15
Jan-16
Ap
r-16
Jul-
16
Oct-
16
Jan-17
Ap
r-17
Jul-
17
Oct-
17
Jan-18
Ap
r-18
Jul-
18
Oct-
18
Jan-19
Global Manufacturing
50.5
51.0
51.5
52.0
52.5
53.0
53.5
54.0
54.5
55.0
55.5
56.0
56.5
Jan
-14
Ap
r-14
Jul-
14
Oct-
14
Jan
-15
Ap
r-15
Jul-
15
Oct-
15
Jan
-16
Ap
r-16
Jul-
16
Oct-
16
Jan
-17
Ap
r-17
Jul-
17
Oct-
17
Jan
-18
Ap
r-18
Jul-
18
Oct-
18
Jan
-19
Global Services
50.5
51.0
51.5
52.0
52.5
53.0
53.5
54.0
54.5
55.0
55.5
56.0
Jan
-14
Ap
r-14
Jul-
14
Oct-
14
Jan
-15
Ap
r-15
Jul-
15
Oct-
15
Jan
-16
Ap
r-16
Jul-
16
Oct-
16
Jan
-17
Ap
r-17
Jul-
17
Oct-
17
Jan
-18
Ap
r-18
Jul-
18
Oct-
18
Jan
-19
Global Composite
Subdued Commodity Prices
Bank of Mauritius
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
105
110
115
Feb-14
May-14
Au
g-14
No
v-1
4Feb-15
May-15
Au
g-15
No
v-1
5Feb-16
May-16
Au
g-16
No
v-1
6Feb-17
May-17
Au
g-17
No
v-1
7Feb-18
May-18
Au
g-18
No
v-1
8Feb-19
Oil Prices
ICE Brent NYMEX WTI
US$ per barrel
140
150
160
170
180
190
200
210
220
230
240
250
260
270
280
Feb-14
May-14
Au
g-14
No
v-1
4Feb-15
May-15
Au
g-15
No
v-1
5Feb-16
May-16
Au
g-16
No
v-1
6Feb-17
May-17
Au
g-17
No
v-1
7Feb-18
May-18
Au
g-18
No
v-1
8Feb-19
Grains and Oilseed Index Food Price Index
IGC Grains and Oilseeds and FAO Indices
74
76
78
80
82
84
86
88
90
92
94
96
98
100
102
104
106
Feb-15
Ap
r-15
Jun-15
Au
g-15
Oct-
15
Dec-15
Feb-16
Ap
r-16
Jun-16
Au
g-16
Oct-
16
Dec-16
Feb-17
Ap
r-17
Jun-17
Au
g-17
Oct-
17
Dec-17
Feb-18
Ap
r-18
Jun-18
Au
g-18
Oct-
18
Dec-18
Feb-19
Bloomberg Commodity Index
Overall Index Index excl. Petroleum
Global Inflation
Bank of Mauritius
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
Dec
-14
Feb-
15
Ap
r-15
Jun-
15
Au
g-15
Oct
-15
Dec
-15
Feb-
16
Ap
r-16
Jun-
16
Au
g-16
Oct
-16
Dec
-16
Feb-
17
Ap
r-17
Jun-
17
Au
g-17
Oct
-17
Dec
-17
Feb-
18
Ap
r-18
Jun-
18
Au
g-18
Oct
-18
Dec
-18
Per cent G7
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
4.0
Dec
-14
Feb-
15
Ap
r-15
Jun-
15
Au
g-15
Oct
-15
Dec
-15
Feb-
16
Ap
r-16
Jun-
16
Au
g-16
Oct
-16
Dec
-16
Feb-
17
Ap
r-17
Jun-
17
Au
g-17
Oct
-17
Dec
-17
Feb-
18
Ap
r-18
Jun-
18
Au
g-18
Oct
-18
Dec
-18
Per cent G-20
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Dec
-14
Feb-
15
Ap
r-15
Jun-
15
Au
g-15
Oct
-15
Dec
-15
Feb-
16
Ap
r-16
Jun-
16
Au
g-16
Oct
-16
Dec
-16
Feb-
17
Ap
r-17
Jun-
17
Au
g-17
Oct
-17
Dec
-17
Feb-
18
Ap
r-18
Jun-
18
Au
g-18
Oct
-18
Dec
-18
Per cent OECD- Total
Annual GDP Growth Rate, Per cent
Bank of Mauritius
Source: Statistics Mauritius.
Contribution to GDP Growth (Percentage point)
Bank of Mauritius
Sectoral Growth Rates, Per cent
Bank of Mauritius
Sources: Statistics Mauritius and Bank staff forecast.
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
2013 2014 2015 2016 2017 2018 2019
Manufacturing Construction
Accommodation and food service activities Financial and insurance activities
Wholesale and retail trade; repair of motor vehicles and motorcycles Others
Tourist Arrivals (Number) and Earnings (Rs Million)
Bank of Mauritius
Sources: Statistics Mauritius and Bank of Mauritius.
Tourist Arrivals, Annual Growth Rate, Per cent
33,000
36,000
39,000
42,000
45,000
48,000
51,000
54,000
57,000
60,000
63,000
66,000
900,000
950,000
1,000,000
1,050,000
1,100,000
1,150,000
1,200,000
1,250,000
1,300,000
1,350,000
1,400,000
1,450,000
2013 2014 2015 2016 2017 2018
Tourist arrivals Tourism earnings (RHS)
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2013 2014 2015 2016 2017 2018
Current Account Balance, Rs billion …
Bank of Mauritius
Gross Official International Reserves, Rs billion and Import Cover, months …
Bank of Mauritius
Unemployment Rate, Per cent
Bank of Mauritius
Source: Statistics Mauritius.
Outstanding BoM Instruments, Rs million
Bank of Mauritius
Amount
outstanding as at
20 August 2018
Amount
outstanding as at 09
November 2018
Amount
outstanding as at 31
January 2019
Amount
outstanding as at 15
February 2019
Bank of Mauritius Bills 34,442.9 31,643.8 31,214.7 34,047.2
Special Deposits 18,280.6 18,280.6 17,115.1 15,977.6
Bank of Mauritius Notes 27,050.0 33,050.0 37,050.0 37,050.0
3-Year Bank of Mauritius Golden Jubilee Bonds 8,974.4 8,974.4 8,974.4 8,974.4
15-Year Bank of Mauritius Bonds 500.0 500.0 500.0 500.0
Total 89,247.9 92,448.8 94,854.2 96,549.2
Note: Figures may not add up to total due to rounding
Investment by individuals on the secondary market
Bank of Mauritius
MonthTurnover
(Rs million)
Number of
Transactions
Investment on Secondary
Market by individuals
(Rs million)
Jan-18 12,891 14 271
Feb-18 14,253 30 275
Mar-18 12,396 105 264
Apr-18 9,384 57 240
May-18 13,203 234 403
Jun-18 9,750 125 334
Jul-18 10,768 202 510
Aug-18 16,111 421 989
Sep-18 13,686 475 965
Oct-18 12,204 693 1,177
Nov-18 13,843 460 986
Dec-18 11,851 483 889
Total 150,338 3,299 7,302
Jan-19 11,801 549 911
Feb-19 11,646 254 403
Inflation Rate and Core inflation, Per cent
Bank of Mauritius
Source: Statistics Mauritius.
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Jan-1
4
Mar-
14
May-
14
Jul-
14
Sep
-14
No
v-14
Jan-1
5
Mar-
15
May-
15
Jul-
15
Sep
-15
No
v-15
Jan-1
6
Mar-
16
May-
16
Jul-
16
Sep
-16
No
v-16
Jan-1
7
Mar-
17
May-
17
Jul-
17
Sep
-17
No
v-17
Jan-1
8
Mar-
18
May-
18
Jul-
18
Sep
-18
No
v-18
Jan-1
9
Headline inflation Y-o-y inflation CORE2 (Annual average)
Per cent
Real GDP Growth, Per cent
Bank of Mauritius
Headline Inflation, Per cent
Bank of Mauritius
Bank of Mauritius
Thank you
Major Central Banks (../1)
Bank of Mauritius
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
US FED
Real GDP Inflation rate Policy rate
Per cent
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
05:Q
2
06:Q
1
06:Q
4
07:Q
3
08:Q
2
09:Q
1
09:Q
4
10:Q
3
11:Q
2
12:Q
1
12:Q
4
13:Q
3
14:Q
2
15:Q
1
15:Q
4
16:Q
3
17:Q
2
18:Q
1
18:Q
4
Bank of England
Real GDP Inflation rate Policy rate
Per cent
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
05:Q
2
06:Q
1
06:Q
4
07:Q
3
08:Q
2
09:Q
1
09:Q
4
10:Q
3
11:Q
2
12:Q
1
12:Q
4
13:Q
3
14:Q
2
15:Q
1
15:Q
4
16:Q
3
17:Q
2
18:Q
1
18:Q
4
European Central Bank
Real GDP Inflation rate Policy rate
Per cent
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
05:Q
2
05:Q
4
06:Q
2
06:Q
4
07:Q
2
07:Q
4
08:Q
2
08:Q
4
09:Q
2
09:Q
4
10:Q
2
10:Q
4
11:Q
2
11:Q
4
12:Q
2
12:Q
4
13:Q
2
13:Q
4
14:Q
2
14:Q
4
15:Q
2
15:Q
4
16:Q
2
16:Q
4
17:Q
2
17:Q
4
18:Q
2
Bank of Canada
Real GDP Inflation rate Policy rate
Per cent
Major Central Banks (../2)
Bank of Mauritius
0.5
1.5
2.5
3.5
4.5
5.5
6.5
7.5
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
Reserve Bank of Australia
Real GDP Inflation rate Policy rate
Per cent
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
Reserve Bank of New Zealand
Real GDP Inflation rate Policy rate
Per cent
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
Reserve Bank of India
Real GDP Inflation rate Policy rate
Per cent
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
11.0
13.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
South African Reserve Bank
Real GDP Inflation rate Policy rate
Per cent
Major Central Banks (../3)
Bank of Mauritius
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
05:Q
2
06:Q
1
06:Q
4
07:Q
3
08:Q
2
09:Q
1
09:Q
4
10:Q
3
11:Q
2
12:Q
1
12:Q
4
13:Q
3
14:Q
2
15:Q
1
15:Q
4
16:Q
3
17:Q
2
18:Q
1
18:Q
4
People's Bank of China
Real GDP Inflation rate Policy rate
Per cent
-10.0
-6.0
-2.0
2.0
6.0
10.0
14.0
18.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
Bank of Russia
Real GDP Inflation rate Policy rate
Per cent
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
05:Q
1
05:Q
4
06:Q
3
07:Q
2
08:Q
1
08:Q
4
09:Q
3
10:Q
2
11:Q
1
11:Q
4
12:Q
3
13:Q
2
14:Q
1
14:Q
4
15:Q
3
16:Q
2
17:Q
1
17:Q
4
18:Q
3
Bank of Mexico
Real GDP Inflation rate Policy rate
Per cent
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
06:Q
4
07:Q
2
07:Q
4
08:Q
2
08:Q
4
09:Q
2
09:Q
4
10:Q
2
10:Q
4
11:Q
2
11:Q
4
12:Q
2
12:Q
4
13:Q
2
13:Q
4
14:Q
2
14:Q
4
15:Q
2
15:Q
4
16:Q
2
16:Q
4
17:Q
2
17:Q
4
18:Q
2
18:Q
4
Bank of Mauritius
Real GDP Inflation rate Policy rate
Per cent
Bank of Mauritius
Bank of Mauritius
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
06:Q
4
07:Q
2
07:Q
4
08:Q
2
08:Q
4
09:Q
2
09:Q
4
10:Q
2
10:Q
4
11:Q
2
11:Q
4
12:Q
2
12:Q
4
13:Q
2
13:Q
4
14:Q
2
14:Q
4
15:Q
2
15:Q
4
16:Q
2
16:Q
4
17:Q
2
17:Q
4
18:Q
2
18:Q
4
Policy ratePer cent
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
06:Q
4
07:Q
2
07:Q
4
08:Q
2
08:Q
4
09:Q
2
09:Q
4
10:Q
2
10:Q
4
11:Q
2
11:Q
4
12:Q
2
12:Q
4
13:Q
2
13:Q
4
14:Q
2
14:Q
4
15:Q
2
15:Q
4
16:Q
2
16:Q
4
17:Q
2
17:Q
4
18:Q
2
18:Q
4
Real GDP Inflation rate Policy rate
Per cent
