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2016
A Preliminary Overview
Macro View
OTH
COND
UT
14%
+1.3%
21%
3%
+3.9% HLTH
Manftg
9%
4%
GOV
7%
9%
Manftg
5%
CONS
4%
+7% COMM
10%
6%
10%
PROP
IND
12%
+3.8%
T&L
Agri
3%
+6.9%
2%
+1.6%
Logistics
6%
FIN
Ins
3%
Constn
4%
+4.5%
Banking
7%
+3.7%
+5.4%
30-Jul-16
Key Ratios
5.3
4.2
4.1
4.0
4.0
4.1
3.8
4.6
been stagnant over the last five years. With focus on reigniting growth, GDP is expected to cross the 4% mark in
coming years boosted by budgetary measures.
3.7
3.5
3.5
3.4
-5.7
-8.0
-10.4
-4.8
-10.3
-8.8
-9.1
-11.1
-9.6
-11.6
-1.8
-3.2
-3.8
-2.5
-2.2
-3.5
-3.2
-3.2
-2.4
-3.5
-3.3
Forecast
30-Jul-16
Capital Markets
1,050
ALEX 20
975
900
825
750
1,500
ALCAPEX 12
1,400
1,300
1,200
1,100
1,000
2,200
SEMDEX
2,050
1,900
1,750
1,600
Financial Sector
The financial sector is one of the main pillars of the
12.0
5.7
5.7
Financials
11.9
11.9
11.9
5.5
5.5
11.7
5.4
11.7
5.3
2011
2012
6.3
2013
2014
2015
2016E
6.3
Banking
6.8
6.8
6.6
6.7
5.5
2013
2014
5.6
2012
the FSC have been offered tax holidays ranging from 5-8Yrs
and extends to the legal profession with a view to develop
legal advisory & arbitration. Should these attract new
players, it can only bode well for the sector.
6.9
2011
6.8
5.5
5.4
2015
2016E
30-Jul-16
7.2
8.0
Tourism
7.5
7.1
3.2
6.6
6.3
6.8
1.9
0.7
2011
2012
2013
GDP Growth [%]
2014
2015
2016E
Share of GDP [%]
55
1,233 1,240
50
1,186
Having been hit hard in the last budget, the gambling industry
1,152
1,134
44
43
1,087
41
1,035
996
44
1,039
993
965
965
2012
World [M]
2013
2014
Mtius [k]
2015
2016E
30-Jul-16
Consumer Staples
Mauritius, once coined a monocrop economy has seen the
Agriculture
4.2
4.5
4.2
3.7
3.5
3.9
3.8
3.7
0.5
-0.3
2011
2012
2013
2014
2015
2016E
Seafood
6.6
1.0
1.0
1.0
1.0
1.0
0.3
-1.6
2012
2013
-2.8
2011
9.8
1.1
6.4
3.5
1.1
2014
2015
2016E
30-Jul-16
Consumer Discretionary
Manufacturing is one of the largest segments of the local
15.8
15.7
4.7
Manufacturing
15.5
15.4
15.4
2.1
1.8
14.8
0.7
2011
1.3
0.0
2012
2013
4.9
2014
2015
2016E
4.2
Textile
4.7
4.7
4.7
0.2
4.6
4.6
-1.1
The National Airline is also set to offer a 40% rebate on airfreight to Europe which would enhance the competiveness of
Mauritian products.
-2.8
2011
2012
2013
2014
2015
2016E
30-Jul-16
Property
Following 5 consecutive years of contraction, the
Real Estate
7.1
6.9
6.1
5.9
5.3
5.7
5.7
5.7
2011
6.5
2012
2013
2014
2015
6.2
5.7
3.8
2016E
1.6
5.5
5.5
4.8
-2.0
4.4
-3.0
Construction
2012
2013
-8.5
2014
2015
2016E
30-Jul-16
9.4
8.9
5.6
ICT
5.6
5.6
5.6
7.0
6.9
6.6
2011
2012
2013
5.6
2014
6.6
2015
2016E
3.7
6.2
3.4
6.1
Logistics
6.1
6.1
6.0
2.8
2.6
2.4
2011
2012
2013
2014
2015
2016E
30-Jul-16
10
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situation or particular needs of any individual recipient. Recipients should not act or rely on any recommendation in
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reliable but which have not been independently verified.
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Contributors
Bhavik Desai
Head of Research
AXYS Stockbroking
Prerna Cheekhooree
Research Analyst
AXYS Stockbroking
Alexis Corson
Investment Analyst
AXYS Stockbroking
Kugan Parapen
Portfolio Manager
AXYS Investment Partners
30-Jul-16
11
Tel:
(230) 405 4000
Fax: (230) 213 3478
Email: research@axys-group.com