Economic Statistics: IMF Praises Progress, but Points Out Discrepancies
Economic Statistics: The IMF commends Mauritius for its progress in integrating Global Business Companies (GBC) into national accounts, while also raising concerns about certain statistical discrepancies and production and export estimates.
The International Monetary Fund (IMF) recently published a report following a technical assistance mission focused on national accounts and external sector statistics (ESS). This mission took place at Statistics Mauritius and the Bank of Mauritius (BoM) from March 24 to March 28, 2025. The main objectives were to review recent revisions of GDP estimates from 2020 to 2023; evaluate how the production, exports of services, and investment income from international business companies (GBC) are treated and recorded in national accounts and the balance of payments; and examine data from the External Sector Statistics and National Accounts Survey (ESSNAC) related to the revenues and expenditures of GBC, which are used for compiling national accounts and external sector statistics.
The mission found that progress has been made in implementing the recommendations from the 2024 technical assistance missions on external sector statistics and the 2021 missions on national accounts. The aim is to measure GBC contributions in national accounts and the balance of payments. According to the report, Global Business Companies (GBC) in Mauritius are an integral part of the island's economy. "As key players in the international financial center, GBCs primarily engage in holding shares, investment fund activities, fund management, advisory services, international trade, and other activities," it states.
The IMF's Africa department expressed concerns regarding the factors affecting production estimates (and implicit service exports) as well as the statistical discrepancies noted in the December 2024 publication.
Collaboration between BoM and Statistics Mauritius
The Bank of Mauritius and Statistics Mauritius have announced significant progress in aligning the statistical treatment of services related to Global Business Companies within national accounts and the balance of payments. This collaboration, made public on September 30, aims to strengthen the consistency and reliability of the country's macroeconomic data. To facilitate this process, both institutions received technical support from the International Monetary Fund through several targeted missions. One mission in February 2021 focused on national accounts; another in January 2024 addressed the external sector. The most recent mission in March 2025 supported harmonization according to international standards.
In Numbers
- As of December 2023, over 13,000 GBC were actively operating in Mauritius.
- Of the 13,564 active GBC license holders, the FSC indicates that approximately 30% are considered to be under foreign control.