According to the Quarterly National Accounts of Statistics Mauritius, the Gross Domestic Product (GDP) at market prices grew by 19.4% to reach Rs. 99.9 billion in Q2 2021 from Rs. 83.7 billion in Q2 2020.
Year-on-year quarterly GDP by expenditure shows that the total final consumption expenditure in real terms increased by 20.2% in the second quarter of 2021 as compared to the corresponding quarter of 2020. Final consumption expenditure of households increased by 30.1%, and that of general government contracted by 3.7%.
Official data indicates that Mauritians are spending more than they did in the wake of the first wave in 2020. Demand for both residential (+267.5%) and non-residential buildings (+646.7%), despite the rise in raw materials, is generating an overall increase in investment (Gross Fixed Capital Formation) by 123.2%.
Mauritians are also spending more on passenger cars as well (+173%).
The local consumption patterns reflect the global increase in consumption expenditures. For example, in the U.S and the U.K, the sudden increase in demand following the slowdown caused by the pandemic has caused significant supply chain disruptions.
The U.K. is facing an oil crisis along with a labor shortage.
The Mckinsey Q2 2021 U.S. Consumer Survey shows that U.S consumer spending has recovered from the pandemic, driven by the confluence of increasing vaccination rates, stimulus payments and an optimistic economic outlook.
However, the study shows disparate recovery patterns and eroding brand loyalty.
