Financial intermediation
As most of the sectors of the local economy, the rate of real growth for the financial intermediation sector has slowed sharply in 2009 due to the global economic downturn. Nevertheless, with regards to what happened for the banking sector in developed countries, local banks, using a prudential approach and operating mainly through domestic deposits rather than large scale interbank foreign borrowing, were well capitalized and the sector has remained one of the most dynamic sectors during the period. In 2010, in line with the worldwide recovery, the real growth rate of this segment has picked up from 3.8 percent in 2009 to 4.3 percent in 2010. However, this growth rate is well below the 2008 figure.
Its share in GDP has increased from 9.3 percent in 2006 to 10 percent in 2010. The level of investment in this sector has increased, in current prices, from Rs 1.5 billion in 2009 to 2.3 billion in 2010. For 2010, it represents 3.1 percent of total investment.
As for employment in large establishments, it has been constantly increasing from 6,800 in March 2000 to 11,387 in March 2010, reflecting the dynamism of this sector. The overall situation of financial intermediation has continuously improved showing high profitability and capital levels.
FINANCIAL INTERMEDIATION |
|
Unit |
2006 |
2007 |
2008 |
2009 |
2010 |
Value added |
Rs Bn |
17.5 |
20.8 |
23.9 |
25.4 |
26.6 |
Value added/GDP |
% |
9.3 |
9.7 |
9.8 |
10.2 |
10.0 |
Growth rate |
% |
5.2 |
7.6 |
10.1 |
3.8 |
4.3 |
Investment |
Rs Bn |
1.7 |
1.5 |
1.3 |
1.5 |
2.3 |
As a % of total investment |
% |
3.3 |
2.5 |
1.9 |
2.0 |
3.1 |
Employment in large establishments |
No. |
9,009 |
9,293 |
10,216 |
10,765 |
11387 |
As a % of total employment in large establishments |
% |
3.1 |
3.1 |
3.3 |
3.6 |
3.8 |
More information can be obtained from:
Statistics Mauritius: http://www.gov.mu/portal/site/cso
Financial Services Commission: http://www.gov.mu/portal/sites/ncb/fsc/index.html
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