Mauritius sees GDP at 1 trillion rupees by 2024

Mauritius' gross domestic product is expected to grow to 1 trillion rupees by 2024 from the current 290 billion rupees, the Indian Ocean island nation's finance minister said on Tuesday.

Mauritius has pitched itself as a bridge between Africa, India and China, with a flourishing offshore financial sector, enabling the island nation of 1.3 million people to pack an economic punch above its weight. It is also investing in other sectors such as information technology.

Pravind Jugnauth told Parliament that GDP at market prices grew on average by 9.2 percent annually from 2000 to 2010 while per capita income as measured by GDP at market price per head of population grew on average 8.4 percent in the same period.

"Assuming the same average growth rate is recorded as the period 2000 to 2010, the nominal GDP, which is today around 290 billion rupees, will attain 1 trillion rupees by the mid-2020s -- more precisely by 2024," Jugnauth said.

The economy will have expanded by around 4.1 percent this year, he said, underpinned by positive growth in all sectors, and by 4.2 percent in 2011.

Last month, Jugnauth unveiled his 2011 budget, which he said was aimed at rebalancing growth and protecting the economy from volatility in its key export markets in Europe.

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