June 30 (Bloomberg) -- Mauritius’s economy contracted during the first quarter of the year, led by a downturn in the construction industry.
Gross domestic product shrank a seasonally adjusted 1.7 percent from the previous three months, when it grew 1.9 percent, the Port Louis-based Central Statistics Office said in a statement on its website today.
The contraction is “explained mainly by a major slowdown in activities of the construction sector,” the agency said. Building activities shrank 11.7 percent, compared with growth of 5 percent growth in the previous quarter.
The Indian Ocean island nation, with a population of 1.3 million people, derives most of its foreign currency from tourism and textile exports. Europe is its main market, accounting for 41 percent of revenues, according to Bank of Mauritius data.
The economy will probably grow 4.5 percent this year, unchanged from the previous estimate given in March, the statistics agency said. Growth may exceed 4.6 percent, Bank of Mauritius Governor Rundheersing Bheenick said on June 14.
--Editors: Philip Sanders, Ben Holland
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