PORT LOUIS (Reuters) - Mauritius revised down its economic growth forecast for 2012 for the third time this year to 3.2 percent from 3.6 percent in June, the statistics office said on Friday, citing a bleaker outlook for key sectors of the economy.
The revision follows a similar move by the central bank this week which cut its growth forecast to 3.3 percent from 3.8 percent. The Indian Ocean island's economy expanded 4 percent in 2011.
The island is pushing to rely less on Europe, its main source of tourism revenue and a major market for its textile, sugar and services industry, and has been branching into information technology, business outsourcing and offshore banking.
Statistics Mauritius said its assumptions were based on lower sugar production of around 410,000 tonnes versus 435,310 tonnes a year ago, a lower expansion of 1.1 percent in manufacturing industries from 2.2 percent in 2011 and a slowdown in tourists arrivals and earnings.
The statistics agency said the key textile sector is expected to decline by 2.7 percent after high growth of 8.0 percent in 2011.
Construction is seen declining by 1.2 percent after negative growth of 2.0 percent in 2011.
Earlier this week Mauritius maintained its key repo rate at 4.9 percent citing risks to its inflation outlook.
The central bank's Governor, Rundheersing Bheenick, said year-on-year inflation would rise to 4.4 percent at the end of September from 3.7 percent in August.
Source: http://news.yahoo.com/mauritius-cuts-2012-growth-forecast-again-060127800--business.html
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