balancing of risks to their outlooks before deliberating on whether to adjust their respective monetary policy stance in forthcoming meetings. domestic economic developments the domestic economy remained on a steady growth path in 2023q2, following robust performances in 2022q4 and 2023q1. the economy expanded by 6. 0 per cent in 2023q2, up from 5. 8 per cent in 2023q1. economic activity continues to showcase signs of resilience, with the'accommodation and food service activities ','construction'and'transport and storage'sectors being the locomotives of growth amidst the strong momentum in tourist arrivals and ongoing major infrastructural projects. the tourism sector, being one of the key pillars of the domestic economy, heralds encouraging performance for the year, underpinned by continued strong demand for the mauritian destination. around 1, 026, 700 tourists visited the island from january to 2 / 9 bis - central bankers'speeches october 2023, representing 93. 1 per cent of the 2019 level, and almost 45 per cent higher compared to the same period of 2022. in line with the resurgence in tourist arrivals, tourism earnings were also buoyant, aggregating rs60, 798 million during the period january to september 2023, higher by 46 per cent compared to the corresponding period of 2022 and well above the 2019 level. we project tourism earnings at rs85. 0 billion for 2023, significantly higher than the 2022 level of rs64. 8 billion. going forward, the tourism sector is expected to maintain its momentum, benefitting from pent - up demand for holiday travel, increased flight connectivity and diversification of markets. labour market conditions remained robust in 2023q2. the unemployment rate maintained its gradual decline and dropped to 6. 4 per cent in 2023q2. the female unemployment rate has increased slightly, standing at 9. 1 per cent in 2023q2, while youth unemployment rate declined to 18. 1 per cent – the lowest reading since 2010. labour market conditions are expected to improve further as the domestic economy sustains its growth momentum. the current account deficit as a ratio to gdp declined to 11. 5 per cent for 2022, from 13. 1 per cent registered in 2021. the improvement largely reflected the considerably better performance of the services account. the improvement in the current account persisted during january to september 2023, with 2023q1 registering a deficit of

harvesh seegolam : current economic conditions and outlook statement by mr harvesh seegolam, governor of the bank of mauritius, at the post monetary policy committee ( mpc ) press briefing, port louis, 28 november 2023. * * * ladies and gentlemen, members of the media, good afternoon. welcome to this press briefing for the third monetary policy committee ( mpc ) meeting of the year, marking the 69th sitting of this committee. as you may recall, at the two previous mpc meetings held during the year, we emphasised on the need to allow some time for our new monetary policy framework to become entrenched into the operational aspects of the banking sector and financial market operators. the bank continues to monitor progress made by market players in embracing the new framework, while taking note of the challenges identified and adjustments needed, if any. the bank is cognizant of the need to continuously review the framework so that it suits the requirements of our evolving economic environment. in this respect, the bank is following up on its overhauling process of the monetary policy framework and is engaging in extensive consultations with reputed central banks and other international organisations. this rightly underscores our aspiration to align our monetary policy framework with the best practices in other central banks and monetary authorities. let us now zero - in on the topic of the day. at its meeting today, the mpc discussed lengthily domestic economic prospects, whilst considering the latest developments taking place on the international front. i shall now elaborate on the essence of those elements covered extensively in the mpc policy deliberations. international economic developments the global economy remains resilient and continues to recover despite divergences noted across regions and sectors. the imf, in its world economic outlook of october 2023, projects growth at 3. 0 per cent for 2023, unchanged from the last projection made in july 2023, and higher by 0. 2 percentage point compared to its april 2023 projection of 2. 8 per cent. the us economy showed signs of improvement in 2023q3 supported by robust consumer spending amid a strong labour market, while continued sluggishness was observed in the euro area and in the uk. the chinese economy is still facing the effects of the downturn in its property sector, while india is well poised as one of the fastest growing economies. purchasing managers'indices ( pmis ), key leading indicators of economic activity, pointed towards continued expansion