BCEN Assignment Example | Topics and Well Written Essays - 250 words - 2

BCEN - Assignment Example The business sectors are waning, leaving us nearly abandoned. In light of the abovementioned, I think it is astute we auction the synthetic substances division, to defend the equipment station. An individual valuation of the organization puts it at generally $500,000, which I think would be a decent deals cost for the business. If it's not too much trouble investigate this issue and think about taking the best choice. The most ideal path for an organization to anticipate capricious emergencies is to guarantee that there is an emergencies the board strategy set up to manage any surprising event. This may include having a proficient correspondence plan. The best methodology to battle an online talk is to thought of a quick and complete answer. A fast and reliable emergency reaction plan is basic for an organization in reacting to emergencies. Organizing partners includes total mapping to show the way in which the partners interlink, and the impact they hang on one another (Seeger, Sellnow and Ulmer

Ballet Original

Artful dance is a move dramatization performed by at least one artists joined by music. Moving, music, landscape, and outfits are joined with beautiful creativity to communicate a temperament, subject, or story. The artists perform steps and emulate deliberately turned out to be by a move arranger called a choreographer. Proficient expressive dance moving is an exceptionally restrained workmanship that can be learned uniquely through long periods of preparing. Artists practice day by day and bosses the essential developments and steps so completely that they are applied consequently when performing.Lessons for beginners, including kids, show great stance and real beauty and increment thankfulness for proficient exhibitions. The motivation behind this examination is to know the top to bottom history and of improvement of expressive dance. II. Conversation A. Improvement of artful dance Ballet became out of Renaissance court stimulations that were a blend of moving, singing, and acting . It turned into a genuine fine art in France during the rule of Louis XIV when it moved out of the court dance hall and onto the showy stage.Jean Baptiste Lully, a French-Italian arranger and artist, included artful dance intervals in his dramas and in 1681 acquainted ladies artists with the open stage. Around 1700 Pierre Beauchamp, A French moving expert who regularly teamed up with Lully, settled the five places of the feet on which all expressive dance steps are currently based (Anderson, 2001). Expressive dance spread all through Europe in the eighteenth century and the artists turned out to be increasingly gifted. Artful dance outfit, particularly the women’s long, overwhelming dresses and high-obeyed shoes, extraordinarily limited development and made hopping steps hard to perform.Marie Camargo and Marie Salle were among the ballet performers who pushed more liberated development. Camargo wore lower leg length skirts and heelless shoes, and is credited with presenting the entrechat-quatre. Salle frequently moved in a straightforward hung outfit, focusing expressive, characteristic development. About the center of the eighteenth century Jean Georges Noverre, a French artist and choreographer, drove the development that set up the expressive dance d’action (sensational artful dance). The verbally expressed recesses that assisted the plot were supplanted by emulate and the corps de artful dance turned out to be progressively significant (Pasevska, 2000).Gaetan Vestris and his child Auguste were the unparalleled male artists of the period. In the Nineteenth Century there were numerous adjustments in artful dance. The ballet performer included the procedure of moving sur les pointes (on her toes) and decreased the male artist to the job of an insignificant accomplice. The Romantic Movement in writing, music, and painting additionally influenced artful dance. Fanciful subjects were disposed of for topics dependent on the heavenly and on society legends. Maria Taglioni, Fanny Elssler, and Carlotta Grissi were among the extraordinary ballet performers of the Romantic era.Taglioni presented the tutu while moving in La Sylphide (1832); Elssler presented the character move, an adapted society move. Grissi made the title job of Giselle (1841), the exemplary artful dance of the Romantic age (Clarke and Crisp, 2000). Carlo Blasis, an Italian artist and instructor, built up an arrangement of move preparing in The Code of Terpsichore (1830) and is credited with starting the mentality present. Blasis’s speculations were conveyed to Russia, which turned into the artful dance community in the second 50% of the century. Marius Petipa, a French artist and artful dance ace working in St.Petersburg, made the full-length (three-or four-act) exemplary expressive dance. Great ballet productions, for example, The Sleeping Beauty (1890) and Swan Lake (1895), stressed moving for moving. Outfit, landscape, story, and music assumed a minor job so as not to occupy from the moving. Twentieth-century Reforms. Numerous Russian artists dismissed the breathtaking diversion style of the great expressive dance. As right on time as 1904 Michel Fokine, an artist and choreographer, presented his arrangement for artful dance change to the Imperial Theater.He accepted the moving should communicate the sentiments of the characters depicted and that the music, style, and subject ought to be in concordance, supplementing one another. In the wake of seeing the American artist Isadora Duncan acted in 1905, Fokine joined her thoughts of opportunity of development and musical articulation into the control of artful dance (Koegler, 2002). At the point when the Russian director Serge Diaghilev introduced the Ballets Russes in Paris in 1909, Fokine was the choreographer. His Les Sylphides denoted the start of the cutting edge period of ballet.Leading authors, craftsmen, and journalists made music, stories, and stylistic theme (view and outf its) for ballet productions Russes exhibitions. Fokine made The Firebird (1910) and Petrouchka (1911), both with music by Igor Stravinsky. Ballet productions Russes artists included Anna Pavlova, Ida Rubinstein, Adolphe Bolm, and Vaslav Nijinsky and his sister Bronislava. Nijinsky arranged three well known balletsâ€Afternoon of a Faun (1812) and Jeaux (1913), both with music by Debussy, and The Rite of Spring (1913), with music by Stravinsky.After 1914, Leonide Massine turned into the main choreographer of the Ballets Russes. He made Parade (1917), music by Eric Satie, story by Jean Cocteau, stylistic layout by Picasso; and The Three-Cornered Hat (1919), music by Manuel de falla and style by Picasso (Dufort, 2004). All through the 1920’s the Ballets Russes was the extraordinary organization, performing all through Europe and the Americas. Expressive dance after Diaghilev. In the 1920’s and after Diaghilev’s passing in 1929, numerous artists and choreographers framed their own schools and organizations. Massine became choreographer of the Ballet Russe de Monte Carlo.In England, Ninette de Valois established a move school and friends that turned into the Sadler’s Wells Ballet (presently Royal Ballet) and included such artists as Alicia Markova, Frederick Ashton, and Margot Fonteyn. Serge Lifar renewed the Paris Opera Ballet. George Balanchine went to the United States in 1933 and with Lincoln Kirstein shaped the School of American Ballet and the American Ballet (later New York City Ballet). Artful dance Theater (presently American Ballet Theater), shaped in 1939 by Lucia Chase, introduced ballet performances by American choreographers and authors just as great and contemporary European ballets.The collection included Eugene Loring’s Billy the Kid (1938) and Agnes de Mille’s Rodeo (1942), both with music by Aaron Copland; Pillar of Fire (1942) by the Emglish choreographer Anthony Tudor; and Jerome Robbins’ and L eonard Bernstein’s Fancy Free (1944). Nora Kaye, Alicia Alonso, and David Lichine were among the main artists (Kuklin, 2000). Artful dance Theater assumed a significant job in the advancement of American showy move in the 1940’s. Global Growth. After World War II expressive dance turned out to be progressively well known, and various, assorted artful dance organizations flourished.The Royal Danish Ballet got noted for the readiness of its male artists and for its exhibitions of August Bournonville’s nineteenth century Danish ballet productions, for example, Konservatoriet. Of the in excess of 30 artful dance organizations in the Soviet Union, Moscow’s Bolshoi Ballet and Leningrad’s Kirov Ballet increased universal popularity. Among the extraordinary organizations are Netherlands Dance Theater and Maurice Bejart’s Brussels-based artful dance of the twentieth Century. The two organizations present numerous trial ballet productions (Koegler, 20 02).The National Ballet of Canada and Germany’s Stuttgart Ballet got known for their exhibitions of both account and dynamic ballet performances. In the United States there has been an astounding development of enthusiasm for artful dance. In excess of 100 beginner territorial artful dance organizations have been shaped alongside various expert gatherings. American Ballet Theater and the New York City Ballet turned into the significant organizations, winning worldwide approval. The Joffrey Ballet turned out to be broadly known for introducing twentieth century standard works, for example, Parade, just as new cutting edge ballet productions, for example, The Relativity of Icarus (1974).By the 1980 ballet’s moving and choreographer styles fluctuated generally. The qualification among artful dance and current move developed smaller the same number of organizations melded the specialized control of artful dance with the opportunity of present day move (Clarke and Crisp, 20 00). III. All in all, artful dance has contributed a great deal in the move business. Artful dance bunches show up in full-length ballet performances (isolated into acts and scenes) and in programs made up of at least two shorter ballet productions. Ballet productions are some of the time remembered for dramas, melodic comedies, and other stage, TV, and screen productions.The music might be composed initially for expressive dance or adjusted from other music. Reference: 1. Anderson, Jack (2001). Movement Observed (University of Iowa). 2. Clarke, Mary and Clement Crisp (2000). The Ballet Goer’s Guide (Knopf). 3. Dufort, Anthony (2004). Expressive dance Steps: Practice to execution (Crown). 4. Koegler, Horst (2002). The Concise Oxford Dictionary of Ballet, fifth version (Oxford University). 5. Kuklin, Susan (2000). Going after Dreams: a Ballet from Rehearsal to Opening Night (Lothrop, Lee and Shephard). 6. Pasevska, Anna (2000). Expressive dance from the First Plie to Mastery ( Princeton Book).

Types of Essay Examples PDF

Types of Essay Examples PDFSome students often find it difficult to write a very original essay or an essay that is entirely original. It can be very difficult to come up with new and original ideas for essays. The following types of essay samples PDF for writing include the following and are some that are based on the topic area you're going to be writing on.This essay sample is actually on plagiarism, which is a problem that all students face. It's also on how easy it is to steal other people's ideas. If you're going to be writing an essay on plagiarism, then you need to be familiar with what plagiarism is and what makes it a problem. You will then be able to come up with an original idea for an essay that won't require you to steal someone else's idea.The fourth example of this essay sample includes the following content: Why are essays written in the first person different from essays written in the third person? In this kind of essay, you're going to learn how to make an interes ting argument in your essay. This is an interesting topic that is covered by this kind of essay.When writing essays, the topic of this interesting topic is often about the author and the reader. You'll learn how to use narrative when writing a good essay that's not too lengthy and too complicated. You'll also be able to know what to avoid while writing a good essay, including the topic.The last example of this essay sample is on writing essays. It's actually based on the topic of composition. It includes tips on how to make a simple topic sound more complex and how to make a specific topic appear simpler than it really is. It also includes tips on creating conflict and exploring conflict using words and using sentences that can make a topic seem more complex than it really is.Topics like language are also covered. The main focus of this type of topic is on the two main type of speech patterns we use: staccato and fluent. It also includes tips on where to use the prosody we have to e nsure that our thoughts fit into a certain structure.One of the best things about these types of essay samples is that they are so easy to read and understand. This is a good reason why they are one of the most popular writing tools out there. They are also widely available, which makes them one of the best things about using them. They're also some of the cheapest writing tools as well.There are many good examples out there that will help you get started. Whether you're looking for online essay samples, traditional essay samples, or essay samples for taking exams, you'll be able to find the right one for you with ease. You should also take note that these are all free.

Paul Bunyan Wordsearch, Crossword Puzzle and More

World economic growth - Free Essay Example

Sample details Pages: 24 Words: 7107 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? World economic growth 1.0 INTRODUCTION 1.1 World Economic Outlook: According to the World Bank, world economic growth accelerated sharply in 2004. In aggregate, the year 2004 has been the healthiest year for developing countries since the last three decades. East Asian countries have come out of the 1997 crisis and are now performing well. The ongoing economic boom in China as well as the surge in activities registered in Japan were major factors in promoting growth in the region. Latin American countries and Sub-Saharan Africa also had a better year. This performance reflects a fortuitous combination of long-term secular trends built on a foundation of better macroeconomic management and an improved domestic investment climate converging with a cyclical recovery of the global economy. Don’t waste time! Our writers will create an original "World economic growth" essay for you Create order There were however some lingering imbalances in the global economy associated with the rising twin deficits in the United States, a delayed recovery in Europe, coupled with high and volatile oil prices, and questions about the path of Chinas economy that might constitute risks to the pace of growth in developing countries over the medium term. Worlds economic growth is likely to slow down in 2005 with a projected rate of 3.2%. Several factors are likely to contribute to the slower growth. It is believed that the investment cycle in the US has peaked, therefore resulting in a slowdown in growth. Furthermore, world demand has far exceeded world supply, resulting in a substantial increase in oil and other commodity prices, therefore reducing demand in other countries. Also, increases in interest rates are likely to slow the investment growth. The US is likely to finance its large budget deficits through tighter fiscal policies and in Europe countries will tighten their budgetary control to remain within the realm of Maastricht limits. Table 1: World economic outlook Real Growth Rate (%) 2002 2003 2004 2005* World 1.7 2.7 4.0 3.2 High Income Countries 1.3 2.1 3.5 2.7 Euro Zone 0.9 0.5 1.8 2.1 USA 1.9 3.0 4.3 3.2 Japan -0.3 2.4 4.3 1.8 Developing Countries 3.4 5.2 6.1 5.4 East Asia and Pacific 6.7 7.9 7.8 7.1 Latin America and Caribbean -0.6 1.6 4.7 3.7 Sub Saharan Africa 3.1 3.0 3.2 3.6 *projected figures Source: Global Economic Prospects 2005, World Bank. 1.2 Mauritian Economic Outlook: Mauritian economic growth in 2004 was positive and stabilised at 4.2%, slightly lower than the 4.4% recorded in 2003. On the one hand, internal demand constituted an important dragging factor, with a 6.3% growth in consumption expenditure compared to 4.5% in 2003. On the other hand, lingering uncertainties linked to the wave of change in the international economic order, uninterrupted trade liberalisation and the gradual loss of our long-standing preferences had a dampening effect on growth. The recent run-up in oil prices was also a constraining factor on economic buoyancy. Business confidence appeared to be quite timid in 2004. However, in spite of an overall deceleration in the rate of investment, which grew by 5.5%, compared to 10.0% in 2003, private sector investment grew by a high 13.2% as opposed to a negative 2.2% in 2003. Moreover, international perception about Mauritius remained positive, and foreign investments in hotels and ICT projects were at a relatively high level. Despite the stable growth rate, several macroeconomic and sectoral performances were relatively unfavourable. Savings rate was lower, registering 23.3% of GDP in 2004 against 25.4% in 2003. Inflation rate was higher in 2004, reaching 5.5%, as opposed to 3.9% in 2003. Overall external trade worsened, from a surplus of Rs. 2 billion in 2003 to a deficit on Rs. 3.9 billion in 2004, as a result of a very large increase in the merchandise trade deficit, from Rs. 8.4 billion to Rs. 15.7 billion. On a sectoral basis, industries were faced with a restricted margin of manoeuvre as a result of increasing international competition from lower-cost producers. Repercussions were felt in the EPZ sector, which registered a negative growth rate of 5% in 2004, following the deceleration of 6% in 2003. The tourism sector, in spite of its apparent dynamism, recorded a growth rate of only 2.6%, compared to 3.0% in 2003. Financial services experienced some inertia, with a low expansion of 1.0%, compared to a high 7.2% in 2004. However, the agricultural sector expanded by 5.1% in 2004, in contrast to the low 1.9% recorded in 2003 and the non-EPZ sector grew by 5.0% in spite of the gradual reduction of tariff protection. 2.0 ECONOMIC PERFORMANCE FOR 2004 2.1 National Accounts: Real Gross Domestic Product (GDP) grew by a moderate 4.2% in 2004, compared to 4.4% in 2003. At current basic prices, GDP increased from Rs. 137.9 billion in 2003 to Rs. 151.7 billion. GDP per capita at current basic prices increased by 10.1%, to attain Rs. 122,984 in 2004. In US dollar terms, GDP per capita reached US$ 4,477, 11.7% higher than the previous year, when it reached US$4,010. It is worth noting also that at Purchasing Power Parity, GDP per capita in dollars was estimated at US$ 11,400 in 2003. For the second consecutive year, net income from the rest of the world was negative, with Rs. 415 million in 2004, compared to Rs. 833 million in 2003. Table 2: Output at current basic prices: Unit 2001 2002 2003 2004 Real GDP growth rate % +5.6 +1.8 +4.4 +4.2 GDP Rs. Million 117,720 125,260 137,868 151,725 Net income from abroad Rs. Million 393 396 833 415 GNI Rs. Million 118,113 125,656 137,035 151,310 GDP/capita Rs. 98,086 103,479 112,720 122,984 US$ US$ (PPP)* 3,380.9 9,609 3,462.2 10,810 4,010.0 11,400 4,477.4 n/a Exchange Rate, annual av. mid-rate Rs/$ 29.012 29.888 28.11 27.468 * GDP at Purchasing Power Parity provides a more reasonable international GDP comparison among nations.Source: CIA Fact Book 2004 While the EPZ sector continued to register negative growth rates for the third consecutive year, almost all other sectors recorded positive growth rates in 2004. Non-EPZ grew by +5.0% in 2004, slightly lower than in 2003, when the growth rate was +5.8%. After high growth rates registered in 2002 (+7.6%) and 2003 (+11.1%) mainly due to high investment in building and construction works by the public sector, Construction grew by 3.1% in 2004. The distributive trade sector grew by 3.2%, slightly higher than the 3.1% recorded in the previous year. Transport and Communications activities expanded by 6.5% in 2004 as opposed to 6.1% in 2003. During the same period real estate, renting and business activities grew by 6.9% compared to 6.5% in 2003. Education, including services provided by public and private operators grew by 7.2% in 2004, compared to 5.3% in 2003, while health and social work expanded by 8.8% compared to 7.0% in 2003. Electricity, gas and water supply registered a growth of 4.2% as opposed to 4.6% in 2003. 2.2 Consumption Last years economic performance was once again influenced by internal demand. Total final contribution of consumption to GDP at market price was estimated at 77.3%, compared to 75.1% in 2003. Real final consumption expenditure, increased by 6.3% in 2004, compared to a 4.5% rise in 2003. This expansion in the consumption rate, which is much higher than the GDP growth rate, is clearly inflationary and has a negative direct impact on trade balance and budget deficit. It must be noted that private consumption represented 83.1% of total consumption in 2004, as opposed to 82.8% in 2003. A growth of 6.7% was observed in the consumption of households in 2004, against 4.9% in 2003. This is the highest growth rate recorded since 1989. On the other hand, the share of public sector consumption amounted to 16.9% of total consumption in 2004, showing a slight drop from the 17.2% observed in 2003. Public consumption grew by 4.4% compared to an increase of 2.6% in 2003. In 2004, the continued growth observed in total consumption has been largely sustained by the significant increase in average monthly income earnings of households. The average monthly earnings in large establishments grew by 12.8% between March 2003 and March 2004, to reach Rs. 11, 084. A general upward trend was observed in all industrial groups. The largest increase (+24%) was noted in public administration, following the implementation of the PRB in July 2004. Table 3: Consumption 2001 2002 2003 2004 Aggregate Final Consumption Household Central Government Rs b Rs. b Rs. b 97.0 80.2 16.8 106.6 88.3 18.3 118.3 98.1 20.2 135.1 112.2 22.9 Consumption as a % of GDP at MP % 73.4 75.0 75.1 77.3 Real Agg. Final Consumption growth o Household o Central Government % % % 3.3 3.0 4.7 3.2 3.3 4.1 4.5 4.9 2.6 6.3 6.7 4.4 Average monthly earnings (March) Rs. 8,701 9,159 9,826 11,084 Change in monthly earnings, Nominal % 6.4 5.3 7.3 12.8 2.3 Savings Investment Gross national savings, measured by the difference between Gross National Disposable Income and Total Consumption, increased in nominal terms by 1.8% to reach Rs 40.7 billion in 2004 from Rs 40.0 billion in 2003. Consequently, the saving rate, calculated as the ratio of GNS to GDP at market prices, showed a decline from 25.4% in 2003 to 23.3% in 2004. This decline results from an increase in both public and private expenditure. Table 4: Savings and investment 2001 2002 2003 2004 Gross National Savings (Rs. Billion) 37.6 38.7 40.0 40.7 Nominal Change (%) +2.8 +3.4 +1.8 GNS as a % of GDP at MP (%) 28.4 27.3 25.4 23.3 GDFCF (Rs. billion) Private Sector Public Sector 29.8 20.5 9.3 31.4 21.6 9.8 35.7 21.8 13.8 38.9 25.6 13.4 Real Change in GDFCF (incl aircrafts and vessels) , % +2.7 +1.9 +10.0 +5.5 Real Change in GDFCF (Excl. aircraft and vessels), % -2.6 +6.1 +7.9 +8.2 GDFCF as a % of GDP at MP 22.5 22.0 22.6 22.3 Investment, measured by the Gross Domestic Fixed Capital Formation (GDFCF), increased to Rs 38.9 billion in 2004 from Rs 35.7 billion in 2003. In real terms, including the purchase of aircrafts and marine vessels, total investment has followed an upward trend of 5.5% in 2004, but lower than the 10.0% growth recorded in 2003. It is interesting to note that net of the purchase of aircrafts and vessels, real investment grew by 8.2% in 2004, representing a better performance than in 2003, when it grew by 7.9%. Investment rate, measured as the ratio of GDFCF to GDP at market prices, has however gone down by 0.3%, to reach 22.3% in 2004 from 22.6% in 2003. Private sector investment continued to make up the bulk of GDFCF in 2004. It accounted for 65.6% of total investment in 2004, compared to 61.2% in 2003. This represented a real growth of 13.2% in 2004, after a negative growth rate of -2.2% in 2003. Higher private sector investment was accounted for by new hotels projects, where investment increased by 55.8% in 2004, as opposed to a negative growth of 21.8% in the preceding year. Moreover, there were additional investments in spinning mills and other projects in the EPZ sector, with an increase of 45.0% in 2004 as opposed to a negative 7.7% in 2003.Inversely, the share of public sector investment fell from 38.8% in 2003 to 34.4% in real terms in 2004. In fact, real public sector investment dropped by 6.6% in 2004, after a high 37.0% real growth in 2003, resulting from a record increase of 133.3% in investment in the construction sector in 2003. The resource gap, given by the difference between savings and investment, was again positive in 2004. However, there has been a significant contraction of 59.7%, from Rs. 4.3 billion in 2003 to reach Rs 1.7 billion in 2004, since investment increased more than savings. The direct consequence of this contraction is a further deterioration of the external account of goods and services. 2.4 Foreign Direct Investment In 2004, FDI inflow fell by 8.6% to reach Rs 1.79 billion against Rs 1.96 billion in 2003. A sharp contraction was observed in the banking sector, where only Rs. 121 million were invested in 2004, as opposed to a high Rs. 1.3 billion in 2003. In contrast, higher investments were recorded in the telecommunications sector in the wake of further liberalisation. Similarly, a total of Rs. 1.08 billion were invested in 2004 in other sectors of the economy, including IT, compared to only Rs. 485 million in 2003. The EPZ sector also attracted more FDI in 2004, with Rs. 248 million, compared to Rs. 77 million in 2003. The same upward trend was observed in the tourism sector, from Rs. 103 million in 2003 to Rs. 121 million in 2004. Table 5: Foreign Investment, Rs million 2000 2001 2002 2003 2004 Foreign Direct Investment 7,265* 936 979 1966 1,796 EPZ 8 3 41 77 248 Tourism 10 0 100 103 121 Banking 0 600 316 1301 310 Telecoms 7204 0 0 0 38 Others 43 333 522 485 1079 Direct Investment Abroad 333 83 278 1166 909 Net Foreign Direct Investment 6,932 853 701 800 887 * Includes receipts from the sales of Mauritius Telecom shares to France Telecom of Rs 7.2 billion 1 Revised Estimates Concerning outward investment, a high figure of Rs. 1.2 billion was recorded in 2003. However, in 2004, it fell to Rs. 887 million. 2.5 Balance of Payments The overall balance of payments in 2004, measured as a change in foreign reserve assets excluding valuation changes of the Bank of Mauritius, showed a surplus of Rs. 4.2 billion, compared to a surplus of Rs. 6.2 billion in the preceding year. In the first three quarters of 2004, the current account recorded a deficit of Rs. 2.3 billion, compared to a surplus of Rs. 1.8 billion in the corresponding period in 2003, reflecting a deterioration in the visible trade account. The balance of trade worsened from a surplus of Rs. 988 million in the first three quarters of 2003 to a deficit of Rs. 3.0 billion in the corresponding period of 2004. The capital and financial account, inclusive of reserves, recorded a net outflow of Rs. 163 million in the first three quarters of 2004 as opposed to a net outflow of Rs. 1.6 billion in the same period in 2003. At the end of December 2004, Net International Reserves amounted to Rs. 52.8 billion, 8% higher than in December 2003, when it reached Rs. 48.9 billion. Based on the value of the import bill, exclusive of the purchase of aircrafts and vessels, the level of net international reserves represented 39.6 weeks on imports at the end of December 2004. For the corresponding figure in 2003, it represented 36.6 weeks of imports. 2.6 External Trade Table 6: External Trade, Rs Billion 2001 2002 2003 2004 Trade in goods: Exports of goods excl freeport activities (f.o.b) 47.5 47.3 46.2 48.9 Export of goods freeport activities 7.3 6.6 6.8 6.8 Imports of goods excl freeport activities (f.o.b) 53.8 56.0 57.5 67.6 Imports of goods Freeport activities 5.2 4.2 3.9 3.8 Merchandise trade balance* 4.2 6.3 8.4 15.7 Trade in services Exports of services 35.6 34.4 35.7 39.8 Imports of services 23.6 23.7 25.3 30.0 Balance of trade in services 12.0 10.7 10.4 11.8 Overall trade balance 7.8 4.3 2.0 3.9 * Both Exports and imports are calculated on an f.o.b basis The overall balance of trade in goods and services marked a significant deterioration in 2004. In fact, there was a shift from a trade surplus of Rs. 2 billion in 2003 to a trade deficit of Rs. 3.9 billion in 2004. There was a sharp increase in the deficit in visible trade, which worsened by 87.1% in 2004. Trade in goods was largely biased against imports, therefore resulting in a faster growth in imports, which soared by 14.6% compared to a low 3.3% in 2003. Exports however grew at 7.6% in 2004 as opposed a meagre 0.5% in the preceding year. On the other hand, trade in services fared well, registering a surplus of Rs. 11.8 billion in 2004, representing 13.5% more than in the previous year. Much of the increase in merchandise imports in 2004 was associated with investment projects, both in the public and private sector. For instance, appreciable increases were noted in the c.i.f value of cement (+57.6%), machinery and transport equipment (+25.9%), crude materials including textile fibres (+46.2%), and telecommunications equipment (+80.3%). Others are linked to an increasing food bill, with surge in the c.i.f value of food items (+14.9%) and of road vehicles (+53.1%). In fact, it is worth noting that in the fourth quarter of 2004, additional projects and events continued to contribute to boost the import bill. There were also new investment projects in EPZ and in energy production and the significant rise in the international price of petroleum products. Finally, the appreciation of the Rand (+13.2%), the Pound Sterling (+9.1%), the Australian Dollar (+9.2%) and the Euro (+7.1%) also contributed to the escalating visible trade deficit. Box: 1 Exports lack dynamics: Although the Mauritian rupee continued to depreciate against major currencies, including the Euro, exports growth remained relatively static over the past few years. A combination of factors resulted in such a situation. Our markets remained relatively undiversified, with a high concentration in Europe. In the past few years, especially since the advent of the Euro in 2000, the Euro Zone has been relatively less dynamic than other countries like China and the US. Our exports to the most dynamic zones have remained however low. Some of the factors responsible for this lack of dynamism include erosion of our long-standing preferences, rising costs of production and the mismatch of skills on the labour market. Trade in services on the other hand, recorded a surplus of Rs. 11.8 billion, 13.5% higher than in the previous year. This is in part, due to higher earnings from the travel industry benefiting from the windfall gains of a strong euro and a strong pound sterling. Exports of services surged by 11.4% in 2004, from Rs. 35.7 billion in 2003 to Rs. 39.8 billion in 2004, whereas there was a 10.6% increase in the imports of services during the same period of time, from Rs. 25.3 billion to Rs. 30.0 billion. 2.7 Inflation Table 7: Inflation Rate, % Calendar Yr Inflation rate (%) Fiscal Yr Inflation rate (%) 2001 5.4 01/02 6.3 2002 6.4 02/03 5.1 2003 3.9 03/04 3.9 2004 4.7 04/05 5.5 The inflation rate, as measured by the percentage change in the yearly average consumer price index reached 4.7% for calendar year 2004 compared to 3.9% in 2003. This was mainly the result of a combination of domestic and external factors. There were significant increases in the price of subsidised flour (+17%) and rice (+40%). The rise in the price of flour led to an increase in the price of bread by 12%. The price of other food items, such as chicken (+8.8%), fish (+8.5%) , beef (+9.7%), and frozen mutton (+15.2%) also went up in 2004. In addition, the rise in international oil prices had spill over effects on the domestic economy. There were three successive increases in the price of gasoline and diesel oil. The price of gasoline increased by a total of 27.9% and the price of diesel oil rose by 45.0%, therefore causing subsequent surges in electricity tariffs (+5.1%), bus fares (+13.3%), taxi fares (+15.4%) and air fares (+16.0%). Finally, the prevailing high budget deficit and the sustained level of public investment also contributed to inflationary pressures. 2.8 Employment/ Unemployment Until 2003, labour force statistics were estimated on the basis of the Population census or Labour Force Sample Survey. A new methodology, named the Continuous Multi Purpose Household Survey (CMPHS) was introduced in March 2004 to estimate the labour force, employment and unemployment rate. It is based on a sample of households that presently covers a total 8,640 households for the whole of 2004. Estimates are conducted on a quarterly basis, on 2,160 households per quarter. In the new CMPHS, the lower age cut-off point to estimate the labour force was brought to 15 years instead of 12 years used previously. A few inconsistencies with regard to the results of the survey have been noted, which probably indicate some weaknesses in the new methodology. The table below gives the estimated figures for the 3 quarters of 2004: Table 8: March 2004 Estimates June 2004 Estimates September 2004 Estimates Labour force Male Female 541,100 348,700 192,400 540,700 347,500 193,200 527,800 349,400 178,400 Employment Male Female 494,100 328,400 165,700 491,200 324,600 166,600 483,500 329,800 153,700 Unemployment Male Female 47,000 20,300 26,700 49,500 22,900 26,600 44,300 19,600 24,700 Unemployment Rate (%) 8.7 9.2 8.4 Contrary to what one would logically expect, the CMPHS estimates indicate a downward trend in the labour force over the three quarters. From March to June, there was a fall of 400 people in the labour force. However, a larger fall was observed, with a contraction of 12,900 jobs from June to September 2004. Surprisingly, a contraction of 14,800 was observed among the female labour force, while it was estimated that 1,900 males joined the labour force. The number of people employed in all three quarters also followed a downward trend. There was a fall of 2,900 in total employment between March and June, whereas the total employment loss stood at 7,700 for the period June to September 2004. A total of 5,200 males are estimated to have gained employment between June and September, whereas 12,900 female workers are estimated to have been laid off during the same period. Despite the significant fall in the level of employment during June to September 2004, the overall level of unemployment has also gone down, from 9.2% in June to 8.4% in September. This paradoxical situation is explained by the proportionally larger contraction in the labour force in that period. Over the first three quarters of 2004, employment in the primary sector, showed a slight improvement, slowly rising from 9.6% of total employment in March 2004 to 9.9% in June and to settle at 11.3% in September 2004. The trend in the secondary sector, which includes manufacturing, electricity and water and construction industries, showed a slight decrease in percentage distribution, from 33.0% in March 2004 to 32.4% in June 2004, but picked up again in the third quarter to settle at 34.4% in September 2004. The share of the tertiary sector, which covers hotels and restaurants, transports and all service industries, improved from 57.4% in March 2004 to 57.7% in June and dropped to 54.3% in September 2004. According to the CMPHS, the number of unemployed increased from 47,000 in March 2004 to 49,500 in June 2004 to finally settle at 44,300 in September 2004. The unemployment rate, defined as the percentage of people unemployed to the labour force, increased from 8.7% in March to 9.2% in June to drop down to 8.4% in September 04. Box 3: Unemployment: A structural phenomenon: Despite a relatively stable economic performance, Mauritius is experiencing U-curve employment phenomenon since the last decade. It can be observed that the rate of unemployment has been slowly crawling, from a record low level of 4% in the early 1990s. A closer look at the nature of unemployment shows that the majority of those without a gainful job have the following characteristics: (i) they are young, often less than 30 of age, (ii) many have never held a first job, (iii) most of them have failed primary or secondary education, (iv) they had no vocational or technical training and (v) they are single and family supported. It is however interesting to note that despite the rising trend in joblessness, two paradoxical facts can be observed. On the one hand, the EPZ is crippled by labour supply shortages, and is compelled to import foreign labour mainly from China. On the other hand, the number of unfilled skilled-job vacancies, especially in the financial services sector and in the ICT sector has been increasing since the last 10 years. It is therefore appropriate to say that the unemployment phenomenon is of a structural nature. It basically means that due to changes in demand and technology, there is a mismatch between available skills and available jobs. Structural unemployment cannot be cured solely by reflation, which is the macroeconomic policy to increase aggregate demand in view of creating more jobs. Instead, a policy that would emphasise on retraining and relocation of the affected workforce is necessary. Here, it is worth noting that the education system plays a central role in supplying skilled labour. Although Mauritius is ranked as having a comparatively high literacy rate, it has some weaknesses in its secondary and technical education, especially in the teaching of natural science, engineering and vocational subjects. Our education system is rather academic and based on traditional fields of study. There is presently a lack of training/ retraining programmes that would prepare the labour force for the newly emerging sectors, such as ICT and high value added services. Let us note that Government has come up with a comprehensive reform programme in the education system, which present certain remedial measures to this problem, such as training/ retraining programmes, technical courses and additional university courses, in particular in ICT. 2.9 Public Finance Table 9: Consolidated Government Finance (Rs. Billion) 2001/02 2002/03 2003/04 2004/05 (Estimates) Total Derived Revenues and Grants 25.3 30.3 33.7 35.9 Ratio Rev/GDP (%) 18.4 20.2 20.4 19.9 Total Derived Expenditure and lending minus repayments 33.6 39.5 42.6 45.0 Ratio Exp/GDP (%) 24.5 26.4 25.7 24.9 Overall Budget Deficit as a % of GDP -8.3 6.1 -9.2 6.2 -8.9 5.4 -9.1 5.0 GDP at MP 137.0 149.6 165.3 180.6 Financing: External Domestic o Banking o Non-Banking o Others 1.0 7.3 1.4 4.8 1.1 0.087 9.1 2.5 6.8 -0.15 -0.49 9.4 13.6 -3.5 -0.72 0.17 8.9 4.5 4.4 0 Source: Ministry of Finance and Economic Development Total derived revenue and grants are expected to increase by 6.5% in financial year 2004/05, from Rs. 33.7 billion in 2003/04 to Rs. 35.9 billion. However, the ratio of revenue to GDP is expected to follow a downward trend, from 20.4% to 19.9% in fiscal year 2004/05. Tax revenue is expected to continue to make the bulk of total revenue, with a ratio of 91.1% in 2004/05, compared to 86.3% in the previous year. Domestic tax on goods and services is expected to contribute to 53.8% of tax revenue in 2004/05, slightly higher than the 53.4% registered in 2003/04. The second contributor to tax revenue will continue to be taxes on international trade, although its share will decline from 25.4% in 2003/04 to 24.5% in fiscal year 2004/05. Total derived expenditure and lending minus repayments is forecast to grow by 5.6% in FY 2004/05, increasing in value terms from Rs. 42.6 billion in 2003/04 to Rs. 45.0 billion. The ratio of expenditure to GDP is expected to drop for the second consecutive year to reach to 24.9% in 2004/05 compared to 25.7% in the previous year. Current expenditure makes up the bulk of total expenditure, with a share of 82.1% in 2004/05, higher than the 81.9% recorded in 2003/04. The main component of current expenditure is expenditure on goods and services, accounting for 41.2% of total expenditure in 2004/05, slightly lower that the 41.3% registered one year ago. The second biggest component is current transfers and subsidies, with a share rising slowly from 39.8% in 2003/04 to 40.3% in 2004/05. Capital expenditure accounted for 17.2% of total expenditure in 2004/05, against 18.1% in the preceding fiscal year. 72.6% of capital expenditure was dedicated to the acquisition of fixed assets in 2004/05, as opposed to 67.8% in the previous year. Regarding expenditure by function, welfare and social security (18.3%), education (15.7%), debt interest payment (15.4%) and housing (7.4%) make up the bulk of total expenditure. It is worth noting that in 2004/05, education and housing, taken together, accounted for the bulk of capital expenditure, amounting to a total of 49.9%. This represents a 5% increase from the previous year, where capital expenditure on housing and education was equivalent to 44% of total capital expenditure. The overall value of the budget deficit is projected to increase from Rs. 8.9 billion in 2003/04 to Rs 9.1 billion 2004/05. However, as a percentage of GDP the overall budget deficit is expected to fall from 5.4% in 2003/04 to 5.0% in 2004/05. The deficit is planned to be financed at 98% from domestic sources, with an equal contribution from the banking and the non-banking sector. Table 10: Public Debt Rs. Billion June 2001 June 2002 Jun 2003 June 2004 Sep 2004 Actual Actual Actual Actual Provisional Internal Public Debt 53.7 67.4 86.4 85.0 86.1 Medium Long Term (at nominal prices) 12.7 11.8 12.3 16.7 17.7 Short Term (at nominal prices)(1) 41.0 55.6 74.1 68.3 68.4 External Public Debt 6.8 8.5 9.1 8.4 8.5 Long Term 6.8 0.32 8.6 8.3 8.3 Short Term (2) 8.1 0.5 0.13 0.19 Total Public Debt 60.6 75.9 95.5 93.4 94.7 As % of GDP 48.9 55.1 63.8% 56.5% N/a External Debt of Public Corporations 18.0 18.6 17.6 15.2 15.2 Total Public Sector Debt 78.6 94.5 113.1 108.7 109.9 As % of GDP 63.5 68.4 68.5 65.3 N/a Government short-term obligations, made up essentially of treasury bills represented 63% of total public sector debt in 2004. Medium and long-term obligations, consisting of government bonds, Mauritius Development Loan Stocks, accounted for 15% of total public sector debt. External debt, consisting of foreign loans, disbursement and amortisation was estimated at 8% of total debt. Finally, external debt of parastatals represented the remaining 14% of total public sector debt in 2004. As at June 2004, total public debt, excluding debt of public corporations was estimated at Rs. 93.4 billion, which represented 56.5% of GDP, 6.8 percentage points lower than in June 2003, where total public debt amounting to Rs. 92.5 billion, stood at 63.8% of GDP. The external debt of public corporation was significantly reduced by 13.7%, from Rs. 17.6 billion in June 2003 to Rs. 15.2 billion in June 2004. On the whole, total debt of the public sector, including external debt of public corporations fell from 68.5% of GDP in 2003 to 65.3% of GDP in 2004. Table 11: Public Debt Servicing (Rs billion) June 01 June 02 June 03 June 04 External Debt Servicing 4.4 0.94 1.0 1.1 Capital Repayment 3.9* 0.71 0.84 0.88 Interest payments 419 229 199 218 Internal Debt Servicing 5.9 5.4 7.4 7.7 Contrib. to Consolidated Sinking Fund 0.96 1.0 1.2 1.2 Interest payments 4.9 4.4 6.3 6.5 Total Public Debt Servicing 10.2 6.3 8.5 8.8 As % of Recurrent Revenue 42.4 25.7 28.7 27.2 * includes repayment of Rs 3,125 million in respect of the Floating Rate Note (FRN) External debt servicing slightly increased in June 2004, from Rs. 1.0 billion to Rs. 1.1 billion. Internal debt servicing also went up in money terms in June 2004, from Rs. 7.4 billion in 2003 to Rs. 7.7 billion. Total public debt servicing grew by 4.1% in June 2004. However, the ratio of debt servicing to Recurrent Revenue went down by 1.5 percentage points, from 28.7% in 2003 to 27.2% in 2004, due to higher recurrent revenue in 2004. Box 4: Medium Term Expenditure Framework (MTEF) The Government is currently undertaking a comprehensive budgetary reform programme to strengthen all aspects of the fiscal management system, particularly budget preparation, monitoring and evaluation. The objective is to ensure aggregate fiscal discipline and promote allocative and technical efficiency. In the last Country Assistance Strategy (2002-2004), Government has committed itself to introduce the MTEF as one of the elements of its budgetary reforms programme. At the initial stage, around five ministries are included in the MTEF exercise on a pilot basis. Other Ministries will be integrated into the exercise at a later stage when sufficient experience has been gained in formulating and implementing the MTEF and designing logical frameworks for the Ministries. It is expected that MTEF would bring a fundamental change to the budget preparation process involving: a more strategic approach to the allocation of resources linked to ministries objectives over the medium term (3-5 years); greater emphasis on the performance and achievement of objectives in sectors; improvements to the budget classification so that the types of activities being funded could be more clearly seen in the budget documents; using the activities to be implemented as the basis for estimating both the Recurrent and Development Budgets, thus moving to an activity based budget approach; and building strong links between all stages in the public financial management cycle: budget preparation , implementation; monitoring and evaluation. 3.0 SECTORAL PERFORMANCE: 3.1 Agriculture The agricultural sector, including sugar milling, grew by 5.1% in 2004, compared to a low 1.9% in 2003 as a result of better climatic conditions. The contribution of agriculture to GDP reached Rs. 10.9 billion, compared to Rs. 10 billion in 2003. It must be noted that although the growth rate of the agricultural sector was higher than the GDP growth rate, its share in GDP fell in 2004. In fact, it represented 7.2% of GDP at basic prices against 7.3% share of GDP in 2003. The reason is that overall prices increased more than that of the agricultural sector. Table 12: Agriculture, including sugar milling Main Indicators 2001 2002 2003 2004* Sugar cane Sugar milling Non-Sugar Total Agriculture 4,646 1,436 3,950 10,032 3,914 1,270 3,995 9,179 4,370 1,418 4,219 10,007 4,830 1,565 4,480 10,875 Agriculture Real growth rate, % Real growth rate, sugar cane, % Real growth rate, sugar milling, % Real growth rate non-sugar, % 7.5 9.9 9.9 4.3 -17.5 -25.0 -25.0 -6.1 1.9 3.1 3.1 0.3 5.1 6.5 6.5 3.3 Agriculture -as % of GDP at basic prices 8.5 7.3 7.3 7.2 -as % of Total Employment** 11.7 10.2 9.9 na Sugar -as % of GDP at basic prices 5.1 4.1 4.2 4.2 -as a % of total employment ** 6.4 5.0 4.5 na Non-Sugar as % of GDP at basic prices 3.4 3.2 3.1 3.0 as % of total employment** 5.3 5.2 5.4 na * First forecast ** March estimates na: not available a: Sugar Sector: Sugar production reached 572,200 tonnes in 2004, compared to 537,155 tonnes in 2003. It showed a 7.1% growth in production. In 2004, sugar constituted 3.2% of GDP similar to 2003. Employment in the sugar sector continued its downward trend as a result of the implementation of the Voluntary Retirement Scheme (VRS), linked to the centralisation of sugar industries. b: Non-Sugar Sector: Non-sugar agricultural sector grew by 3.3% in 2004, compared to 0.3% in 2003 and 6.1% in 2002. Favourable climatic conditions contributed to higher growth rates in 2004. Non-sugar sector output increased from Rs. 4.2 billion in 2003 to Rs. 4.5 billion in 2004. The share of non-sugar agricultural sector is estimated at 3.0% of GDP at basic prices, slightly lower than the preceding year. Table 13: Non- Sugar Sector Indicators Units 2003 2004 % change Tea (Green leaves) Tonnes 6,973 7,229 +3.7 Manufactured tea Tonnes 1,436 1,482 +3.2 Tobacco Tonnes 424 411 -3.1 Food crops Tonnes 103,455 113,164 +9.4 Agro-industrial livestock and fishing Tonnes 43,105 43,719 +1.4 The production of green tea leaves went up by 3.7% from 6,973 tonnes in 2003 to 7,229 tonnes in 2004. A slight increase was also observed in the production of manufactured tea by 3.2% in 2004. Tobacco registered a negative trend, where there was a decrease of 3.1% in 2004. A 9.4% expansion was registered in food crops, from a total of 103,455 tonnes in 2003 to 113,164 tonnes in 2004. The most significant increases were observed in mixed vegetables (+148%), ginger (+114.1%), maize (+108.5%), and cauliflower (+71.5%). However, negative growths were recorded in creepers (-49.3%), groundnuts (-32.6%) and pineapples (-1.5%). Box: 6 Non Sugar Sector Reforms In the light of the difficulties being encountered within the sugar sector, the non-sugar sector is called upon to assume a more important role in the agricultural economy. In this context, a non-sugar sector strategic plan has been elaborated in 2003, for a 4-year period to modernise the sector through the transition from traditional practices to a more sophisticated, technology-based approach. The main objectives of the reform are geared towards assuring a certain degree of self-sufficiency in food production, meeting quality exigencies up to international standards, optimising productivity by promoting the transfer of technology and developing a diversified local agro-processing industry in high value added products for exports. 3.2 Manufacturing The manufacturing sector, which represented around 19.7 % of GDP in 2004, registered a real growth rate of 0.3 %, compared to a negative growth rate of 0.02% in 2003. Despite the positive growth rate registered in 2004, the share of the manufacturing sector continued to decline. This reflects the difficulties being felt in the EPZ sector following the rapid liberalisation process and the emergence of new competitors. Table 14: Main Indicators Manufacturing (Excl. sugar milling) Rs. Million 2001 2002 2003 2004 Output EPZ Other 25,987 13,681 12,306 27,009 13,600 13,409 28,281 13,167 15,144 29,955 13,135 16,820 Real growth rates (%) EPZ Other 4.3 4.4 4.1 -1.1 -6.0 4.2 -0.02 -6.0 5.8 0.3 -5.0 5.0 Share in GDP at basic prices (%) EPZ Other 22.1 11.6 10.5 21.6 10.9 10.7 20.5 9.6 11.0 19.7 8.7 11.1 Share in manufacturing (%) EPZ 52.6 50.3 46.6 43.8 Other 47.4 40.7 53.4 56.2 a: EPZ Sector The EPZ contributes significantly to the manufacturing sector. However, its share has been slowly declining since 1999. In 2004, it accounted for 43.8 % of the manufacturing sector, compared to 46.6% in 2003. The same trend was observed in employment, when it represented about 13.7 % of total employment in 2004, against 15.8% in 2003. But one very positive element can be highlighted. It is the substantial increase in investment, which after a drop to Rs. 1.4 billion in 2003, rose by nearly 50% in 2004 to Rs. 2.1 billion. Table 15: Main Indicators in EPZ sector 2001 2002 2003 2004 Real growth % 4.4 -6.0 -6.0 -5.0 Exports (f.o.b) Rs m 33,695 32,683 31,444 32,370 Exports Growth (nominal terms) % 8.8 -0.6 6.0 2.9 Imports (c.i.f) Rs. m 17,140 16,909 15,579 17,210 Net exports Rs. M 16,155 15,774 15,865 15,160 Investment Rs. m 1,758 1,475 1,400 2,090 No. of enterprises New Closures No. 522 23 19 506 9 25 506 23 23 501 20 25 Employment (Growth Rate) No. % 87,607 -3.4 87,204 -0.5 77,623 -11.0 68,022 -12.4 The EPZ sector was severely affected by the economic slowdown, particularly by the phasing out of the MFA. In 2004, EPZ output contracted by -5.0 %, against a contraction of 6.0% in the previous year. In 2004, total EPZ exports amounted to Rs 32.4 billion, while total imports reached Rs. 17.2 billion. Raw materials made up the bulk of total imports, accounting for 85.7% of total imports in 2004, against 90.4% in the previous year. The share of machinery imports increased significantly, by 66.7%, from Rs 1.5 billion in 2003 to Rs. 2.5 billion in 2004. This is due to new investments made in spinning mills and other factories. For the same period, net exports added up to Rs. 15.2 billion, slightly less than the Rs. 15.9 billion registered in 2003. The number of small EPZ firms increased from 134 in 2003 to 141 in 2004. However, employment fell from 565 2003 to 538 in 2004, representing a net job loss of 27. On the other hand, there was a large contraction in large EPZ establishments, with the number dropping from 372 firms in 2003 to 360 firms in 2004. The number of jobs in large establishments fell from 76,707 to 67,145 in the same period. However, most closures occurred in the textile and clothing sector, in particular among foreign-owned firms. The number of factories in the textile yarn and fabric sector diminished from 43 to 41, laying off some 869 people. In the wearing apparel sector, the number of factories fell from 229 to 224 in the same period and 8,953 people loss their jobs. The downward trend in employment in the EPZ sector reflected to a large extent the closure of factories as well as the downsizing of others as a result of restructuring and loss of market access. Also, it is observed that there is a general reluctance for unskilled/low skilled workers to join the EPZ sector. Total employment in the EPZ sector fell by 9,601 from 77,623 in 2003 to 68,022 in 2004. The textile sector continued to represent the bulk of large EPZ establishments. In 2004, there were 265 textile companies, 7 less than in the preceding year. UK, USA and France remained our principal EPZ export markets, accounting for Rs. 23.3 billion, which made up 72% of total exports in 2004. This represented a slight fall from the previous year, where EPZ exports to UK, USA and France amounted to 77.6% of total EPZ exports. The share of UK market increased by 14% from Rs. 7.8 billion to reach Rs. 8.9 billion, whereas the share of US market contracted by 12.9% from Rs. 8.5 billion to reach Rs 7.4 billion and that of France went down by 4.0% from Rs. 7.3 billion to reach Rs. 7.0 billion in 2004. In the region, there was an overall expansion of 11.9% in EPZ exports, from Rs. 1.7 billion in 2003 to Rs. 1.9 billion in 2004. There was an expansion of 25% in the exports towards Madagascar, from Rs. 560 million to Rs. 700 million, but a reduction of 20.1% of exports to South Africa for the same period from Rs. 557 million to Rs. 445 million. b. Non-EPZ Sector: In 2004, the non-EPZ sector registered a real growth rate of 5.0%, compared to the 5.8% registered in the previous year. Contrary to the EPZ sector, it recorded steady positive real growth rates over the past few years. In 2004, the non-EPZ sector accounted for 56.1% of the manufacturing sector, higher than the 53.4% registered in 2003. Table 16: Non-EPZ Sector 2001 2002 2003 2004 Output, Rs. Million 12,306 13,409 15,114 16,820 Share in Manufacturing (%) 47.4 49.6 53.4 56.1 Share in GDP, % 10.4 10.7 11.0 11.1 Real Growth rate, % +4.1 +4.2 +5.8 +5.0 Employment* 49,300 50,700 52,700 53,900 Investment, Rs. Million 2,614 3,397 3,006 3,590 Share in total manufacturing investment, % 59.8 69.7 68.2 63.2 * March Estimates **Estimated The share of the non-EPZ sector in the economy, which was 10.4% in 2001, increased to 11.1% in 2004. The evolution of employment in the non-EPZ sector was also positive, with an estimated figure of 53,900 in 2004, compared to 52,700 in 2003. This represented a positive growth rate of 2.3%. Investment in the non-EPZ sector represented 63.2% of total manufacturing compared to 68.2% in 2003. This is the result of a high 48% growth in EPZ investment in 2004. Manufacture of food products, beverages and tobacco accounted for the bulk of the non-EPZ sector. Other important activities include the manufacture of chemical products, metallic and non-metallic products, furniture and publishing. 3.3 Tourism: During the past decade, the tourism industry has emerged as the fastest growing sector and established itself as the third pillar of the Mauritian economy, accounting for about 6.4% of GDP in 2004, compared to 5.8% in 2003. In 2004, the tourism sector expanded by 2.6%, slightly lower than the 3.0% growth registered in 2003. This is the result of the slower growth in the number of tourist arrivals in 2004, when it increased by 2.4%, compared to 3.0% in 2003. Table 17: Main Indicators in Tourism Sector 2001 2002 2003 2004 Real growth % 1.0 3.2 3.0 2.6 Tourism as a % of GDP at BP % 6.3 6.0 5.8 6.4 Gross earnings Rs m 18,166 18,328 19,415 23,448 Tourist arrivals No. 660,318 681,648 702,018 718,861 Employment (March) No. 19,522 20,729 21,860 22,613 Investment as a % of GDFCF % 10.0 12.8 9.3 13.7 Investment (real growth rate) % -2.9 32.8 -21.0 54.5 Number of Hotels 95 95 97* 103 Number of rooms 9,024 9,623 9,647 10,640 * 3 hotels were not operating in 2003 due to renovation works Gross tourist earnings increased by 20.8% from Rs. 19.4 billion to Rs. 23.4 billion in 2004. Direct employment went up by 3.4% to reach 22,613 in March 2004, from 21,860 in the corresponding period a year ago. Investment grew by a record 54.5% during 2004 following the construction of three new hotels and the modernisation of existing ones. Number of rooms has increased from 9,647 in 2003 to 10,640 in 2004. In 2004, the number of tourist arrivals stood at 718,861, compared to 702,018 in 2003. Some 91% of tourists came for holiday purposes, while 4.2% were on business and 3.5% were on transit. Europe remained our main source, accounting for 66.4% of total arrivals. France, the leading European market, represented 29.3% of total tourists and 44.1% of the European market. Arrivals from France increased by 5.1%. Positive growth rates were recorded in arrivals from countries such as Italy (+3.5%) and UK (+1.6%). The biggest growth came from the Austrian market (+15.9%), the Netherlands (+10.5%) and from Eastern Europe (+10.8). Declines were also observed, namely from Germany (-3.1%), Switzerland (-10.1%) and Belgium (-16.2%). The African market, with most arrivals originating from Reunion Island and South Africa, was second after Europe, with 24.4% of total arrivals in 2004, with the number of arrivals attaining 175,649. This represented a growth of 0.7% from 2003. Reunion island remained the main market, with 96,510 tourists, 0.9% higher than 2003. The South African market expanded by 15% in 2004 with total arrivals increasing from 45,756 in 2003 to 52,609. The Asian market totalled 6.3% of arrivals, with 54.5% coming from India. Although in absolute terms the share of arrivals from China remained relatively low, it showed the highest progression in 2004, with a growth rate of 41.5% In order to boost the tourism industry, Government has recently adopted a Master Plan on Air Access Policy in view of looking at the long-term viability of both Air Mauritius and the tourism sector. The report recommended the prudent and gradual liberalization of air access. Prior to this, an efficient restructuring of the National Airline company is necessary. 3.4 Financial Intermediation: The financial intermediation sector, which comprises banking services and the insurance sector, stagnated, with a low growth rate of 1.0%, compared to 7.2% in 2003. This is the result of a negative performance of 15.5% in the offshore sector, counterbalanced by a growth rate of 5.0% in insurance, 7.4% in commercial banking services and 0.7% in other financial intermediation activities (stock exchange, trusts etc). Table 18: Main Indicators in Financial Intermediation 2001 2002 2003 2004 Financial Intermediation Real growth % 11.0 2.0 7.2 1.0 as a % of GDP at BP % 9.7 9.5 9.9 9.6 Investment as % of GDFCF % 2.3 3.0 2.3 2.0 Investment real growth rate % 21.4 33.8 -16.0 -7.6 Insurance Real growth rate % 10.0 8.0 7.3 5.0 as a % of financial intermediation % 24.8 27.3 27.5 28.5 as a % of GDP at BP % 2.4 2.6 2.7 2.7 Others (mainly banking and offshore) Real growth rate % 11.4 0.0 7.2 -0.5 -as % of financial intermediation % 75.2 72.7 72.5 71.5 -as % of GDP at BP % 7.3 6.9 7.2 6.9 While the growth rate stagnated, its share in GDP went down to reach 9.6% as opposed to 9.9% in 2003. 3.5 Information and Communications Technology (ICT) The ICT sector has been considered as a major component in development strategy over the past few years and the sector has witnessed important changes and a rapid growth. Activities are concentrated around IT enabled services (ITES) and business process outsourcing (BPO). Since the setting up of the first company in 1996, which then employed some 14 people, the BPO-ITES sector counted in June 2004 some 60 companies with a total investment worth Rs. 1,171 million and employing about 2,935 people. Table 19: Indicators on ICT 1996 1998 1999 2000 2001 2002 2003 June 04 No. of companies 1 4 5 7 14 18 42 60 Total employment 14 113 125 278 842 889 1,696 2,935 Investment, Rs. M 5 39 2 28 275 45 408 369 Since the beginning of 2002, the industry has experienced a high growth in terms of new companies created. 24 new companies were created in 2003 and 18 in 2004. Back office operations constituted 36% of the sector, while call centres accounted for 30% and software development made up some 17% of the ITES-BPO sector. Source BPO Secretariat, BOI, 2004 Call Centers employed mostly HSC holders who were recruited to work as tele-operators mainly, while people holding higher-level qualifications were called upon to perform more responsible tasks such as supervisors or team leaders. On the other hand, companies engaged in providing BPO services, Software Development and Multimedia, recruited mostly diploma/degree holders. Total foreign investment in the sector amounted to Rs. 611 million, equivalent to 57% of total investment in IT. 60% of FDI originated from France and India and were concentrated in BPO and call centres. 4.0 CONCLUSION: The review shows that economic performance in 2004 was rather good, especially when viewed against the mounting challenges with which we have to cope. The twin phenomena of regionalisation and globalisation, if they contain the promise of future benefits, impose upon us severe constraints in the short and medium terms, implying critical strategic changes, profound restructuring of business, and heavy investment in equipment and human resources. It is not surprising in this demanding economic environment to see that the price which we have to pay to maintain the growth momentum at a moderate level is translated in high public indebtedness, persisting unemployment, continued depreciation of the rupee and relatively high inflation rate. In spite of all the odds, we have been able to cushion up to now the brutal blows of trade liberalisation. Our textile industry is managing to keep afloat, though it is impossible to avoid the closures of the less performing units. The non-EPZ sector is adapting successfully to more acute competition from overseas. The situation in the tourism industry seems to be improving. The sugar industry has made real advancement in its restructuring and diversification programme. We can also observe material progress in the ICT and financial sectors. It can be inferred further that our economy has developed greater resilience to adversities as the significant improvement in living standards brought about by strong economic growth of the nineties has contributed to develop a robust and varied internal demand. However, the relative lack of dynamism in our export industries can impose serous constraints on growth prospects, with negative impacts on employment, budget deficit and external trade deficit.

Marco Polo s Travels Over The Maritime Route - 1009 Words

Introduction Thirteenth century Europe was marked by a period curiosity of life outside the western world. Little was known of the cultures in Asia and Southeast Asia. This changed when Venetian trader and explorer, Marco Polo published his travelogue accounting for his voyages in the east. Polo was extremely influential to geography, Europe’s trade industry, as well as to future curious travelers. He was the first explorer to travel as far as China and report of his findings. Consequently, seldom was known of the customs and cultures abroad. Marco traveled from Venice to China using both the Maritime route, as well as the Silk Road. For this paper however, I am solely focusing on Marco Polo’s travels over the Maritime route. More specifically, his reports of the coastal trade, customs, and cultures he encountered through this journey. Provinces of India, the coastal islands of Southeast Asia, the Middle East, and China will be discussed, along with background i nformation of Polo, his itinerary, and an analysis of his findings. II. Background Marco Polo was born in Venice in 1254 to a noble merchant family. His mother passed away when he was a child and his father, Nicolo, spent much of Marco’s childhood traveling. In 1260 Nicolo and his brother Maffeo traveled to Mongolia where they met the Mongolian ruler, Kublai Khan. Khan welcomed the Polos and took great interest in the information they shared with him regarding Europe. Kublai was especiallyShow MoreRelatedEurope and the New World: New Encounters4462 Words   |  18 Pagescurious about lands outside of Europe Economic Motives ⠝â€" Although Muslim control of Central Asia cut Europe off from the countries farther east, the Mongol conquests in the 13thc reopened the doors ⠝â€" Marco Polo went to the court of Kublai Kahn in 1271 âž ¢ His account of his experiences, the Travels was the most informative of all descriptions of Asia by ME travelers ⠝â€" In the 14th, the conquests of the Ottoman Turks and then the breakup of the Mongol Empire reduced Western traffic to the East

Drake free essay sample

October 24th 1986, as mixed race and Jewish. His mother and father got divorced when he was about five years old and was raised by his mother in the Jewish community in Forest Hill. Forest Hill Collegiate Institute was the school that Graham had gone to he said, They didnt understand what it was like to be the only African American and Jewish kid in an all-white high school. While attending Forest Hill HighSchool there was a class mate thats dad was in agent in the entertainment industry, after auditioning for the part Of Jimmy Brooks on the Canadian ten hit show Degrades: The Next Generation in 2001. Graham had been a part of the show for about seven years and had earned Young Artist Award for Best Ensemble in the dramatic hit TV show Degrades: The Next Generation. While still performing on the TV show Degrades Graham was trying to transform into the world of hip-hop. We will write a custom essay sample on Drake or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The mistake Room for Improvement was released in 2006 that sold about 6,000 copies.In 2007 Drake released his second mistake called Comeback Season. Comeback Season that also released his first music video called Replacement Girl, Shortly after he got cut from the TV drama Degrades. Even though he was rapping he wouldnt make a living off of it so he had to find a day job, but just in time in 2008 he received an a very unexpected phone call from the famous rap star Ill Wayne who had asked IM to get on an air plane that night to join him on his tour and Drake agreed. Drake free essay sample Dates Musical theater Canadian Aubrey Drake Graham was born October 24th 1986, as mixed race and Jewish. His mother and father got divorced when he was about five years old and was raised by his mother in the Jewish community In Forest Hill. Forest Hill Collegiate Institute was the school that Graham had gone to he said, They TLD understand what It was like to be the only African American and Jewish kid In an all-white high school.While attending Forest Hill High School there was a class mate thats dad was In agent In the entertainment Industry, after outlining for the part of Jimmy Brooks on the Canadian ten hit show Degrades: The Next Generation In 2001. Graham had been a part of the show for about seven years and had earned Young Artist Award for Best Ensemble in the dramatic hit TV show Degrades: The Next Generation. While still performing on the TV show Degrades Graham was trying to transform into the oral of hip-hop. We will write a custom essay sample on Drake or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The mistake Room for Improvement was released in 2006 that sold about 6,000 copies. In 2007 Drake released his second mistake called Comeback Season. Comeback Season that also released his first music video called Replacement Girl, Shortly after he got cut from the TV drama Degrades. Even though he was rapping he wouldnt make a living off of it so he had to find a day job, but just In time in 2008 he received an a very unexpected phone call from the famous rap star IllWayne who had asked him to get on an air plane that night to Join him on his tour and Drake agreed. The phone call in 2008 has changed Drakes life dramatically to becoming on top in the hip hop music world. After going on tour he had released his third mistake called So Far Gone on February 2009, one of my many favorite mistakes. The song best I ever had went to number 2 on billboards top 100 singles charts. From 2007 to about 2012 drake has had a dramatic change in the hip hop world of music.