## Report on the National Accounts Statistics Mission (May 18 – 22, 2026) ## Source details **Canonical URL:** [Report on the National Accounts Statistics Mission (May 18 – 22, 2026)](https://www.imf.org/-/media/files/publications/tar/2026/english/tarea2026058.pdf) ## Other formats - [Markdown version](/-/media/files/publications/tar/2026/english/tarea2026058.pdf.md) - [Structured JSON version](/-/media/files/publications/tar/2026/english/tarea2026058.pdf.json) --- ### Summary of Mission Outcomes and Priority Recommendations - Mission dates: May 18 – 22, 2026. - Purpose: Assist Statistics Mauritius (SM) with treatment of Global Business Corporations (GBCs) and the wider financial corporations’ sector within GDP estimates, following concerns from domestic users. - Meetings held with: chief economic advisor to the Prime Minister, Financial Secretary at the Ministry of Finance (MoF), Bank of Mauritius (BoM) staff, and Financial Services Commission (FSC) staff, and two large commercial banks. - Implementation status of prior (March 2025) GBC recommendations: - Majority implemented, except trading activities which are not yet incorporated. - Consideration by SM of sum-of-costs method for trading companies was discouraged by the mission as not in line with the 2025 SNA. - Estimated impact of changes already implemented: - Increases of an average of 0.9 per cent of GDP for years 2018–2023. - For the current account, an average of 0.7 percent of GDP for years 2018–2023, mainly from increased exports of services. - Priority recommendations and target dates (from Table 1): - June 2026: Work collaboratively to understand more fully the GBC trading data — Responsible: SM / FSC - September 2026: Incorporate more accurate estimates of FISIM in GDP estimates — Responsible: SM - September 2026: Incorporate GBC trading activities in GDP, in line with SNA2008 — Responsible: SM ### Detailed Technical Assessment and Recommendations #### Work Plan (Priority actions and target completion dates) - OUTCOME: Improved estimates of GBCs - Work with FSC to better understand the data supplied, particularly “other” categories. — Target Completion: June 2026 - Include estimates of GBC trading in rebased GBC estimates. — Target Completion: September 2026 - OUTCOME: Improved estimates of the wider financial sector - Work with BoM to expand data sharing, particular with regard to supervision data. — Target Completion: December 2026 - Make use of available BoM data to improve estimates of FISIM — Target Completion: September 2026 - Review industrial classification (and output calculation) of businesses in the “other financial corporations” area. — Target Completion: June 2026 - Incorporate the results of the above classification review in GDP estimates. — Target Completion: September 2026 - Work with FSC to develop a plan for handling the insurance industry’s move to IFRS17 reporting. — Target Completion: December 2026 #### A. Financial Services Data — Findings and Recommended Actions Findings - Banking: - SM currently surveys banks rather than using BoM supervisory data directly. - Commercial banks confirm that SM questionnaires cover their activities, but banks provide more granular and more frequent data to BoM. - SM’s estimation of banks’ GVA: team understands FISIM, fees and commissions, and margin activities and applies methodology correctly, but refinements possible. - For FISIM, SM uses the midpoint between loan and deposit rates as the reference rate; applied to stocks of loans and deposits and actual interest receipts and payments. - This reference approach is generating implausibly high deposit FISIM in the Mauritius context and is adjusted using a long-standing fixed factor of indeterminate provenance. - For cross-border FISIM, BoM provides a more granular, accurate reference rate; SM will use this rate in GDP estimates. - Non-FISIM bank output (fees and commissions, spread earnings on trading activities) are collected in SM’s bank survey and estimated using appropriate methodology. - Central Bank output is estimated using the sum-of-cost approach in accordance with SNA guidance. - SM currently makes use only of cross-border BoM data; BoM supervision department holds highly granular banking data not shared under current MoU. - No obvious omissions in activities were identified from discussions; however, some Mauritius users continue to believe activities may be missing and further TA may be requested. - Insurance: - SM’s insurance methodology aligns with SNA-defined insurance algorithms for life and non-life. - Insurance industry has recently moved to IFRS 17 reporting; some required variables are no longer explicitly identified. - Businesses are currently dual reporting on old and new bases, but this will not be permanent; SM must work with FSC to develop a plan to manage the transition. - Other financial institutions: - SM provided its survey universe with ISIC Rev.4 classifications. Mission’s internet searches raised classification questions (e.g., funds versus fund managers) which could change output calculation. - SM needs further investigations and follow-up on classification queries. Recommended Actions - SM to collaborate with BoM to increase data sharing and make better use of such data in the GDP estimates. - SM to refine reference rate calculations, taking account of different currencies and types of loans / deposits, removing fixed adjustment factors when possible. - SM to collaborate with the FSC to develop a handling plan for the transition to IFRS17. - SM to investigate ISIC classification questions for other financial institutions. #### B. Global Business Companies — Findings and Recommended Actions Findings - GBCs are significant due to Mauritius’s international financial center status. - March 2025 mission recommendations largely implemented; trading companies remain not incorporated. - SM considered sum-of-costs approach for trading companies but mission recommended following SNA guidance instead (trading is margin-based; output should be valued as the margin on traded products). - Concerns exist regarding “other” categories within income and expenditure data supplied by FSC; FSC considers some “other” categories to relate to revaluations, but deeper understanding is required, particularly for expenditure categories. - Management companies providing support functions to GBCs appear to be included: - Those providing management services to cross-border businesses are licensed by FSC and included in FSC data. - Those providing services domestically are included in SM survey. Recommended Actions - SM to work with the FSC to develop a complete understanding of the GBC trading data. - SM to incorporate these market bodies in the GDP estimates in line with SNA guidance. #### C. Officials Met During the Meeting - Ministry of Finance: Acharuz Anandsing (aacharuz@govmu.org), Hittoo Ram (rhittoo@govmu.org) - Prime Minister's Office: Gnany Gilbert (ggnany@govmu.org) - Statistics Mauritius: Dawoonauth Mukesh (mdawoonauth@govmu.org), Bhonoo Sanjev (sbhonoo@govmu.org), Ramphul Dhanwantee (dhramphul@govmu.org), Papiah Sattyabhamah (sbhonoo@govmu.org) - Bank of Mauritius: Pampusa Marjorie (Marjorie.Pampusa@bom.mu), Audit Dooneshsingh (Dooneshsingh.Audit@bom.mu), Jugoo Satishingh (Satishingh.Jugoo@bom.mu), Rutha Chandradeo (chandradeo.rutha@bom.mu), Mautadin Bihisht (Bihisht.Mautadin@bom.mu), Beegoo Ghanish (Ghanish.Beegoo@bom.mu) - Financial Services Commission: Lamothe Sebastien (slamothe@fscmauritius.org), Jhoomuck Kavish (kjhoomuck@fscmauritius.org) *Prepared by Peter Lee, Statistics Department; Report on the National Accounts Statistics Mission (May 18 – 22, 2026).* --- _Source: https://www.imf.org/-/media/files/publications/tar/2026/english/tarea2026058.pdf_