The Skills Of An Executive Assistant

The Skills Of An Executive Assistant Numerous years over, official partners jobs, obligations and aptitudes may have differed with changing time and the fast redesigns of innovation. As indicated by Wise nerd, characterizes official colleagues as experts who capacities as helpers to corporate administrators while the duties related with fill in as a right hand of this sort will change contingent upon the corporate culture that wins inside a given organization. Official associates work for an organization official and have the position to settle on vital choices influencing such associations, and are in this way an asset in dynamic and strategy setting. The official right hand plays out the typical jobs of overseeing correspondence, getting ready examination, and correspondence while additionally going about as the watchman, understanding in shifting degrees, the necessities of the official and with a capacity to settle on the most significant planned gatherings and occasions. They may likewise speak to official at gathe rings. Official colleagues ought to have the option to spur and impact individuals and mange ventures. IAM study direct 2011 by Kathleen Stalker Now and again, the official associate representatives work to the clerical specialist dependent on skill, experience, and information on the unique situation, privacy, need, criticalness and accessibility as indicated by www.trisatatedomestic.net. There may likewise be disadvantages or issues that will connect themselves with official aids. Models for this appraisal will be drawn from the Ministry of Finance of Trinidad and Tobago. It is an association that gets ready yearly spending plans and does the administrations money related exchanges. I have been utilized under this Ministry for as long as two years. The abilities of an Executive Assistant: Official aides in todays world requests are enormous. They should have exceptional aptitudes that each official needs for the achievement of their business. As an official colleague at the Ministry of Finance, the aptitudes that I present make me special. These abilities are: arranging, coordinating, planning, sorting out, planning, having a wide scope of specialized, scientific and confidence aptitudes, peace making abilities, initiative aptitudes, being an extraordinary issue solver, proficient and compelling chief, astounding relational abilities, relational and exchange abilities while simultaneously knowing the way of life of the association and the business technique. At the Ministry of Finance, I utilize every one of these abilities on an everyday premise when shelled with the difficulties confronted. For instance, having the option to examine a given circumstance and settle on the correct choice that will guarantee it is adding to the general accomplishment of the Ministry. With this kind of circumstance your relational abilities are being used in transmitting data to partners, authority aptitudes are vital so the staff doesn't see dread, thusly you can spur them to push ahead. Critical thinking aptitudes are basic for circumstances that present genuine danger to the association. I likewise have abilities, for example, having the option to mentor for example preparing, taking into consideration advancement of staff, and having an ability to train when essential. One significant expertise that I have is the capacity adapt to various characters in the work place. This was appeared through the treatment of three administrators work among different representatives simultaneously. This thusly carried with it various styles of the executives that I needed to receive myself to. Another aptitude that stood apart for me as an official right hand is my capacity to experience consistent expert turn of events. This thus helps me in dealing with the difficulties confronted. As an official aide there are numerous duties that are related with its portfolio. These include: Jobs and Responsibilities of Executive Assistant There are numerous jobs and obligations that are related with the official colleague. At the Ministry of Finance, as the Executive Assistant, I should have the option to help the Chief Executive Officer proficiently and successfully. The significant obligations that apply for most official partners and myself are, booking, which will be completely, talked about later down in journal the executives, travel courses of action, an essential duty that official colleague must stay up with the latest with. At the Finance Ministry, our Chief Executive Officer consistently ready gatherings in and around the Caribbean, in this manner, his itinerary items is constantly refreshed. Organization, that is, keeping a great reputation of all records at the service, liaisoning and speaking with different officials in the structure. There are likewise the requirement for taking transcription and dealing with his everyday correspondence. I additionally plan Management Information Systems-noting sends both electronically and through postal, get ready, alter and disperse schedules, letters, notices and meeting minutes and monitor for occasions and gatherings ensuring that things are not disregarded. (See Appendix for full set of working responsibilities of Executive Assistants-comprehensive of jobs and obligations) Official Assistant in Supporting Systems and Processes A framework is a gathering of related capacities, components and methodology which cooperate to guarantee that assignments are cultivated and goals met. Procedures will be methods that convert assets into results which have an important for the association, client and partners IAM study manage 2011 There are numerous abilities that are built for me, the official partner in supporting frameworks and procedures, these incorporate; having the option to adjust to changing innovation model, PC proficient, Information Communication Technology, incredible relational abilities, having the option to lead and rouse staff, taking care of gigantic measures of documents at a solitary time with its procedures, great recording strategies, control, arranging, sorting out, planning, persuading and so on. It is my obligation to guarantee that everything is secure as a result of the huge important data that is predominant. At the Ministry of Finance, as an official partner, I despite everything utilize the paper base or printed copy documenting framework. Documenting in each association is significant and it fills in as a reputation for the association. At the Finance Ministry, the documenting framework is useful and simple to utilize. The documents rush to recover. It is done in an in order request and official associates has an increasingly productive and successful utilization of this framework. Be that as it may, there is a variable disadvantage to this Ministry with respect to its security. Its safe however in the event that a cataclysmic event to have strike, for instance, a fire, at that point the issue may emerge of loss of all printed version data. There is likewise space for enhancements inside our framework, for instance the presentation of innovation modernized frameworks. Along these lines paper would be spared. The official aides have numerous jobs and duties. When supporting a procedure, my activity is needy upon the structure of the association. On the off chance that the association has a particular division for instance Human Resources, at that point the official collaborator undertaking would be restricted. Be that as it may, in a moment where the association needs to utilize Managers, Chief Executive Officers for the key level, at that point it will be helped by the official partner for the official administrator. For this situation I will enroll and publicizing of the empty post, short posting and recognizing of the chose applicants of the date and time of their meetings and keeping of the faculty records of the staff. Official Assistants and the Office Environment The earth is the physical design of an office or its space, building structure and its substance inside its structure. There are numerous aptitudes that are required for the official collaborator, for example, ought to know about the Health and Safety Legislation, have the option to spending plan and costing, there Human Resource and there comfort, chance appraisal, announcing and so forth. I have an obligation on prompting my line administrators on how properly they ought to build up an office situation to guarantee that staff is fulfilled and agreeable for work. Before any suggestions can be made, I should have the option to recognize the sort of building that is available and afterward evaluate my work power. Representatives need a sheltered and sound workplace, so I have to mull over those components while picking an office situation. Typically, at another age building, I would suggest with the new innovation steel sections and brackets and strengthened solid casings have freed space which can be , if important be divided however loan themselves to open arrangement office formats. In any case, at my office at the Ministry of Finance, our area of expertise is one of an open arrangement, where everybody work in one tremendous open space paying little mind to status and gathered in legitimate work gatherings. At the Ministry of Finance, being an open arrangement, it unites everybody, correspondence and dynamic is improved. Groups retains information over the territory, music is played making work agreeable and charming. It is exceptionally financially savvy for the Ministry and all uproarious gear are set at one corner of the division, model printers, faxes and so on. Be that as it may, the burdens to this kind of workplace is the traffic stream, individuals like their own space to customize, there is the idea of no security and the lighting or warming they have no influence over. An official partner needs to see this to guarantee that they make the correct condition for their representatives. Official Assistant Managing Meetings and Events An official partner has one of their numerous obligations, the job of sorting out gatherings of different sorts for their official manager(s).A meeting is an occasion including a gathering of individuals getting together to examine and additionally choose, an occasion is an arranged happening that happens in a specific spot, at a specific time and date IAM study control 2011. The gathering will change in size, yet for its prosperity or not

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10 Websites and Blogs of Punctuation Protectors

10 Websites and Blogs of Punctuation Protectors 10 Websites and Blogs of Punctuation Protectors 10 Websites and Blogs of Punctuation Protectors By Mark Nichol To pay tribute to National Punctuation Day, remembered on September 24 (you didn’t overlook, did you?), here’s a catalog of Web locales reporting, generally with photos, grievous accentuation mistakes. To begin with, coincidentally, note that the author of National Punctuation Day, an independent business-bulletin essayist named Jeff Rubin, supports a Punctuation Paragraph Contest. The main guideline is that you should keep in touch with one section, limit of three sentences, utilizing these accentuation marks: punctuation, sections, colon, comma, run, ellipsis, outcry point, hyphen, brackets, period, question mark, quote, and semicolon. (You may utilize an accentuation mark more than once.) Send your entrance to the email address at Rubin’s Web webpage by September 30, 2011. 1. Punctuation Abuse Slogan: Links and visuals delineating an orthographic annoyance. 2. Punctuation Catastrophes Slogan: The Worlds’ Worst. Accentuation; 3. The Apostrophe Protection Society Slogan: Examples of abuse of the punctuation as observed by you! 4. The â€Å"Blog† of â€Å"Unnecessary† Quotation Marks Slogan: none 5. English Fail Blog Slogan: Public Butcherings of the English Language 6. The Gallery Of â€Å"Misused† Quotation Marks Slogan: none 7.GrammarBlog Slogan: Mocking poor punctuation since 2007 8. The Grammar Vandal Slogan: Taking it to the lanes and rectifying America, each comma in turn. 9. The Great Typo Hunt Slogan: none 10. Wordsplosion Slogan: Showcasing the best of the most noticeably awful of the wide universe of words Need to improve your English shortly a day? Get a membership and begin accepting our composing tips and activities every day! Continue learning! Peruse the Punctuation class, check our mainstream posts, or pick a related post below:12 Signs and Symbols You Should KnowOwing to versus Due toEbook, eBook, digital book or digital book?

World economic growth - Free Essay 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. 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.

Organization Reward and Motivation - 2162 Words

Organization reward and motivation Introduction Motivation Definition Motivating behaviors Individual characteristics and motivation Money as motivation Pay and motivation Pay administration Pricing job Wage and salary surveys Pay range 10.Evaluating the results of pay for performance Reward Definition Equity in reward Compensation as reward Objectives of compensation management Basic aspects of compensation Challenge affect compensation Merit of reward Relationship between reward and motivation Conclusion Reference Money as motivator The issue on money as a motivator first needs clear understanding on†¦show more content†¦In the long run all lasting motivation is self-motivation. In connection to this, the important thing that mangers must maintain is understanding each employee needs and how they pursue the fulfillment of those needs, keeping in mind that at all times all people are seeking need satisfaction and that a fully satisfied need doesn`t motivate behavior. Once a need is satisfied its no longer a motivator, but the level at which its satisfied must be maintained improved or it will become a dissatisfier. This is precisely why a periodic pay increase seems so important to an employee -- the increase thats granted does little or nothing to motivate the person to perform, but if the increase isnt forthcoming then pay becomes a dissatisfier. From the above point what we understand is motivating forces are of course largely psychological in their influence, so as long as pay is perceived a fair and theres a reasonable sense of job security it should follow that lasting motivation comes mostly from the fulfillment of psychological needs and little from material rewards. In general, the most effective obtainable means of motivating employees are recognition, respect, inclusion, fair treatment, and satisfying and fulfilling work than pay (money). Pricing job Before continuing our discussion on job evaluation it is better to understand what we mean salary and benefit. Salary is aShow MoreRelatedMotivation - Extrinsic and Intrinsic1014 Words   |  5 Pagesï » ¿ ESSAY #2 Motivation: Extrinsic to Intrinsic Motivation is a key factor in determining business success or failure. Successful organizations relentlessly seek to operate with a clear understanding of employee needs , and develop specific focus’ on how to meet them. Two key theories in organizational motivation are expectancy theory and equity theory. Both theories focus on the outcomes of a given decision or system rather than on individual employee needs. The goal of both processRead MoreTypes of Motivation1118 Words   |  5 PagesMotivation is defined as the accumulation of different process which influence and direct our behavior to achieve a goal (Negussie, 2012). According to Deci, there are two broad classes of motivation, which are intrinsic motivation and extrinsic motivation. He states: â€Å"A person is intrinsically motivated if he performs an activity for no apparent reward except the activity itself. On the other hand, extrinsic motivation refers to the performance of an activity because it leads to exter nal rewardsRead MoreThe Best Way to Increase Work Motivation for an Organisation Is Through Financial Rewards. Discuss.1711 Words   |  7 Pagesidentify the effects of financial rewards on the work motivation of an organization and also whether or not this system of reward can cause an increase in the levels of work motivation already present in the organization. It furthermore aims to discuss weather Financial Rewards are the best way to increase the work motivation present. Although the essay shall primary be focused on Financial Rewards and Work Motivation, other factors that may have an effect on work motivation shall be discussed. For thisRead MoreThe Link Between Performance and Reward Management1061 Words   |  4 Pagesï » ¿Performance and Reward Management: Performance management is an important organizational aspect that is geared towards developing people with necessary competencies and commitment for working towards the achievement of common organizational goals. As a result, the frameworks of this component are developed in order to enhance both individual and organizational performance. This is done through identifying performance needs, providing regular feedback, and helping individuals in their career developmentRead MoreThe Theory Of Motivation As Defined By Vroom ( 1964 )901 Words   |  4 PagesIntroduction In recent years, organizations have shown an interest in addressing the subject of employee attitude regarding their jobs and tasks. Many leaders believe that motivation is a key factor in keeping employees on a path to achievement in the workplace. Motivation as defined by Vroom (1964) is the force impelling an employee to perform a particular action. Theories of motivation started to be developed following World War II. Prior to this time, organizations had not shown any concern orRead MoreInfluence Of Organizational Behavior : An Organization977 Words   |  4 Pagesbetween job satisfaction, motivation and performance and has developed a strategy to enhance each one of these organizational performances. These factors can determine the success or failure of an individual, as well as an organization as a whole. Managers must increase their employee satisfaction by sustaining a fair work environment, motivate employees by offering opportunities for career advancement, and enhan ce performance of employees by implementing a satisfying reward system. â€Å"Employees withRead MoreHrm595Proposal Plan, Part Iv1081 Words   |  5 PagesPart III The purpose for the organization Walgreens is to stay put in a dynamic, self-motivated and energetic business environment. Walgreens is a successful business looking to progress overall presentation and place the company for potential expansion. In order for this to follow through, a total rewards program needs to be created. The incentives and compensation plan must connect with the goals of the organization. A solid rewards program will build motivation in the work place. As the textRead MoreIntroduction. Sns Is A Marketing And Public Relations Company1544 Words   |  7 PagesRelations Company committed to delivering industry savvy public relations services to clients globally. Our mission is to provide world leading strategies that will help create and maintain mutually beneficial relationships with individuals and organizations vital to their growth and development. It is therefore essential that the company provides an atmosphere of leadership, expertise and services that enhance the quality and effectiveness of client’s communications projects and programs. As suchRead MoreEssay about Issues with Job Status Rewards996 Words   |  4 PagesThe goal of job status rewards is to compensate employees for their individual job performance. Specific examples of these rewards include profit sharing, bonuses, and stock options. Associates are rewarded based on the condition of the roles they occupy. These rewards are distributed through job evaluation methods. Job evaluations analyze the performance of an individual in the workplace. Typically, evaluations distribute more credit to jobs that demand a higher level of effort and responsibilityRead MoreDesigning a Reward System Essay1064 Words   |  5 PagesDesigning A Reward System ANONYMOUS HSM AU COLLEGE page 1 A good manager or supervisor will implement a reward system. Employee award systems are used for motivation to ones employees, with the goal being not to just meet expectations but to exceed them performing at their best capabilities. This system includes all benefits monetary and non-monetary that proves to be worth something to the employee. Implementing a reward system for a human services organization will help ensure basic

Emily Dickinsons My Life Had Stood a Loaded Gun Essay

The primary literary strategy in Emily Dickinson’s â€Å"My Life Had Stood – a Loaded Gun†, is a metaphor of a gun and its master which is used to represent a wife and her husband. This metaphor is used to illustrate an unbalanced relationship where the wife is objectified and lacks agency. The wife reduced to an object which is at the disposal of her hunter/master/husband. The gun narrates the poem and it takes pleasure in expressing its power to kill. The poem presents the challenge of identifying who the speaker is and who the gun metaphorically represents (Forman). To help solve this riddle, Angela Estes asks, â€Å"For whom in the nineteenth century would pleasure and power be problematic should they be expressed?†. A female speaker is the†¦show more content†¦The poem describes the hunter/husband and gun/wife lives together as they roam the woods and hunt doe. The gun/wife propels her husband to loftier heights with her power (Palmerino). In contrast to her life prior life in the corners where she sat unnoticed, when the gun/wife now speaks â€Å"The Mountains straight reply -†. In other words, when the gun is fired there is a echo. Now she can be heard and her power can be felt. She has an effect on her surroundings. This can allude to how as a married women, the wife now has a higher social status and is more likely to be taken seriously and listened to. In the fifth section, the gun comes to the peak of her power and sounds like she has autonomous agency, or as Vendler describes it, the gun takes a â€Å"grammatically independent action† (319). The speaker says that â€Å"I lay a Yellow Eye† as if she is doing something on her own. However, guns cannot kill people; they cannot pull their own trigger. In this gun/master metaphor, the wife/gun is an object entirely reliant on other people to give direction and purpose in her existence. Therefore, the action is only seemingly independent and is perhaps a sign a wishful thinking on the gun/wifes part to not view herself as dependent. When the wife/gun does seem to realize how dependent she is, she becomes almost frantic. She says the hunter/husband must live long than her because â€Å"I have the power to kill, / WithoutShow MoreRelatedEmotion in Emily Dickinsons â€Å"My Life had stood – a Loaded Gun†1109 Words   |  5 P agesThis poem was written by American poet, Emily Dickinson, who was born in the 1800. This was the period where art was based on emotion; the â€Å"Romantic Period†. She was also born in the Victorian Era, where women had to be shackled to their pedestals and most had to be married by age eighteen. They were not allowed to vote, or earn money. This information should help the reader better understand the poem. When writing the poem â€Å"My Life had stood—a Loaded Gun† Dickinson thought of what format to useRead More`` It Was Not Death, For I Stood Up, By Emily Dickinson1728 Words   |  7 Pagesa specific focus on Emily Dickinson’s link of mental illness to reclusiveness within her works titled â€Å"It was not Death, for I stood up,† â€Å"After great pain, a Formal feeling comes,† â€Å"I dwell in Possibility,† â€Å"My Life had stood—a Loaded Gun,† and â€Å"Tell all the Truth but tell it slant†.† Emily Dickinson is one of the most influential female poets of the 19th century. Born in Amherst, Massachusetts in 1830, Dickinson began her life as a normal child. Growing up, Dickinson had more opportunities thanRead MoreMy Life Had Stood a Loaded Gun by Emily Dickinson Essay804 Words   |  4 PagesMy Life Had Stood a Loaded Gun by Emily Dickinson Today, few would deny that Emily Dickinson is an important figure in American literature. The numerous ways to interpret her poetry draws more and more readers into her publications. Its as if everyone could interpret Dickinsons poems into his or her personal life; seeing the poems the way they want to see it. This is the effect flexible poems have on people. In Dickinsons My Life Had Stood#8212;A Loaded Gun, I interpreted theRead MoreEmily Dickinsons Capitalization and Punctuation1251 Words   |  6 PagesThe poetry of Emily Dickinson is one of the most recognizable of the 19th century. Dickinson’s poetry stands out because of its unconventional use of capitalization and punctuation. Her poems contain capitalized words which are not normally capitalized. Her poems are noted for the frequent use of the dash. Literary scholars have attempted to interpret Dickinson’s unconventional capitalization and punctuation. Some believe that it was merely part of Dickinson’s penmanship (Weisbuch 73). They thereforeRead MoreFight For Agency By Emily Dickinson985 Words   |  4 PagesFight for Agency Emily Dickinson’s poems predominantly portray the confinements placed on married women and illustrate the doubts that come along their role as a â€Å"wife†. In many of her poems, the speakers present a strong opinion about the lack of independence and autonomy women receive when they get married. Given the fact that Dickinson was born in the 1830’s, women in that era were consecutively facing massive oppression and were treated lesser than men. Consequentially, the societal norms greatlyRead MoreFemale Oppression By Emily Dickinson And Charlotte Perkins Gilman1729 Words   |  7 Pagesof male oppression. Especially towards the end of the 19th century, before the first wave of feminism, women were faced with an unshakeable social prison. Husband, home and children were the only life they knew, many encouraged not to work. That being said, many female writers at the time, including Emily Dickinson and Charlotte Perkins Gilman, were determined to examine the mind behind the American woman, through the lens of mental illness and personal experience. This essay will compare the workRead MoreBibliography Relation to Analysis of Emily Dickinson ´s Writings2048 Words   |  8 Pages Anderson, Paul W. The Metaphysical Mirth of Emily Dickinson. Georgia Review 20.1 Spring 1966): 72-83. Rpt. in Nineteenth-Century Literature Criticism. Ed. Jessica Bomarito and Russel Whitaker. Vol. 171. Detroit: Gale, 2006. Literature Resource Center. Web. 14 Feb. 2014. Anderson accomplishes the discernment of Dickinson’s poems and their allusions to many classic myths. He denotes the figurative language that Dickinson utilizes in her poetry to relate to her themes. With these key elements inRead MoreEssay on A poem and a loaded gun1111 Words   |  5 Pages A Poem and a Loaded Gun The post civil war era was wrought with sexism and backwards thinking. Emily Dickinson was born in 1830, wrote 1800 poems in her lifetime. She has become known for unfolding the social boundaries surrounding women in this time period. Most of her life was shrouded in seclusion and mystery. In the realm of poetry, authors are creative with their usage of literary techniques in order to illustrate their point of view to the reader. Emily Dickinson is especially known for herRead More The Life Of Emily Dickinson Essay799 Words   |  4 Pages The Life of Emily Dickinson nbsp;nbsp;nbsp;nbsp;nbsp;Although she lived a seemingly secluded life, Emily Dickinsons many encounters with death influenced many of her poems and letters. Perhaps one of the most ground breaking and inventive poets in American history, Dickinson has become as well known for her bizarre and eccentric life as for her incredible poems and letters. Numbering over 1,700, her poems highlight the many moments in a 19th century New Englander womans life, includingRead MoreAnalysis Of Emily Dickinson s Poem My Life Had Stood- A Loaded Gun 993 Words   |  4 PagesEmily Dickinson is a very famous and accomplished poet with over 1700 published poems. Several of her poems are similar in theme, and also similar in bringing out human emotions that we humans usually try to avoid. The common theme in most of Dickinson s poems is the wonders of nature, and the identity of self, as well as death and life. The five poems with the common theme of death are: â€Å"My Life had Stood- A Loaded Gun†, â€Å"I Heard A Fly Buzz- When I Died†, â€Å"Behind Me Dips- Eternity†, â€Å"Because I

Dells Working Capital Business Case free essay sample

A different way to calculate the DSI: Average Inventory / (Annual Cost of Goods Sold / 365) DSI of 1994: (220. 000. 000+293. 000. 000/2) / (2440. 000. 000/365) = 38 DSI of 1995: (293. 000. 000+429. 000. 000/2) / (2737. 000. 000/365) = 48 Question 5: KennisInzichtToepassen xx 10 punten Please motivate why Dell probably used the following formula for calculating their DSI? Question 6: KennisInzichtToepassen xxx 20punten In the case is mentioned â€Å"As new technology replaced old, the prices of components fell by an average of 30% per year† (page 2). What would be the inventory loss for Dell for 1995, if they would operated at the DSI level from Compaq? (please show the full calculation and formula’s used) Question 7: KennisInzichtToepassen xx 20punten Please motivate how Dell’s working capital policy was a competitive advantage. Dell used its working capital policy as a competitive advantage by reducing the amount of WIP and finished goods inventory in its system. As a result of maintaining a minimum amount of inventory, Dell reduced its need for inventory financing, warehousing and inventory control. Dell kept its accounts payable (A/P) account to a minimum volume by waiting until the customers order was received before placing the â€Å"release† order with their suppliers. We will write a custom essay sample on Dells Working Capital Business Case or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Dell’s suppliers were all located very close to Dells manufacturing plants, and made daily deliveries to Dell based on just-in-time delivery. By not receiving the parts until the last minute, Dell kept both its inventory and its accounts payable to a minimum. On the sales side, Dell took orders directly from consumers who normally pay with a credit card online, or over the phone. Because Dell waited until they received the order from the customer to start building the computer, Dell kept the CCC (cash conversion cycle to a minimum). If Dell were to operate at Compaq’s DSI level, we estimate that Dell would have to increase its 1995 inventory from $293m to $668m, which is an increase of $375 million. This would mean that Dell would have needed to invest in $668 million in inventory. I believe that the main reason that Dell was able to maintain such a low level of inventory compared to their competition has a direct result of their competitive strategy to maintain a minimum level of inventory. From Dells perspective, there is a competitive advantage to maintaining a low level of inventory in case of a technology change. Because they have less WIP and FG inventory, Dell is better positioned to take advantage of quickly changing technology (processors, for example). If technology were to reduce 30% of the inventory value, Dell would be better off with a lower quantity of inventory which has to be written down. If the inventory were based on Compaq’s DSI number ($668m in inventory), then the write off would need to be $112 more. (30% of $668-$293). On the other hand, there are some disadvantages to having a low level of inventory on hand, as was shown by Dell in 1996 when they indicated that sales could have been higher if they would have had additional inventory in stock. Sometimes you might have to forfeit sales if you keep your inventory level too low, and can not deliver quick enough to your customers. Dell’s competitve advantage 1)Conversation of capital due to lower inventory holding Compactdell DSI in 957332 Cost of sales of dell in 95 = 2736 m Additional inventory at compaq’s DSI = 2737 * 73-32 / 360 = 312 milion 2) Reduced obsolescence risk and lower inventory cost Component cost can reduce by 30% a year as new technology is introduced. †¢Inventory as % of COS – Dell (8. 9%) and Compaq (20. 3%) †¢Inventory loss due to 30% reduction in price – Dell (2. 7%) and Compaq (6. 1% of COS) †¢Comparative increase in profit in Dell in 96 = $2. 7 billion *(6. 1%-2. 7%) = $93 million 3)Quicker adoption of new technology †¢Dell’s low inventory levels resulted in fewer obsolete components as technology changed. †¢While Compaq had to market both new and older systems due to high levels of inventory, Dell could offer new and faster systems quickly due to low inventory and build-to-order models. Sources used: