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The economic situation remains gloomy

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The Issuance Institute of Overseas Departments noted no improvement in the business climate in the 4th quarter of 2023 in Reunion. “According to the professionals interviewed, activity continues to weaken.

In parallel, cash levels and operating expenses deteriorate. Nevertheless, business leaders report a slowdown in the increase in their selling prices for the first time since the 2nd quarter of 2021”, notes Iédom. The job market is less dynamic, with a smaller increase in numbers. The number of temporary workers is decreasing significantly (-3,8% over the quarter), that of people on subsidized contracts (employment skills path) at the end of December is down by 1,6 % (i.e. 150 fewer jobs) compared to December 2022. Persistent inflation continues to impact consumption, as evidenced by the decline in imports of goods intended for households. Imports of agri-food products and imports of household equipment decreased over the quarter respectively by 8,5% and -5,6 %. In the wake of this slowdown, trade declines : -28,3% for exports and -6,1% for imports. In construction, the level of order books decreases sharply, like the drop in the number of housing starts (-8,5% over the quarter). Professionals in the agricultural sector, fishing and agri-food industries note, them too, a deterioration in their activity.

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