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Seychelles: Economy#

Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle-income group of countries. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus.

Economic Facts#

GDP (purchasing power parity)$2.404 billion (2013 est.)
$2.326 billion (2012 est.)
$2.261 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.3% (2013 est.)
2.9% (2012 est.)
5% (2011 est.)
GDP - per capita (PPP)$25,900 (2013 est.)
$25,300 (2012 est.)
$24,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2%
industry: 18.7%
services: 79.4% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 4.7%
highest 10%: 15.4% (2007)
Labor force - by occupationagriculture: 3%
industry: 23%
services: 74% (2006)
Exports - commoditiescanned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partnersFrance 27.7%, UK 17.6%, Japan 15.2%, Italy 10.6% (2012)
Agriculture - productscoconuts, cinnamon, vanilla, sweet potatoes, cassava (manioc, tapioca), copra, bananas; poultry; tuna
Budgetrevenues: $516.7 million
expenditures: $491.7 million (2013 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods
Imports - partnersSaudi Arabia 24%, Spain 12.1%, France 5.9% (2012)
Exchange ratesSeychelles rupees (SCR) per US dollar -
12 (2013 est.)
13.704 (2012 est.)
12.068 (2010 est.)
13.61 (2009)
8 (2008)
Exports$516.7 million (2013 est.)
$493.3 million (2012 est.)
Debt - external$1.719 billion (31 December 2013 est.)
$1.733 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$846.4 million (2013 est.)
$889.6 million (2012 est.)
Industrial production growth rate3.7% (2013 est.)
Industriesfishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Inflation rate (consumer prices)4.3% (2013 est.)
7.1% (2012 est.)
Labor force39,560 (2006)
Unemployment rate2% (2006 est.)
Public debt51.8% of GDP (2013 est.)
68.4% of GDP (2012 est.)
Current account balance-$140 million (2013 est.)
-$208.9 million (2012 est.)
Reserves of foreign exchange and gold$362.4 million (31 December 2013 est.)
$318.7 million (31 December 2012 est.)
GDP (official exchange rate)$1.271 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate11.17% (31 December 2010 est.)
Commercial bank prime lending rate12.4% (31 December 2013 est.)
12.19% (31 December 2012 est.)
Stock of domestic credit$617.6 million (31 December 2013 est.)
$408.1 million (31 December 2012 est.)
Stock of narrow money$380.7 million (31 December 2013 est.)
$301.5 million (31 December 2012 est.)
Stock of broad money$584.4 million (31 December 2013 est.)
$383.1 million (31 December 2012 est.)
Taxes and other revenues40.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)2% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 92.3%
government consumption: 11.9%
investment in fixed capital: 28.2%
investment in inventories: 15.2%
exports of goods and services: 35.1%
imports of goods and services: -82.7%
(2013 est.)
Gross national saving18.7% of GDP (2013 est.)
10.6% of GDP (2012 est.)
6.3% of GDP (2011 est.)