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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 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 sale 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. Seychelles grew at 4.3% in 2015 because of a strong tourist sector and expanding private sector credits; its fiscal surplus reached 4% of GDP.

Economic Facts#

GDP (purchasing power parity)$2.608 billion (2016 est.)
$2.487 billion (2015 est.)
$2.352 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$1.419 billion (2015 est.)
GDP - real growth rate4.9% (2016 est.)
5.7% (2015 est.)
6.2% (2014 est.)
GDP - per capita (PPP)$28,000 (2016 est.)
$27,000 (2015 est.)
$25,800 (2014 est.)
note: data are in 2016 dollars
Gross national saving13.8% of GDP (2016 est.)
15.2% of GDP (2015 est.)
14.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 53.9%
government consumption: 25.2%
investment in fixed capital: 39.5%
investment in inventories: 0%
exports of goods and services: 63.4%
imports of goods and services: -82% (2016 est.)
GDP - composition, by sector of originagriculture: 2.6%
industry: 13.9%
services: 83.5% (2016 est.)
Agriculture - productscoconuts, cinnamon, vanilla, sweet potatoes, cassava (manioc, tapioca), copra, bananas; tuna
Industriesfishing, tourism, beverages
Industrial production growth rate2.7% (2016 est.)
Labor force39,560 (2006 est.)
Labor force - by occupationagriculture: 3%
industry: 23%
services: 74% (2006)
Unemployment rate3% (2014 est.)
3.3% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 4.7%
highest 10%: 15.4% (2007)
Budgetrevenues: $487.3 million
expenditures: $457.3 million (2016 est.)
Taxes and other revenues34.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)2.1% of GDP (2016 est.)
Public debt59.1% of GDP (2016 est.)
63.2% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)-0.5% (2016 est.)
4% (2015 est.)
Central bank discount rate11.17% (31 December 2010)
Commercial bank prime lending rate12.5% (31 December 2016 est.)
12.36% (31 December 2015 est.)
Stock of narrow money$546.4 million (31 December 2016 est.)
$492.7 million (31 December 2015 est.)
Stock of broad money$613.8 million (31 December 2016 est.)
$564.6 million (31 December 2015 est.)
Stock of domestic credit$515.7 million (31 December 2016 est.)
$491.6 million (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$265 million (2016 est.)
-$253 million (2015 est.)
Exports$422.3 million (2016 est.)
$449.4 million (2015 est.)
Exports - commoditiescanned tuna, frozen fish, petroleum products (reexports)
Exports - partnersFrance 18.2%, UK 17.9%, Mauritius 10%, Japan 9.2%, Italy 7.8%, Spain 4.5% (2015)
Imports$873.7 million (2016 est.)
$922.4 million (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods
Imports - partnersSaudi Arabia 22.5%, Spain 11.1%, Singapore 7.4%, China 4.5%, South Africa 4.1%, France 4% (2015)
Reserves of foreign exchange and gold$590.5 million (31 December 2016 est.)
$536.2 million (31 December 2015 est.)
Debt - external$2.552 billion (31 December 2016 est.)
$2.758 billion (31 December 2015 est.)
Exchange ratesSeychelles rupees (SCR) per US dollar -
13.34 (2016 est.)
13.314 (2015 est.)
13.314 (2014 est.)
12.747 (2013 est.)
13.7 (2012 est.)