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Seychelles Economy Profile 2018

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Economy - overviewSince 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. Effective 1 January 2017, Seychelles was no longer be eligible for trade benefits under the US African Growth and Opportunities Act after having gained developed country status. Seychelles grew at 4.1% in 2017 because of a strong tourist sector and low commodity prices. The Seychellois Government met the IMF’s performance criteria for 2017 but recognizes a need to make additional progress to combat high poverty levels, estimated at 39% in 2013.
GDP (purchasing power parity)$2.712 billion (2017 est.)
$2.606 billion (2016 est.)
$2.494 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$1.479 billion (2016 est.)
GDP - real growth rate4.1% (2017 est.)
4.5% (2016 est.)
5% (2015 est.)
GDP - per capita (PPP)$28,900 (2017 est.)
$27,700 (2016 est.)
$26,800 (2015 est.)
note: data are in 2017 dollars
Gross national saving16.6% of GDP (2017 est.)
11.8% of GDP (2016 est.)
15.2% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 47.7%
government consumption: 28.1%
investment in fixed capital: 33.2%
investment in inventories: 1.6%
exports of goods and services: 71.5%
imports of goods and services: -82.1% (2017 est.)
GDP - composition by sectoragriculture: 2.5%
industry: 13.8%
services: 83.7% (2017 est.)
Population below poverty line39.3% (2013 est.)
Labor force39,560 (2006 est.)
Labor force - by occupationagriculture: 3%
industry: 23%
services: 74% (2006)
Unemployment rate3% (2017 est.)
2.7% (2016 est.)
Unemployment, youth ages 15-24total: 14%
male: 12.1%
female: 16.2% (2015 est.)
Household income or consumption by percentage sharelowest 10%: 4.7%
highest 10%: 15.4% (2007)
Budgetrevenues: $571.8 million
expenditures: $557.2 million (2017 est.)
Taxes and other revenues38.7% of GDP (2017 est.)
Budget surplus (+) or deficit (-)1% of GDP (2017 est.)
Public debt56.8% of GDP (2017 est.)
57.6% of GDP (2016 est.)
Inflation rate (consumer prices)2.8% (2017 est.)
-1% (2016 est.)
Central bank discount rate11.17% (31 December 2010)
Commercial bank prime lending rate12.4% (31 December 2017 est.)
12.36% (31 December 2016 est.)
Stock of narrow money$587.7 million (31 December 2017 est.)
$556.5 million (31 December 2016 est.)
Stock of broad money$702.4 million (31 December 2017 est.)
$638.2 million (31 December 2016 est.)
Stock of domestic credit$610.3 million (31 December 2017 est.)
$565.9 million (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productscoconuts, cinnamon, vanilla, sweet potatoes, cassava (manioc, tapioca), copra, bananas; tuna
Industriesfishing, tourism, beverages
Industrial production growth rate2.5% (2017 est.)
Current Account Balance-$230 million (2017 est.)
-$263 million (2016 est.)
Exports$495.4 million (2017 est.)
$477.6 million (2016 est.)
Exports - commoditiescanned tuna, frozen fish, petroleum products (reexports)
Exports - partnersUAE 28.8%, France 21%, UK 14.7%, Italy 9.2%, Spain 8.8% (2016)
Imports$1.044 billion (2017 est.)
$962.4 million (2016 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods
Imports - partnersUAE 21.6%, France 9.9%, South Africa 8.4%, Mauritius 7.8%, Spain 7.2%, India 4.9%, China 4.8%, UK 4.7% (2016)
Reserves of foreign exchange and gold$538.8 million (31 December 2017 est.)
$523.5 million (31 December 2016 est.)
Debt - external$2.729 billion (31 December 2017 est.)
$2.651 billion (31 December 2016 est.)
Exchange ratesSeychelles rupees (SCR) per US dollar -
13.64 (2017 est.)
13.319 (2016 est.)
13.319 (2015 est.)
13.314 (2014 est.)
12.747 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018