Seychelles:
Economy

Pages for other countries and territories

Other pages in this profile of the Seychelles:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. Sharp drops illustrated the vulnerability of the tourist sector in 1991-92 due largely to the Gulf War and once again following the 11 September 2001 terrorist attacks on the US. Economic growth slowed in 1998-2002 and fell in 2003-04, due to sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP grew by 5.8% in 2007, driven by tourism and a boom in tourism-related construction. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007.
GDP (purchasing power parity)	Definition - World rank and map $1.378 billion (2007 est.)
GDP (official exchange rate)	Definition $710 million (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.3% (2007 est.)
GDP - per capita	Definition - World rank and map $16,600 (2007 est.)
GDP - composition by sector	Definition agriculture: 2.4% industry: 25.7% services: 71.9% (2007 est.)
Labor force	Definition 39,560 (2006)
Labor force - by occupation	Definition agriculture: 3% industry: 23% services: 74% (2006)
Unemployment rate	Definition - World rank and map 2% (2006 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 5.7% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 14% of GDP (2007 est.)
Budget	Definition revenues: $372.4 million expenditures: $355.2 million (2007 est.)
Public debt	Definition - World rank and map 144.3% of GDP (2007 est.)
Agriculture - products	Definition coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna
Industries	Definition fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Industrial production growth rate	Definition - World rank and map 1% (2007 est.)
Electricity - production	Definition - World rank and map 252 million kWh (2006)
Electricity - consumption	Definition - World rank and map 216.6 million kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 2,633.6 kWh (2006)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2006)
Oil - consumption	Definition - World rank and map 6,453 bbl/day (2006)
Oil - consumption per 1,000 people	Definition - World rank and map 78.5 bbl/day (2006)
Oil - exports	Definition - World rank and map 0 bbl/day (2006)
Oil - imports	Definition - World rank and map 6,453 bbl/day (2006)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$275 million (2007 est.)
Exports	Definition - World rank and map $400 million f.o.b. (2007 est.)
Exports - commodities	Definition canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partners	Definition UK 25.1%, France 19.3%, Mauritius 10.8%, Japan 8.1%, Italy 5.6%, Spain 5% (2006)
Imports	Definition - World rank and map $720 million f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, foodstuffs, petroleum products, chemicals
Imports - partners	Definition Saudi Arabia 16.4%, Germany 10.1%, South Africa 9.2%, France 7.6%, Spain 7.1%, Singapore 5.4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $41.61 million (31 December 2007 est.)
Debt - external	Definition - World rank and map $1.059 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $18.81 million (2005)
Currency (code)	Definition Seychelles rupee (SCR)
Exchange rates	Definition Seychelles rupees per US dollar - 6.5 (2007), 5.5 (2006), 5.5 (2005), 5.5 (2004), 5.4007 (2003)
Fiscal year	Definition calendar year

Seychelles: Economy

Seychelles:
Economy