Economy in Seychelles

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Economy—overview: Since independence in 1976 per capita output in this Indian Ocean archipelago has expanded to roughly seven times the old near-subsistence level. 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 which accounted for 70% of GDP in 1996-97. In recent years the government has encouraged foreign investment in order 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. The vulnerability of the tourist sector was illustrated by the sharp drop in 1991-92 due largely to the Gulf war. Although the industry has rebounded the government recognizes the continuing need for upgrading the sector in the face of stiff international competition.

GDP: purchasing power parity—$550 million (1997 est.)

GDP—real growth rate: NA%

GDP—per capita: purchasing power parity—$7 000 (1997 est.)

GDP—composition by sector:

agriculture: 4%

industry: 15%

services: 81% (1994)

Inflation rate—consumer price index: -0.3% (1995 est.)

Labor force:

total: 26 000 (1996)

by occupation: industry 19% services 57% government 14% fishing agriculture and forestry 10% (1989)

Unemployment rate: NA%

Budget:

revenues: $220 million

expenditures: $241 million including capital expenditures of $36 million (1994 est.)

Industries: fishing; tourism; processing of coconuts and vanilla coir (coconut fiber) rope boat building printing furniture; beverages

Industrial production growth rate: 4% (1992)

Electricity—capacity: 28 000 kW (1995)

Electricity—production: 125 million kWh (1995)

Electricity—consumption per capita: 1 719 kWh (1995)

Agriculture—products: coconuts cinnamon vanilla sweet potatoes cassava (tapioca) bananas; broiler chickens; tuna fishing (expansion under way)

Exports:

total value: $56.1 million ( f.o.b. 1995)

commodities: fish cinnamon bark copra petroleum products (re-exports)

partners: France UK China Germany Japan (1993)

Imports:

total value: $238 million (c.i.f. 1995)

commodities: manufactured goods food petroleum products tobacco beverages machinery and transportation equipment

partners: China Singapore South Africa UK (1993)

Debt—external: $170 million (1994 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 Seychelles rupee (SRe) = 100 cents

Exchange rates: Seychelles rupees (SRe) per US$1—5.1901 (January 1998) 5.0263 (1997) 4.9700 (1996) 4.7620 (1995) 5.0559 (1994) 5.1815 (1993)

Fiscal year: calendar year

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