| People | 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 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):
|
$1.655 billion (2007 est.) |
GDP (official exchange rate):
|
$733 million (2007 est.) |
GDP - real growth rate:
|
5.8% (2007 est.) |
GDP - per capita (PPP):
|
$18,400 (2007 est.) |
GDP - composition by sector:
|
agriculture: 2.4%
industry: 25.6%
services: 72% (2007 est.) |
Investment (gross fixed):
|
13.2% of GDP (2007 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.9% (2007 est.) |
Labor force:
|
39,560 (2006) |
Labor force participation rate:
|
48.10 % of population |
Labor force - by occupation:
|
agriculture: 3%
industry: 23%
services: 74% (2006) |
Unemployment rate:
|
2% (2006 est.) |
Budget:
|
revenues: $380.9 million
expenditures: $361.2 million (2007 est.) |
Budget revenues per capita:
|
4,632 USD per capita |
Public debt:
|
143.3% of GDP (2007 est.) |
Industries:
|
fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages |
Industrial production growth rate:
|
1% (2007 est.) |
Electricity - production:
|
252 million kWh (2006) |
Electricity - production per capita:
|
3,064 kWh per capita |
Electricity - consumption:
|
216.6 million kWh (2006) |
Electricity - consumption - per capita:
|
2,634 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
0 bbl/day (2006) |
Oil - production per capita:
|
void |
Oil - consumption:
|
6,453 bbl/day (2006) |
Oil - consumption - per capita:
|
28.64 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2006) |
Oil - imports:
|
6,453 bbl/day (2006) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna |
Current account balance:
|
-$141 million (2007 est.) |
Current account balance - per capita:
|
-1,714 USD per capita |
Exports:
|
$434 million f.o.b. (2007 est.) |
Exports per capita:
|
5,277 USD per capita |
Exports - commodities:
|
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports) |
Exports - partners:
|
UK 25.5%, France 17.5%, Italy 11.9%, Mauritius 8.5%, Japan 8.3%, Spain 8.2%, Netherlands 4.3% (2006) |
Imports:
|
$721 million f.o.b. (2007 est.) |
Imports per capita:
|
8,767 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, petroleum products, chemicals |
Imports - partners:
|
Saudi Arabia 17.7%, South Africa 9.7%, Spain 8.1%, France 7.8%, Singapore 7.2%, Italy 4.8%, UK 4% (2006) |
Reserves of foreign exchange and gold:
|
$118 million (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,435 USD per capita |
Debt - external:
|
$957 million (31 December 2007 est.) |
Debt - external - per capita:
|
11,636 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
$NA |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$18.81 million (2005) |
Economic aid - recipient per capita:
|
229 USD per capita |
Currency (code):
|
Seychelles rupee (SCR) |
Exchange rates:
|
Seychelles rupees per US dollar - 6.5 (2007), 5.5 (2006), 5.5 (2005), 5.5 (2004), 5.4007 (2003) |
Fiscal year:
|
calendar year |
|
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