| Economy | 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. 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. Despite these actions, the Seychelles economy struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating. In an effort to obtain loans to service its debt, Seychelles in November 2008 signed a standby arrangement with the IMF that mandated floating the exchange rate, removing foreign exchange controls, cutting government spending, and tightening monetary policy. In response to Seychelles' successful implementation of these policies, the IMF upgraded Seychelles to a three-year extended fund facility (EFF) of $31 million in December 2009. In 2008, GDP fell more than 1% due to declining tourism and the initial effects of liberalization, but the economy recovered in 2010-11 after the reforms took hold and tourism increased. Seychelles is attempting to implement further structural reforms, including overhauling the tax system, reorganizing of state enterprises, and deregulating the finance and communications sectors. |
GDP (purchasing power parity):
|
$2.244 billion (2011 est.)
$2.142 billion (2010 est.)
$1.938 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$24,700 (2011 est.)
$23,800 (2010 est.)
$22,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1 billion (2011 est.) |
GDP - real growth rate:
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5% (2011 est.)
6.2% (2010 est.)
0.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.9%
industry: 18.7%
services: 79.3% (2011 est.) |
Investment (gross fixed):
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34.2% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 4.7%
highest 10%: 15.4% |
Distribution of family income - Gini index:
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65.8 (2007) |
Inflation rate (consumer prices):
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2.7% (2011 est.)
-2.4% (2010 est.) |
Central bank discount rate:
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11.17% (31 December 2010 est.)
NA% (31 December 2009 est.) |
Commercial bank prime lending rate:
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10.7% (31 December 2011 est.)
12.703% (31 December 2010 est.) |
Stock of money:
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$173.1 million (31 December 2008)
$330.8 million (31 December 2007) |
Stock of money - per capita:
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1,941 USD per capita |
Stock of quasi money:
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$185.2 million (31 December 2008)
$249 million (31 December 2007) |
Stock of quasi money - per capita:
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2,077 USD per capita |
Stock of domestic credit:
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$549.5 million (31 December 2011 est.)
$479 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
6,162 USD per capita |
Stock of narrow money:
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$362.2 million (31 December 2011 est.)
$319.9 million (31 December 2010 est.) |
Stock of broad money:
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$506.3 million (31 December 2011 est.)
$458.3 million (31 December 2010 est.) |
Labor force:
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39,560 (2006) |
Labor force participation rate:
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44.36 % of population |
Labor force - by occupation:
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agriculture: 3%
industry: 23%
services: 74% (2006) |
Unemployment rate:
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2% (2006 est.) |
Unemployment, youth ages 15-24:
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total: 20.3% (2002) |
Budget:
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revenues: $399.7 million
expenditures: $383.4 million (2011 est.) |
Budget revenues per capita:
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4,482 USD per capita |
Taxes and other revenues:
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40% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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1.6% of GDP (2011 est.) |
Public debt:
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46.2% of GDP (2011 est.)
53.4% of GDP (2010 est.) |
Industries:
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fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages |
Industrial production growth rate:
|
2% (2010 est.) |
Electricity - production:
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260 million kWh (2008 est.) |
Electricity - production per capita:
|
2,916 kWh per capita |
Electricity - consumption:
|
241.8 million kWh (2008 est.) |
Electricity - consumption - per capita:
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2,712 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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8,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
32.74 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
|
6,203 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2010 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), copra, bananas; poultry; tuna |
Current account balance:
|
-$322 million (2011 est.)
-$483.5 million (2010 est.) |
Current account balance - per capita:
|
-3,610 USD per capita |
Exports:
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$516 million (2011 est.)
$407.3 million (2010 est.) |
Exports per capita:
|
5,786 USD per capita |
Exports - commodities:
|
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports) |
Exports - partners:
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UK 19%, France 17.7%, Italy 11.1%, Japan 10.8%, Thailand 7% (2010) |
Imports:
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$940.6 million (2011 est.)
$915.6 million (2010 est.) |
Imports per capita:
|
10,547 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods |
Imports - partners:
|
Saudi Arabia 21.1%, South Africa 8.4%, France 6.8%, Spain 6.6%, Singapore 6%, Italy 4.7% (2010) |
Reserves of foreign exchange and gold:
|
$241.8 million (31 December 2011 est.)
$235.6 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,712 USD per capita |
Debt - external:
|
$1.682 billion (31 December 2011 est.)
$1.526 billion (31 December 2010 est.) |
Debt - external - per capita:
|
18,860 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Seychelles rupee (SCR) |
Exchange rates:
|
Seychelles rupees (SCR) per US dollar -
12.26 (2011 est.)
12.068 (2010 est.)
13.61 (2009)
8 (2008)
6.5 (2007) |
Fiscal year:
|
calendar year |
|
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