| 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. GDP grew about 7-8% per year in 2006-07, 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. Despite these actions, the Seychelles economy has 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. Seychelles requested an IMF Stand-By Agreement in December 2008. In 2009, GDP fell nearly 9% due to declining tourism. |
GDP (purchasing power parity):
|
$1.683 billion (2009 est.)
$1.843 billion (2008 est.)
$1.86 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$19,400 (2009 est.)
$21,300 (2008 est.)
$21,700 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$656 million (2009 est.) |
GDP - real growth rate:
|
-8.7% (2009 est.)
-0.9% (2008 est.)
9.7% (2007 est.) |
GDP - composition by sector:
|
agriculture: 15.5%
industry: 28%
services: 56.5% (2009 est.) |
Investment (gross fixed):
|
45.8% of GDP (2009 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):
|
34% (2009 est.)
37% (2008 est.) |
Central bank discount rate:
|
NA% (31 December 2008)
5.13% (31 December 2007) |
Commercial bank prime lending rate:
|
11.81% (31 December 2008)
10.89% (31 December 2007) |
Stock of money:
|
$164.8 million (31 December 2008)
$330.8 million (31 December 2007) |
Stock of money - per capita:
|
1,884 USD per capita |
Stock of quasi money:
|
$188.5 million (31 December 2008)
$249 million (31 December 2007) |
Stock of quasi money - per capita:
|
2,155 USD per capita |
Stock of domestic credit:
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$375.6 million (31 December 2008)
$660.2 million (31 December 2007) |
Stock of domestic credit - per capita:
|
4,294 USD per capita |
Labor force:
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39,560 (2006) |
Labor force participation rate:
|
45.22 % of population |
Labor force - by occupation:
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agriculture: 3%
industry: 23%
services: 74% (2006) |
Unemployment rate:
|
2% (2006 est.) |
Budget:
|
revenues: $183.9 million
expenditures: $195.8 million (2009 est.) |
Budget revenues per capita:
|
2,103 USD per capita |
Public debt:
|
43.9% of GDP (2009 est.)
74.2% of GDP (2008 est.) |
Industries:
|
fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages |
Industrial production growth rate:
|
-2% (2009 est.) |
Electricity - production:
|
250 million kWh (2007 est.) |
Electricity - production per capita:
|
2,858 kWh per capita |
Electricity - consumption:
|
232.5 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
2,658 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
7,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
29.21 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2007 est.) |
Oil - imports:
|
7,653 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna |
Current account balance:
|
$-281 million (2009 est.)
$-430 million (2008 est.) |
Current account balance - per capita:
|
-3,212 USD per capita |
Exports:
|
$366 million (2009 est.)
$495 million (2008 est.) |
Exports per capita:
|
4,185 USD per capita |
Exports - commodities:
|
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports) |
Exports - partners:
|
UK 21.1%, France 19.1%, Mauritius 10.1%, Japan 7.9%, Italy 7.8%, Netherlands 6% (2008) |
Imports:
|
$658 million (2009 est.)
$1.018 billion (2008 est.) |
Imports per capita:
|
7,523 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, petroleum products, chemicals |
Imports - partners:
|
Saudi Arabia 17.5%, Singapore 12.4%, France 10.3%, Spain 8.1%, Germany 7%, India 5.4%, South Africa 4.7% (2008) |
Reserves of foreign exchange and gold:
|
$62 million (31 December 2009 est.)
$64 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
709 USD per capita |
Debt - external:
|
$1.25 billion (31 December 2009 est.)
$1.422 billion (31 December 2008 est.) |
Debt - external - per capita:
|
14,290 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$18.81 million |
Economic aid - recipient per capita:
|
216 USD per capita |
Currency (code):
|
Seychelles rupee (SCR) |
Exchange rates:
|
Seychelles rupees (SCR) per US dollar - 14.2 (2009), 8 (2008), 6.5 (2007), 5.5 (2006), 5.5 (2005) |
Fiscal year:
|
calendar year |
|
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