Page last updated on February 15, 2013
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. 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. Growth slowed again in 2012 with flagging tourism from Russia and the United Arab Emirates. 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):
$2.41 billion (2012 est.)
country comparison to the world: 186
$2.339 billion (2011 est.)
$2.226 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$971 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
3% (2012 est.)
country comparison to the world: 110
5.1% (2011 est.)
6.7% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$26,200 (2012 est.)
country comparison to the world: 52
$25,800 (2011 est.)
$24,800 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
18.5%
services:
79.5% (2012 est.)
Labor force:
39,560 (2006)
country comparison to the world: 197
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
23%
services:
74% (2006)
Unemployment rate:
2% (2006 est.)
country comparison to the world: 13
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 4.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
15.4% (2007)
Investment (gross fixed):
41.7% of GDP (2012 est.)
country comparison to the world: 6
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $390.7 million
[see also: Budget revenues country ranks ]
expenditures:
$376.3 million (2012 est.)
Taxes and other revenues:
40.2% of GDP (2012 est.)
country comparison to the world: 52
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
1.5% of GDP (2012 est.)
country comparison to the world: 24
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
39.3% of GDP (2012 est.)
country comparison to the world: 91
44.4% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
7.2% (2012 est.)
country comparison to the world: 175
2.6% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
11.17% (31 December 2010 est.)
NA% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
11.6% (31 December 2012 est.)
country comparison to the world: 74
11.19% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$325.7 million (31 December 2012 est.)
country comparison to the world: 170
$302.3 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$553.4 million (31 December 2011 est.)
country comparison to the world: 175
$598.9 million (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$457.5 million (31 December 2012 est.)
country comparison to the world: 174
$422.3 million (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), copra, bananas; poultry; tuna
Industries:
fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Industrial production growth rate:
2% (2010 est.)
country comparison to the world: 125
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$179.8 million (2012 est.)
country comparison to the world: 76
-$211.1 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$501.8 million (2012 est.)
country comparison to the world: 172
$495.1 million (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partners:
France 26.5%, UK 21%, Japan 11%, Italy 10% (2011)
Imports:
$890.8 million (2012 est.)
country comparison to the world: 179
$877.1 million (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods
Imports - partners:
Saudi Arabia 23.9%, Spain 8.3%, France 5.8%, South Africa 5%, Singapore 4.1% (2011)
Reserves of foreign exchange and gold:
$272.8 million (31 December 2012 est.)
country comparison to the world: 154
$252.3 million (31 December 2011 est.)
[see also:
Reserves of foreign exchange and gold country ranks ]
Debt - external:
$1.453 billion (31 December 2012 est.)
country comparison to the world: 145
$1.475 billion (31 December 2011 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Seychelles rupees (SCR) per US dollar -
13.82 (2012 est.)
12.381 (2011 est.)
12.068 (2010 est.)
13.61 (2009)
8 (2008)
Fiscal year:
calendar year
NOTE: The information regarding Seychelles on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2013 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2013 should be addressed to the CIA.
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