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    Seychelles Index 2006

    Seychelles Main Index


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    Seychelles Economy - 2006
    https://theodora.com/wfbcurrent/seychelles/seychelles_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      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. 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. 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. Growth slowed in 1998-2002, and fell in 2003, due to sluggish tourist and tuna sectors, but resumed in 2004, erasing a persistent budget deficit. Growth turned negative again in 2005. Tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. The black-market value of the Seychelles rupee is half the official exchange rate; without a devaluation of the currency, the tourist sector may remain sluggish as vacationers seek cheaper destinations such as Comoros, Mauritius, and Madagascar.

      GDP (purchasing power parity):
      $626 million (2002 est.)

      GDP (official exchange rate):
      $722 million (2005 est.)

      GDP - real growth rate:
      -3% (2005 est.)

      GDP - per capita (PPP):
      $7,800 (2002 est.)

      GDP - composition by sector:
      agriculture: 3.2%
      industry: 30.4%
      services: 66.4% (2005 est.)

      Labor force:
      30,900 (1996)

      Labor force - by occupation:
      agriculture: 10%
      industry: 19%
      services: 71% (1989)

      Unemployment rate:
      NA%

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      4.4% (2005 est.)

      Investment (gross fixed):
      41.5% of GDP (2005 est.)

      Budget:
      revenues: $343.3 million
      expenditures: $332.2 million; including capital expenditures of $NA (2005 est.)

      Public debt:
      129.7% of GDP (2005 est.)

      Agriculture - products:
      coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna

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

      Industrial production growth rate:
      NA%

      Electricity - production:
      241.3 million kWh (2003)

      Electricity - consumption:
      224.4 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003 est.)

      Oil - consumption:
      7,600 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      Current account balance:
      -$16.66 million (2005 est.)

      Exports:
      $312.1 million f.o.b. (2005 est.)

      Exports - commodities:
      canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)

      Exports - partners:
      UK 27.6%, France 15.8%, Spain 12.7%, Japan 8.6%, Italy 7.5%, Germany 5.6% (2004)

      Imports:
      $459.9 million f.o.b. (2005 est.)

      Imports - commodities:
      machinery and equipment, foodstuffs, petroleum products, chemicals

      Imports - partners:
      Saudi Arabia 15.5%, Spain 13.3%, France 10.3%, Singapore 7%, South Africa 6.8%, Italy 6.7%, UK 4.7% (2004)

      Reserves of foreign exchange and gold:
      $29.16 million (2005 est.)

      Debt - external:
      $276.8 million (2005 est.)

      Economic aid - recipient:
      $16.4 million (1995)

      Currency (code):
      Seychelles rupee (SCR)

      Exchange rates:
      Seychelles rupees per US dollar - 5.5 (2005), 5.5 (2004), 5.4007 (2003), 5.48 (2002), 5.8575 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Seychelles on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2006 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/seychelles/seychelles_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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