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Seychelles Economy
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. A sharp drop 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. Other issues facing the government are the curbing of the budget deficit, including the containment of social welfare costs, and further privatization of public enterprises. Growth slowed in 1998-2002, due to sluggish tourist and tuna sectors. Also, 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 should remain sluggish as vacationers seek cheaper destinations such as Comoros, Mauritius, and Madagascar.
GDP:
purchasing power parity - $626 million (2002 est.)
GDP - real growth rate:
1.5% (2002 est.)
GDP - per capita:
purchasing power parity - $7,800 (2002 est.)
GDP - composition by sector:
agriculture: 2.8%
industry: 28.7%
services: 68.9% (2003)
Investment (gross fixed):
39.1% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
3.3% (2003 est.)
Labor force:
30,900 (1996)
Labor force - by occupation:
agriculture 10%, industry 19%, services 71% (1989)
Unemployment rate:
NA
Budget:
revenues: $338.7 million
expenditures: $323.3 million, including capital expenditures of NA (2003 est.)
Public debt:
129.3% of GDP (2003)
Industries:
fishing; tourism; processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Industrial production growth rate:
NA
Electricity - production:
160 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
148.8 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; broiler chickens; tuna fish
Current account balance:
$-73 million (2003)
Exports:
$250 million f.o.b. (2003 est.)
Exports - commodities:
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partners:
UK 38.8%, France 31.8%, Italy 14.5%, Germany 7.5% (2003 est.)
Imports:
$383.7 million f.o.b. (2003 est.)
Imports - commodities:
machinery and equipment, foodstuffs, petroleum products, chemicals
Imports - partners:
Saudi Arabia 15.7%, South Africa 10.9%, Spain 10.4%, France 9.7%, Italy 9.2%, Singapore 7%, UK 6.8% (2003 est.)
Reserves of foreign exchange & gold:
$66 million (2003)
Debt - external:
$213 million (2003 est.)
Economic aid - recipient:
$16.4 million (1995)
Currency code:
SCR
Fiscal year:
calendar year
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