Seychelles Economy 2001

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. The vulnerability of the tourist sector was illustrated by the sharp drop in 1991-92 due largely to the Gulf war. Although the industry has rebounded, the government recognizes the continuing need for upgrading the sector in the face of stiff international competition. Other issues facing the government are the curbing of the budget deficit and further privatization of public enterprises. Growth slowed in 1998-2000, due to sluggish tourist and tuna sectors. Tight controls on exchange rates and the scarcity of foreign exchange have hindered short-term economic prospects. The black market value of the Seychelles ruppee 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 - $610 million (2000 est.)

GDP - real growth rate: 1.5% (2000 est.)

GDP - per capita: purchasing power parity - $7,700 (2000 est.)

GDP - composition by sector:
agriculture: 3.1%
industry: 26.3%
services: 70.6% (1999)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 6% (1999 est.)

Labor force: 30,900 (1996)

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

Unemployment rate: NA%

Budget:
revenues: $249 million
expenditures: $262 million, including capital expenditures of $NA (1998 est.)

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 (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 148.8 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

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

Exports: $111 million (f.o.b., 1999)

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

Exports - partners: France, UK, Netherlands, Italy, China, Germany, Japan

Imports: $440 million (c.i.f., 1999)

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

Imports - partners: South Africa, UK, China, Singapore, France, Italy

Debt - external: $240 million (1999 est.)

Economic aid - recipient: $16.4 million (1995)

Currency: Seychelles rupee (SCR)

Currency code: SCR

Exchange rates: Seychelles rupees per US dollar - 6.0397 (November 2000), 5.6009 (2000), 5,3426 (1999), 5.2622 (1998), 5.0263 (1997), 4.9700 (1996)

Fiscal year: calendar year

NOTE: The information regarding Seychelles on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2001 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2001 should be addressed to the CIA.