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Seychelles ECONOMY
Gross Domestic Product: 1992 estimate US$407
million,
with growth rate of 4 percent, and inflation rate of 3.3
percent
(1993 inflation rate 4 percent). 1992 per capita GDP of
US$5,900.
In 1980s socialist France Albert René government created
many
parastatals; in early 1990s moving toward more liberal
economy
and privatization.
Labor Force: In 1991 government employed 38
percent of
labor, parastatals employed 26 percent, and private sector
36
percent.
Independent trade unions allowed since November 1993.
Tourism: Major source of economic activity,
including
tourism-related services; provides 50 percent of GDP but
imported
food and materials for tourism cost 70 percent of tourism
income.
In 1993 more than 116,000 tourists, mainly from Europe,
South
Africa.
Agriculture: Only 400 hectares cultivable on
islands.
Some vegetables and fruit grown but most food, including
rice,
imported. Market for traditional crops, copra and
cinnamon, has
decreased; tea grown for local consumption. Fishing (tuna
and
shrimp particularly) encouraged; population eats
eighty-five
kilograms seafood per capita annually.
Industry: Very limited because of small market,
lack of
raw materials; mostly food processing, handicrafts for
tourists.
Exports: 1992 estimate US$47 million: canned and
frozen
fish, copra, cinnamon bark. Major markets Britain, France,
Reunion.
Imports: 1992 estimate US$192 million; major
items:
manufactured goods, food, petroleum products,
transportation
equipment and machinery. Major sources: Bahrain, South
Africa,
Britain, Singapore, and France.
Balance of Payments: Visible trade always in
deficit,
but tourism helps compensate excess of imports.
Currency and Exchange Rate: 1 Seychelles rupee
(SRe) =
100 cents. August 1995 exchange rate US$1 = SRe4.25.
Fiscal Year: Calendar year.
Data as of August 1994
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