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Seychelles: Economy

Economy Seychelles
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: 2.4%
industry: 24.4%
services: 73.2% (2000)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
0.5% (2002 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 (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
Exports:
$235 million f.o.b. (2002)
Exports - commodities:
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partners:
UK 28.6%, France 20%, Italy 8.7%, US 8.4%, Spain 6.7%, Japan 6.7%, Netherlands 6.6%, Thailand 6.4% (2002)
Imports:
$380 million f.o.b. (2002)
Imports - commodities:
machinery and equipment, foodstuffs, petroleum products, chemicals
Imports - partners:
Saudi Arabia 15.6%, France 12.8%, Spain 9.9%, Italy 9.7%, South Africa 8.4%, Singapore 7.3%, UK 6.1%, Taiwan 4.2% (2002)
Debt - external:
$170 million (2002 est.)
Economic aid - recipient:
$16.4 million (1995)
Currency:
Seychelles rupee (SCR)
Currency code:
SCR
Exchange rates:
Seychelles rupees per US dollar - 5.48 (2002), 5.86 (2001), 5.71 (2000), 5.34 (1999), 5.26 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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