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Seychelles Economy 2011
https://theodora.com/wfb2011/seychelles/seychelles_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries. 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 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. GDP grew about 7-8% per year in 2006-07, driven by tourism and a boom in tourism-related construction. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007. Despite these actions, the Seychelles economy has struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating, but in October 2010 the EU approved a $2.9 million grant as part of a larger four-year program for Seychelles. In response to Seychelles successful implementation of tighter monetary and fiscal policies, the IMF upgraded Seychelles to a three-year exteneded fund facility (EFF) of $31 million in December 2009. In 2008, GDP fell more than 1% due to declining tourism, but the economy recovered in 2009-10 with a notable increase in tourist numbers for 2010.

GDP (purchasing power parity):
$1.908 billion (2010 est.)
country comparison to the world: 186

$1.843 billion (2009 est.)
$1.83 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$919 million (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2010 est.)
country comparison to the world: 100

0.7% (2009 est.)
-1.3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$21,600 (2010 est.)
country comparison to the world: 61

$21,100 (2009 est.)
$21,100 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 30.8%
[see also: GDP - composition by sector - industry country ranks ]
services: 66.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
39,560 (2006)
country comparison to the world: 198
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 74% (2006)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2% (2006 est.)
country comparison to the world: 13
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
36.2% of GDP (2009 est.)
country comparison to the world: 6
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $316.5 million
[see also: Budget - revenues country ranks ]
expenditures: $310.3 million (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
58.8% of GDP (2010 est.)
country comparison to the world: 37

58.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
-2.2% (2010 est.)
country comparison to the world: 2

31.8% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA% (31 December 2009)
country comparison to the world: 84

5.13% (31 December 2007)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.35% (31 December 2009 est.)
country comparison to the world: 77

11.81% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$274.2 million (31 December 2010 est)

$240.5 million (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$415 million (31 December 2010 est.)

$352 million (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$678.5 million (31 December 2010 est.)
country comparison to the world: 160

$582.5 million (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
2% (2009 est.)
country comparison to the world: 129
[see also: Industrial production growth rate country ranks ]

Electricity - production:
250 million kWh (2007 est.)
country comparison to the world: 175
[see also: Electricity - production country ranks ]

Electricity - consumption:
232.5 million kWh (2007 est.)
country comparison to the world: 174
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 131
[see also: Oil - production country ranks ]

Oil - consumption:
7,000 bbl/day (2009 est.)
country comparison to the world: 159
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 176
[see also: Oil - exports country ranks ]

Oil - imports:
7,653 bbl/day (2007 est.)
country comparison to the world: 146
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 124
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 132
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 152
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 127
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 133
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 136
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$351 million (2010 est.)
country comparison to the world: 104

-$284.2 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$464 million (2010 est.)
country comparison to the world: 169

$432.5 million (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
UK 24.84%, France 18.53%, Italy 9.45%, Mauritius 9.03%, Japan 6.98%, Spain 4.92% (2009)

Imports:
$831 million (2010 est.)
country comparison to the world: 177

$759.1 million (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Saudi Arabia 16.44%, India 8.33%, Spain 7.49%, South Africa 6.72%, France 6.39%, Brazil 6.07%, Singapore 5.07% (2009)

Reserves of foreign exchange and gold:
$193 million (31 December 2010 est.)
country comparison to the world: 128

$190.6 million (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.374 billion (31 December 2010 est.)
country comparison to the world: 146

$1.321 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Seychelles rupees (SCR) per US dollar - 12.221 (2010), 13.6124 (2009), 8 (2008), 6.5 (2007), 5.5 (2006)


NOTE: The information regarding Seychelles on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2011 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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