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Seychelles Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Seychelles Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

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 high income group of countries. Growth has been led by the tourist sector, which directly employs about 26% of the labor force and directly and indirectly accounts for more than 55% of GDP, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and tourism industry services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of the offshore financial, information, and communication sectors, and renewable energy.

In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the IMF, and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the sale of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus. However, state-owned enterprises still play a prominent role in the economy. Effective 1 January 2017, Seychelles was no longer eligible for trade benefits under the US African Growth and Opportunities Act after having gained developed country status. Seychelles grew at 5% in 2017 because of a strong tourism sector and low commodity prices. The Seychellois Government met the IMF’s performance criteria for 2017 but recognizes a need to make additional progress to reduce high income inequality, represented by a Gini coefficient of 46.8.

As a very small open economy dependent on tourism, Seychelles remains vulnerable to developments such as economic downturns in countries that supply tourists, natural disasters, and changes in local climatic conditions and ocean temperature. One of the main challenges facing the government is implementing strategies that will increase Seychelles' long-term resilience to climate change without weakening economic growth.

GDP (purchasing power parity):
$2.75 billion (2017 est.)
$2.612 billion (2016 est.)
$2.499 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 190
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.498 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.3% (2017 est.)
4.5% (2016 est.)
4.9% (2015 est.)
country comparison to the world: 43
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,300 (2017 est.)
$27,800 (2016 est.)
$26,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 70
[see also: GDP - per capita country ranks ]

Gross national saving:
8.1% of GDP (2017 est.)
10.2% of GDP (2016 est.)
15.2% of GDP (2015 est.)
country comparison to the world: 169
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 34.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 79.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -93.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.5% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 83.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
fishing, tourism, beverages

Industrial production growth rate:
2.3% (2017 est.)
country comparison to the world: 121
[see also: Industrial production growth rate country ranks ]

Labor force:
47,210 (2017 est.)
country comparison to the world: 194
[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:
3% (2017 est.)
2.7% (2016 est.)
country comparison to the world: 37
[see also: Unemployment rate country ranks ]

Population below poverty line:
39.3% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 15.4% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46.8 (2013 est.)
country comparison to the world: 29
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 593.4 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 600.7 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.6% (of GDP) (2017 est.)
country comparison to the world: 44
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.5% (of GDP) (2017 est.)
country comparison to the world: 63
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
63.6% of GDP (2017 est.)
69.1% of GDP (2016 est.)
country comparison to the world: 65
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.9% (2017 est.)
-1% (2016 est.)
country comparison to the world: 132
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11.17% (31 December 2010)
country comparison to the world: 17
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.24% (31 December 2017 est.)
12.36% (31 December 2016 est.)
country comparison to the world: 67
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$627.3 million (31 December 2017 est.)
$556.5 million (31 December 2016 est.)
country comparison to the world: 165
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$627.3 million (31 December 2017 est.)
$556.5 million (31 December 2016 est.)
country comparison to the world: 169
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$650.3 million (31 December 2017 est.)
$565.9 million (31 December 2016 est.)
country comparison to the world: 173
[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 ]

Current account balance:
-$307 million (2017 est.)
-$286 million (2016 est.)
country comparison to the world: 106
[see also: Current account balance country ranks ]

Exports:
$564.8 million (2017 est.)
$477.6 million (2016 est.)
country comparison to the world: 173
[see also: Exports country ranks ]

Exports - partners:
UAE 28.5%, France 24%, UK 13.8%, Italy 8.9%, Germany 4.6% (2017)

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

Imports:
$1.155 billion (2017 est.)
$991 million (2016 est.)
country comparison to the world: 179
[see also: Imports country ranks ]

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

Imports - partners:
UAE 13.4%, France 9.4%, Spain 5.7%, South Africa 5% (2017)

Reserves of foreign exchange and gold:
$545.2 million (31 December 2017 est.)
$523.5 million (31 December 2016 est.)
country comparison to the world: 149
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.559 billion (31 December 2017 est.)
$2.651 billion (31 December 2016 est.)
country comparison to the world: 148
[see also: Debt - external country ranks ]

Exchange rates:
Seychelles rupees (SCR) per US dollar -
13.64 (2017 est.)
13.319 (2016 est.)
13.319 (2015 est.)
13.314 (2014 est.)
12.747 (2013 est.)


NOTE: 1) The information regarding Seychelles on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2019 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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