Seychelles Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income Indian Ocean island economy; rapidly growing tourism sector; major tuna exporter; offshore financial hub; environmentally fragile and investing in ocean rise mitigation; recently discovered offshore oil potential; successful anticorruption efforts

Real GDP (purchasing power parity)

$2.855 billion (2021 est.)

$2.647 billion (2020 est.)

$2.867 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.86% (2021 est.)

-7.69% (2020 est.)

3.1% (2019 est.)

Real GDP per capita

$28,800 (2021 est.)

$26,900 (2020 est.)

$29,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.748 billion (2019 est.)

Inflation rate (consumer prices)

8.28% (2020 est.)

2.07% (2019 est.)

3.7% (2018 est.)

Credit ratings

Fitch rating: B+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.5% (2017 est.)

industry: 13.8% (2017 est.)

services: 83.7% (2017 est.)

GDP - composition, by end use

household consumption: 52.7% (2017 est.)

government consumption: 34.4% (2017 est.)

investment in fixed capital: 26.7% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 79.4% (2017 est.)

imports of goods and services: -93.2% (2017 est.)

Agricultural products

coconuts, vegetables, bananas, fruit, eggs, poultry, tomatoes, pork, tropical fruit, cassava

Industries

fishing, tourism, beverages

Industrial production growth rate

3.63% (2021 est.)

Labor force

51,000 (2018 est.)

Labor force - by occupation

agriculture: 3%

industry: 23%

services: 74% (2006)

Unemployment rate

3% (2017 est.)

2.7% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 16.5%

male: 17.5%

female: 15.6% (2020 est.)

Population below poverty line

25.3% (2018 est.)

Gini Index coefficient - distribution of family income

32.1 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4.7%

highest 10%: 15.4% (2007)

Budget

revenues: $601 million (2019 est.)

expenditures: $586 million (2019 est.)

Budget surplus (+) or deficit (-)

-0.5% (of GDP) (2017 est.)

Public debt

63.6% of GDP (2017 est.)

69.1% of GDP (2016 est.)

Taxes and other revenues

31.52% (of GDP) (2018 est.)

Fiscal year

calendar year

Current account balance

-$154.259 million (2021 est.)

-$173.236 million (2020 est.)

-$53.115 million (2019 est.)

Exports

$1.751 billion (2021 est.) note: data are in current year dollars

$1.24 billion (2020 est.) note: data are in current year dollars

$2.085 billion (2019 est.) note: data are in current year dollars

Exports - partners

United Arab Emirates 17%, United Kingdom 13%, France 12%, British Virgin Islands 11%, Zambia 9%, Mauritius 5%, Japan 5% (2019)

Exports - commodities

refined petroleum, fish, recreational boats, cigarettes, animal meal (2019)

Imports

$1.821 billion (2021 est.) note: data are in current year dollars

$1.332 billion (2020 est.) note: data are in current year dollars

$2.025 billion (2019 est.) note: data are in current year dollars

Imports - partners

United Arab Emirates 21%, Qatar 13%, British Virgin Islands 7%, Germany 6%, France 6%, China 5%, Spain 5%, South Africa 5% (2019)

Imports - commodities

recreational boats, refined petroleum, fish, aircraft, cars (2019)

Reserves of foreign exchange and gold

$702.585 million (31 December 2021 est.)

$559.682 million (31 December 2020 est.)

$580.546 million (31 December 2019 est.)

Debt - external

$4.802 billion (2019 est.)

$4.613 billion (2018 est.)

Exchange rates

Seychelles rupees (SCR) per US dollar -

16.921 (2021 est.)

17.617 (2020 est.)

14.033 (2019 est.)

13.911 (2018 est.)

13.648 (2017 est.)

NOTE: The information regarding Seychelles on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Seychelles 2023 information contained here. All suggestions for corrections of any errors about Seychelles 2023 should be addressed to the CIA or the source cited on each page.