Seychelles Economy - 2024

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.)

Unemployment rate

3% (2017 est.)
2.7% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 16.5% (2020 est.)

male: 17.5%

female: 15.6%

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)

Remittances

0.79% of GDP (2020 est.)
1.4% of GDP (2019 est.)
1.39% of GDP (2018 est.)

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 -

Exchange rates:
16.921 (2021 est.)
17.617 (2020 est.)
14.033 (2019 est.)
13.911 (2018 est.)
13.648 (2017 est.)