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Seychelles:
Economy

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Economy - overview
Definition
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. Sharp drops 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. Economic growth slowed in 1998-2002 and fell in 2003-04, due to sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP grew by 5.8% in 2007, 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.
GDP (purchasing power parity)
Definition - World rank and map
$1.378 billion (2007 est.)
GDP (official exchange rate)
Definition
$710 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$16,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.4%
industry: 25.7%
services: 71.9% (2007 est.)
Labor force
Definition
39,560 (2006)
Labor force - by occupation
Definition
agriculture: 3%
industry: 23%
services: 74% (2006)
Unemployment rate
Definition - World rank and map
2% (2006 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5.7% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
14% of GDP (2007 est.)
Budget
Definition
revenues: $372.4 million
expenditures: $355.2 million (2007 est.)
Public debt
Definition - World rank and map
144.3% of GDP (2007 est.)
Agriculture - products
Definition
coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna
Industries
Definition
fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Industrial production growth rate
Definition - World rank and map
1% (2007 est.)
Electricity - production
Definition - World rank and map
252 million kWh (2006)
Electricity - consumption
Definition - World rank and map
216.6 million kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
2,633.6 kWh (2006)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2006)
Oil - consumption
Definition - World rank and map
6,453 bbl/day (2006)
Oil - consumption per 1,000 people
Definition - World rank and map
78.5 bbl/day (2006)
Oil - exports
Definition - World rank and map
0 bbl/day (2006)
Oil - imports
Definition - World rank and map
6,453 bbl/day (2006)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$275 million (2007 est.)
Exports
Definition - World rank and map
$400 million f.o.b. (2007 est.)
Exports - commodities
Definition
canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
Exports - partners
Definition
UK 25.1%, France 19.3%, Mauritius 10.8%, Japan 8.1%, Italy 5.6%, Spain 5% (2006)
Imports
Definition - World rank and map
$720 million f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, foodstuffs, petroleum products, chemicals
Imports - partners
Definition
Saudi Arabia 16.4%, Germany 10.1%, South Africa 9.2%, France 7.6%, Spain 7.1%, Singapore 5.4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$41.61 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.059 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$18.81 million (2005)
Currency (code)
Definition
Seychelles rupee (SCR)
Exchange rates
Definition
Seychelles rupees per US dollar - 6.5 (2007), 5.5 (2006), 5.5 (2005), 5.5 (2004), 5.4007 (2003)
Fiscal year
Definition
calendar year


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