Seychelles/Economy

Economy - overview: Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the old near-subsistence level. 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 in order 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. The vulnerability of the tourist sector was illustrated by the sharp drop in 1991-92 due largely to the Gulf war. Although the industry has rebounded, the government recognizes the continuing need for upgrading the sector in the face of stiff international competition. Other issues facing the government are the curbing of the budget deficit and further privatization of public enterprises. Growth slowed in 1998-99, due to sluggish tourist and tuna sectors.

GDP: purchasing power parity - $590 million (1999 est.)

GDP - real growth rate: 1.8% (1999 est.)

GDP - per capita: purchasing power parity - $7,500 (1999 est.)

GDP - composition by sector:
agriculture: 4%
industry: 21%
services: 75% (1996)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 3% (1999)

Labor force: 26,000 (1996)

Labor force - by occupation: industry 19%, services 57%, government 14%, fishing, agriculture, and forestry 10% (1989)

Unemployment rate: NA%

Budget:
revenues: $220 million
expenditures: $241 million, including capital expenditures of $36 million (1994 est.)

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

Industrial production growth rate: NA%

Electricity - production: 125 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 116 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; broiler chickens; tuna fish

Exports: $91 million (f.o.b., 1998)

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

Exports - partners: France, UK, Netherlands, Italy, China, Germany, Japan

Imports: $403 million (c.i.f., 1998)

Imports - commodities: machinery and equipment, foodstuffs, petroleum products

Imports - partners: South Africa, UK, China, Singapore, France, Italy

Debt - external: $149 million (1997 est.)

Economic aid - recipient: $16.4 million (1995)

Currency: 1 Seychelles rupee (SRe) = 100 cents

Exchange rates: Seychelles rupees (SRe) per US$1 - 5.3060 (September 1999), 5.2622 (1998), 5.0263 (1997), 4.9700 (1996), 4.7620 (1995)

Fiscal year: calendar year