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Seychelles Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Seychelles Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 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.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. Effective 1 January 2017, Seychelles was no longer be eligible for trade benefits under the US African Growth and Opportunities Act after having gained developed country status. Seychelles grew at 4.1% in 2017 because of a strong tourist 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 combat high poverty levels, estimated at 39% in 2013.

GDP (purchasing power parity):
$2.712 billion (2017 est.) $2.606 billion (2016 est.) $2.494 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 190

GDP (official exchange rate):
$1.479 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.1% (2017 est.) 4.5% (2016 est.) 5% (2015 est.)
country comparison to the world: 63
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$28,900 (2017 est.) $27,700 (2016 est.) $26,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 68

Gross national saving:
16.6% of GDP (2017 est.) 11.8% of GDP (2016 est.) 15.2% of GDP (2015 est.)
country comparison to the world: 112
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 47.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 28.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 71.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -82.1% (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%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.8%
[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:
2.5% (2017 est.)
country comparison to the world: 111
[see also: Industrial production growth rate country ranks ]

Labor force:
39,560 (2006 est.)
country comparison to the world: 197
[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: 34
[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)

Budget:
revenues: $571.8 million
[see also: Budget - revenues country ranks ]
expenditures: $557.2 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
38.7% of GDP (2017 est.)
country comparison to the world: 42
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1% of GDP (2017 est.)
country comparison to the world: 16
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
56.8% of GDP (2017 est.) 57.6% of GDP (2016 est.)
country comparison to the world: 81
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.8% (2017 est.) -1% (2016 est.)
country comparison to the world: 124
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11.17% (31 December 2010)
country comparison to the world: 18
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.4% (31 December 2017 est.) 12.36% (31 December 2016 est.)
country comparison to the world: 65
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$587.7 million (31 December 2017 est.) $556.5 million (31 December 2016 est.)
country comparison to the world: 166
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$702.4 million (31 December 2017 est.) $638.2 million (31 December 2016 est.)
country comparison to the world: 179
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$610.3 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:
-$230 million (2017 est.) -$263 million (2016 est.)
country comparison to the world: 90
[see also: Current account balance country ranks ]

Exports:
$495.4 million (2017 est.) $477.6 million (2016 est.)
country comparison to the world: 175
[see also: Exports country ranks ]

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

Exports - partners:
UAE 28.8%, France 21%, UK 14.7%, Italy 9.2%, Spain 8.8% (2016)

Imports:
$1.044 billion (2017 est.) $962.4 million (2016 est.)
country comparison to the world: 178
[see also: Imports country ranks ]

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

Imports - partners:
UAE 21.6%, France 9.9%, South Africa 8.4%, Mauritius 7.8%, Spain 7.2%, India 4.9%, China 4.8%, UK 4.7% (2016)

Reserves of foreign exchange and gold:
$538.8 million (31 December 2017 est.) $523.5 million (31 December 2016 est.)
country comparison to the world: 142
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.729 billion (31 December 2017 est.) $2.651 billion (31 December 2016 est.)
country comparison to the world: 145
[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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 2018 information contained here. All suggestions for corrections of any errors about Seychelles Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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