Africa > Seychelles > Economy

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Agriculture > products coconuts, cinnamon, vanilla, sweet potatoes, cassava, bananas; broiler chickens; tuna fish
Aid as % of GDP	3%		[60th of 129]
Current account balance	-$272,000,000.00		[100th of 181]
Debt > External	$1,059,000,000.00		[126th of 136]
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. 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.
Exchange rates Seychelles rupees per US dollar - 5.5 (2004), 5.4007 (2003), 5.48 (2002), 5.8575 (2001), 5.7138 (2000)
Exports	$395,000,000.00		[145th of 189]
Exports to US	$7,100,000.00		[135th of 224]
GDP	$749,859,600.00		[153rd of 203]
GDP (purchasing power parity)	$1,378,000,000.00		[175th of 187]
GDP > PPP	$1,384,000,000.00		[151st of 163]
GDP > Real growth rate	5.3%		[99th of 198]
GDP growth > annual %	-2.3 annual %		[169th of 187]
GDP per capita, PPP > current international $	16,106.05 PPP $		[36th of 169]
Gross National Income	$538,158,000.00		[152nd of 172]
Gross national income > constant LCU	2905755000
Human Development Index	0.821		[51st of 178]
Inflation rate (consumer prices)	5.3%		[91st of 192]
Public debt	92.3 % of GDP		[9th of 121]
Tourist arrivals	130,000		[111st of 152]

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