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, which accounted for 70% of GDP in 1996-97. 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.

GDP purchasing power parity - $550 million (1997 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $7,000 (1997 est.)

GDP - composition by sector
agriculture: 4%
industry: 15%
services: 81% (1994)

Inflation rate - consumer price index -0.3% (1995 est.)

Labor force
total: 26,000 (1996)
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 4% (1992)

Electricity - capacity 28,000 kW (1995)

Electricity - production 125 million kWh (1995)

Electricity - consumption per capita 1,719 kWh (1995)

Agriculture - products coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; broiler chickens; tuna fishing (expansion under way)

Exports
total value: $56.1 million ( f.o.b., 1995)
commodities: fish, cinnamon bark, copra, petroleum products (re-exports)
partners: France, UK, China, Germany, Japan (1993)

Imports
total value: $238 million (c.i.f., 1995)
commodities: manufactured goods, food, petroleum products, tobacco, beverages, machinery and transportation equipment
partners: China, Singapore, South Africa, UK (1993)

Debt - external $170 million (1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Seychelles rupee (SRe) = 100 cents

Exchange rates Seychelles rupees (SRe) per US$1 - 5.1901 (January 1998), 5.0263 (1997), 4.9700 (1996), 4.7620 (1995), 5.0559 (1994), 5.1815 (1993)

Fiscal year calendar year

NOTE: The information regarding Seychelles on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Seychelles Economy 1998 information contained here. All suggestions for corrections of any errors about Seychelles Economy 1998 should be addressed to the CIA.