Seychelles Oil production Seychelles Electricity production

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. a sharp drop 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. growth slowed in 1998-2002. and fell in 2003. due to sluggish tourist and tuna sectors. but resumed in 2004. erasing a persistent budget deficit. growth turned negative again in 2005. tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. the black market value of the seychelles rupee is half the official exchange rate; without a devaluation of the currency the tourist sector may remain sluggish as vacationers seek cheaper destinations such as comoros. mauritius. and madagascar.

GDP (purchasing power parity) : $626 million (2002 est.)

Inflation rate: 4.4% (2005 est.)

Labor force : 30.900 (1996)

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

Seychelles

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Seychelles More Facts

Electricity - production: 241.3 million kwh (2003)

Oil - production: 0 bbl/day (2003 est.)

Seychelles More Facts

Exports: $312.1 million f.o.b. (2005 est.)

Imports : $459.9 million f.o.b. (2005 est.)
Currency (code) : seychelles rupee (scr)