Seychelles Economy

Is Seychelles a rich country?

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 high income group of countries. Growth has been led by the tourism sector, which directly employs about 26% of the labor force and directly and indirectly accounts for more than 55% of GDP, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and tourism industry services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of the offshore financial, information, and communication sectors and renewable energy.

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. However, state-owned enterprises still play a prominent role in the economy. Effective 1 January 2017, Seychelles was no longer eligible for trade benefits under the US African Growth and Opportunities Act after having gained developed country status. Seychelles grew at 5% in 2017 because of a strong tourism 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 reduce high income inequality, represented by a Gini coefficient of 46.8.

As a very small open economy dependent on tourism, Seychelles remains vulnerable to developments such as economic downturns in countries that supply tourists, natural disasters, and changes in local climatic conditions and ocean temperature. One of the main challenges facing the government is implementing strategies that will increase Seychelles' long-term resilience to climate change without weakening economic growth.

Seychelles Economy Data

What is the GDP of Seychelles?

Currency Name and Code Seychellese Rupee (SCR)
GDP - Gross Domestic Product (PPP) $2,424,000,000 (USD)
GDP - official exchange rate $1,375,000,000 (USD)
GDP - real growth rate 3.5%
GDP Per Capita $27,000.00 (USD)
GDP by Sector- agriculture 3%
GDP by Sector- Industry 14.6%
GDP by Sector- services 82.4%
GDP - composition, by end use household consumption: 53.4%

government consumption: 21.7%

investment in fixed capital: 38.8%

investment in inventories: 0.2%

exports of goods and services: 70.8%

imports of goods and services: -84.9%
Inflation Rate -2.2%
Labor Force 39,560
Labor Force By Occupation- agriculture 3%
Labor Force By Occupation- industry 23%
Labor Force By Occupation- services 74%
Unemployment Rate 2%
Fiscal Year calendar year
Annual Budget $316,500,000 (USD)
Budget Surplus or Deficit - percent of GDP 2%
Public Debt (% of GDP) 129.7%
Taxes and other revenues - percent of GDP 40.7%
Major Industries fishing; tourism; processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
Industrial Growth Rate 2%
Agriculture Products coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; broiler chickens; tuna fish
Exchange Rate per US Dollar Seychelles rupee (SCR)
Commercial Bank Prime Lending Rate 12.4%

Labor Force by Occupation- As reported by Seychelles

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