Seychelles Economy
Is Seychelles a wealthy country?
Seychelles maintains a small but diverse economy driven primarily by tourism, fisheries, and offshore financial services.
Tourism: Seychelles is highly dependent on tourism, which contributes significantly to the country's GDP. The pristine beaches, lush landscapes, and vibrant marine life attract tourists from around the world. Tourism-related activities include hotel accommodations, restaurants, water sports, and eco-tourism ventures. However, the sector is susceptible to external factors such as global economic conditions, natural disasters, and geopolitical tensions.
Fisheries: Fisheries play a crucial role in Seychelles' economy, providing income and employment opportunities for local communities. The country's Exclusive Economic Zone (EEZ) is rich in marine resources, including tuna and other fish species. Seychelles has developed partnerships with foreign countries and international organizations for sustainable fisheries management and value-added processing of fish products.
Offshore Financial Services: Seychelles has established itself as an offshore financial center, attracting investors and businesses seeking tax-efficient structures, asset protection, and confidentiality. The jurisdiction offers a range of financial services, including banking, insurance, trust management, and company registration. However, Seychelles faces challenges related to compliance with international regulatory standards and efforts to combat money laundering and illicit financial activities.
Agriculture: Agriculture, including crop cultivation and livestock farming, contributes to food security and rural livelihoods in Seychelles. The sector produces fruits, vegetables, spices, and livestock products for domestic consumption and limited export. However, agricultural production is constrained by limited arable land, water scarcity, and vulnerability to climate change.
Infrastructure Development: Seychelles has invested in infrastructure projects to support economic growth and development. Investments have been made in transportation, energy, telecommunications, and public services to improve connectivity, efficiency, and quality of life for residents and businesses.
Debt Sustainability: Seychelles faces challenges related to high public debt levels, which have increased due to external borrowing for infrastructure projects and budgetary support. Efforts to maintain debt sustainability include fiscal consolidation measures, debt restructuring, and engagement with international financial institutions.
External Trade: Seychelles engages in trade with regional and international partners, exporting goods such as fish products, processed food and beverages, and essential oils. Imports include foodstuffs, consumer goods, machinery, and petroleum products. The country seeks to promote trade diversification and value-added production to reduce dependence on imports and enhance export competitiveness.
Sustainable Development: Seychelles places a strong emphasis on sustainable development and environmental conservation, recognizing the importance of preserving its natural resources for future generations. Initiatives include marine conservation, renewable energy development, waste management, and climate resilience strategies.
Seychelles Economy Data
What is the GDP of Seychelles?
| Currency Name and Code | Seychellese Rupee (SCR) |
| GDP - Gross Domestic Product (PPP) | $2,400,000,000 (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% |