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SEYCHELLES
Economy

Economy

After independence in 1970, economic growth has been remarkable. The economy grew by more than 5% per year. From 1991, more and more state companies were privatised. This also made it more interesting for foreign investors. At the moment (2017), unemployment is at an all-time low of 3%. The service sector is the most important employer. These include transport, the hotel sector and financial services. The Seychelles' GDP is around $29,300 per year per capita in 2017.

Meat, fruit and vegetables are imported from abroad. About $1.1 billion worth of goods are currently imported mainly from the Emirates, France, South Africa and Spain.

Major exports include fish and fish products, especially canned tuna. About 10% of foreign exchange comes from the fish industry. The fish factory of multinational Heinz is the largest tuna processing plant in the Indian Ocean. Cinnamon exports are also significant. The importance of coconut products for exports has been greatly reduced.

The total value of exports in 2017 was $565 million. Exports are made mainly to the Emirates, France, Great Britain and Italy. The trade deficit is largely made up by income from tourism.

The industrial sector of the Seychelles is not very significant. The reasons for this are the isolated location, the lack of natural resources and the lack of qualified personnel. However, there is some traditional shipbuilding for the domestic market, particularly on the island of La Digue.


Sources

Carpin, S. / De Seychellen reisgids
Elmar

Houtzager, D. / Seychellen
Gottmer

Pahlen, C. von der / Seychellen
Deltas

Singh, S. / Mauritius, RĂ©union & Seychelles
Lonely Planet

Tingay, P. / Seychellen
Van Reemst

CIA - World Factbook

BBC - Country Profiles

Last updated January 2024
Copyright: Team The World of Info