Seychelles

The Republic of Seychelles is an archipelago comprising 115 islands with a land mass of 455km² located to the northeast of Madagascar in the Indian Ocean. It is the smallest country in the African Union with a population of 113.9 million people and a GDP of US$2.1bn. It has one of the highest rates of adult literacy on the continent and is one of the most developed countries in Africa. The country is known for its upmarket tourism and offshore financial center. In recent years, to make the economy less dependent on tourism, Seychelles promoted the development of farming and fishing industries. It’s currency, in the local Seychellois Creole language, is called the roupi and roupie in French. It’s primary port is Port Victoria on the island of Mahe.

GDP growth improved to 4.0% in 2024 and 4.3% is projected in 2025 amid sustained tourism receipts and enhanced performance of information and communication and financial services in line with priorities of the 2024–2028 National Development Strategy. Inflation was projected to rise to 1.4% in 2024 and 2.2% in 2025 as electricity tariffs and global food and fuel prices rise. Tourism and fisheries will remain key supply-side growth drivers. The fiscal deficit is projected to improve to 1.5% in 2024 and 1.3% in 2025 as revenue collection improves.

The economy of Seychelles is based on fishing, tourism, processing of coconuts and vanilla, coir rope, boat building, printing, furniture and beverages. Agricultural products include cinnamon, sweet potatoes, cassava (tapioca), bananas, poultry and tuna.
Mineral production does not play a significant part in the economy and consists of small quantities of common building materials extracted for domestic consumption.

Over the last decade, growth has primarily been a result of the expansion of the tourism sector, which employs about 30% of the labour force and provides more than 70% of hard currency earnings. Policy reform to promote fishing, agro-processing and import-substituting industries is also expected to lead the direction of growth in future.


Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF. ?>