Editing Seychelles (section)

== Economy ==
{{main|Economy of Seychelles}}
[[File:Mahe Beach - author with the sailfish by J. Strzelecki.JPG|thumb|The sailfish at Mahé Beach]]
[[File:Colourful Skirts at Seychelles Market.jpg|thumb|Colourful skirts at a Seychelles market]]
During the plantation era, [[cinnamon]], [[vanilla]] and [[copra]] were the chief exports. In 1965, during a three-month visit to the islands, futurist [[Donald Prell]] prepared for the [[crown colony]]'s Governor General an economic report containing a scenario for the future of the economy. Quoting from his report, in the 1960s, about 33% of the working population worked at plantations, and 20% worked in the public or government sector.<ref>{{cite book|author= D. B. Prell|title=Economic Study of the Seychelles Islands|url=https://books.google.com/books?id=9_6yHAAACAAJ|year=1965|publisher=D.B. Prell}}</ref><ref>{{cite book|url=https://archive.org/details/Economic.Study.Seychelles.1965.D.B.Prell|title=Economic. Study. Seychelles. 1965. D. B. Prell|via=Internet Archive|year=1965}}</ref> The Indian Ocean Tracking Station on Mahé used by the United States' [[Air Force Satellite Control Network]] was closed in August 1996 after the Seychelles government attempted to raise the rent to more than $10,000,000 per year.

Since independence in 1976, per capita output 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 labour force, compared to agriculture which today employs about 3% of the labour force. Despite the growth of tourism, farming and fishing continue to employ some people, as do industries that process coconuts and vanilla.{{citation needed|date=November 2023}}

{{As of|2013}}, the main export products are processed fish (60%) and non-fillet frozen fish (22%).<ref>[http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/syc/all/show/2013/ OEC – Products exported by the Seychelles (2013)] {{Webarchive|url=https://web.archive.org/web/20160821072216/http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/syc/all/show/2013/ |date=21 August 2016 }}. Atlas.media.mit.edu. Retrieved on 8 December 2016.</ref>

The prime agricultural products currently produced in Seychelles include [[sweet potatoes]], vanilla, coconuts and cinnamon. These products provide much of the economic support of the locals. Frozen and canned fish, copra, cinnamon and vanilla are the main export commodities.

The Seychelles government has prioritised a curbing of the [[budget deficit]], including the containment of [[social welfare]] costs and further [[privatisation]] of public enterprises. The government has a pervasive presence in economic activity, with public enterprises active in petroleum product distribution, banking, imports of basic products, telecommunications and a wide range of other businesses. According to the 2013 [[Index of Economic Freedom]], which measures the degree of limited government, market openness, regulatory efficiency, rule of law, and other factors, economic freedom has been increasing each year since 2010.<ref>{{cite web|title=2013 Index of Economic Freedom|url=http://www.heritage.org/index/country/seychelles|publisher=The Heritage Foundation|access-date=23 August 2013|archive-url=https://web.archive.org/web/20130708011801/http://www.heritage.org/index/country/seychelles|archive-date=8 July 2013|url-status=unfit}}</ref> {{unreliable source?|date=April 2022}}

The national currency of Seychelles is the [[Seychellois rupee]]. Initially tied to a basket of international currencies, it was unpegged and allowed to be devalued and float freely in 2008 on the presumed hopes of attracting further foreign investment in the Seychelles economy.<ref>{{cite web |title=Seychelles rupee is among best performing currencies against the dollar in Africa |url=http://www.seychellesnewsagency.com/articles/15591/Seychelles+rupee+is+among+best+performing+currencies+against+the+dollar+in+Africa |website=www.seychellesnewsagency.com}}</ref>

Seychelles has emerged as the least corrupt country in Africa in the latest Corruption Perception Index report released by [[Transparency International]] in January 2020.<ref>{{cite web|url=https://www.pulse.com.gh/bi/strategy/here-are-the-16-least-corrupt-countries-in-africa/kd55vn5|title=Here are the 16 least corrupt countries in Africa|date=23 January 2020}}</ref>

=== Tourism ===
{{main|Tourism in Seychelles}}
[[File:General hotel.jpg|thumb|left|Beach resort at Seychelles]]
[[File:Seychelles 083.JPG|thumb|right|Aircraft at [[Seychelles International Airport]]]]

In 1971, with the opening of [[Seychelles International Airport]], tourism became a significant industry, essentially dividing the economy into plantations and tourism. The tourism sector paid better, and the plantation economy could expand only so far. The plantation sector of the economy declined in prominence, and tourism became the primary industry of Seychelles. Consequently, there was a sustained spate of hotel construction throughout almost the entire 1970s which included the opening of Coral Strand Smart Choice, Vista Do Mar and Bougainville Hotel in 1972.

In recent years the government has encouraged foreign investment to upgrade hotels and other services. These incentives have given rise to an enormous amount of investment in real estate projects and new resort properties, such as project TIME, distributed by the World Bank, along with its predecessor project MAGIC.{{citation needed|date=February 2024}}

Since then the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, small-scale manufacturing and most recently the offshore financial sector, through the establishment of the Financial Services Authority and the enactment of several pieces of legislation (such as the International Corporate Service Providers Act, the International Business Companies Act, the Securities Act, the Mutual Funds and Hedge Fund Act, amongst others). In March 2015, Seychelles allocated [[Assumption Island]] to be developed by India.<ref>[http://timesofindia.indiatimes.com/india/India-to-develop-two-islands-in-Indian-Ocean/articleshow/46533103.cms India to develop two islands in Indian Ocean – Times of India] {{Webarchive|url=https://web.archive.org/web/20150315162052/http://timesofindia.indiatimes.com/india/India-to-develop-two-islands-in-Indian-Ocean/articleshow/46533103.cms |date=15 March 2015 }}. Timesofindia.indiatimes.com (11 March 2015). Retrieved on 8 December 2016.</ref>

Owing to the effects of [[COVID-19]], Seychelles shut down its borders to international tourism in the year 2020. As the national vaccination programme progressed well, the nation's Ministry of Foreign Affairs and Tourism decided to reopen the borders to international tourists on 25 March 2021.

=== Energy ===
{{Unreferenced section|date=October 2023}}
[[File:Seychelles electricity production.svg|thumb|]]
Although multinational oil companies have explored the waters around the islands, no oil or gas has been found. In 2005, a deal was signed with US firm Petroquest, giving it exploration rights to about {{convert|30,000|km2|sqmi|abbr=on}} around Constant, Topaz, Farquhar and Coëtivy islands until 2014. Seychelles imports oil from the Persian Gulf in the form of refined petroleum derivatives at the rate of about {{convert|5700|oilbbl/d|m3/day}}.

In recent years oil has been imported from Kuwait and Bahrain. Seychelles imports three times more oil than is needed for internal uses because it re-exports the surplus oil in the form of [[Bunker fuel|bunker]] for ships and aircraft calling at [[Mahé, Seychelles|Mahé]]. There are no refining capacities on the islands. Oil and gas imports, distribution and re-export are the responsibility of Seychelles Petroleum (Sepec), while oil exploration is the responsibility of the Seychelles National Oil Company (SNOC).