Editing Economy of Seychelles

{{Short description|none}}
{{Refimprove|date=January 2025}}
{{Use dmy dates|date=May 2023}}
{{Infobox economy
| country = Seychelles
| image = Central Bank of Seychelles.jpg
| image_size = 310px
| caption = [[Central Bank of Seychelles]]
| currency = [[Seychellois rupee]] (SCR, SR)
| year = Calendar year
| organs = [[African Union|AU]], [[African Continental Free Trade Agreement|AfCFTA]] (signed), [[World Trade Organization|WTO]], [[Common Market for Eastern and Southern Africa|COMESA]], [[Southern African Development Community|SADC]]
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
| gdp = {{plainlist|
*{{increase}} $2.2 billion (nominal, 2024)<ref name="IMFWEOSC"/>
*{{increase}} $4.3 billion ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEOSC">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: April 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref>}}
| gdp rank = {{plainlist|  
* [[List of countries by GDP (nominal)|168th (nominal; 2024)]]
* [[List of countries by GDP (PPP)|173rd (PPP; 2024)]]
}}
| growth = 
| per capita = {{plainlist|
*{{increase}} $21,875 (nominal, 2024)<ref name="IMFWEOSC"/>
*{{increase}} $43,151 ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEOSC"/>}}
| per capita rank = {{plainlist|
* [[List of countries by GDP per capita (nominal)|52nd (nominal; 2024)]]
* [[List of countries by GDP per capita (PPP)|49th (PPP; 2024)]]
}} 
| sectors = {{plainlist|
*[[Primary sector of the economy|Agriculture]]: 2.5%
*[[Secondary sector of the economy|Industry]]: 13.8%
*[[Tertiary sector of the economy|Services]]: 83.7%
*(2017)<ref name="CIAWFSE">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/seychelles/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=19 August 2019}}</ref>}}
| inflation = 
| poverty = 
| labor = 
| occupations = {{plainlist|
*[[Primary sector of the economy|Agriculture]]: 3%
*[[Secondary sector of the economy|Industry]]: 23%
*[[Tertiary sector of the economy|Services]]: 74%
*(2006)<ref name="CIAWFSE"/>}}
| unemployment = {{decreasePositive}} 3.7% (2017)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.UEM.TOTL.NE.ZS?locations=SC&name_desc=true |title=Unemployment, total (% of total labor force) (national estimate) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 August 2019}}</ref>
| gini = 46.8 {{color|red|high}} (2013)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=SC&name_desc=true |title=GINI index (World Bank estimate) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 August 2019}}</ref>
| hdi = {{plainlist|
*{{increase}} 0.802 {{color|darkgreen|very high}} (2022)<ref name="schdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=5 September 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|67th]])
*{{increase}} 0.715 {{color|green|high}} [[List of countries by inequality-adjusted HDI|IHDI (54th)]] (2022)<ref name="schdi"/>}}
| edbr = {{decrease}} [[Ease of doing business index#Ranking|100th (medium, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/seychelles |title=Ease of Doing Business in Zambia |publisher=Doingbusiness.org |access-date=24 November 2017 }}</ref>
| industries = Fishing, tourism, beverages
| exports = {{increase}} $564.8 million (2017 est.)<ref name="CIAWFSE"/>
| export-goods = Canned tuna, frozen fish, petroleum products (reexports)
| export-partners = {{plainlist|
*{{flag|United Arab Emirates}} 28.5%
*{{flag|France}} 24%
*{{flag|United Kingdom}} 13.8%
*{{flag|Italy}} 8.9%
*{{flag|Germany}} 4.6%
*(2017)<ref name="CIAWFSE"/>}}
| imports = {{increase}} $1.155 billion (2017 est.)
| import-goods = Machinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods
| import-partners = {{plainlist|
*{{flag|United Arab Emirates}} 13.4%
*{{flag|France}} 9.4%
*{{flag|Spain}} 5.7%
*{{flag|South Africa}} 5%
*(2017)<ref name="CIAWFSE"/>}}
| current account = {{decrease}} −$307 million (2017 est.)<ref name="CIAWFSE"/>
| gross external debt = {{decreasePositive}} $2.559 billion (31 December 2017 est.)<ref name="CIAWFSE"/>
| debt = {{decreasePositive}} 63.6% of GDP (2017 est.)<ref name="CIAWFSE"/>
| revenue = 593.4 million (2017 est.)<ref name="CIAWFSE"/>
| expenses = 600.7 million (2017 est.)<ref name="CIAWFSE"/>
| balance = −0.5% (of GDP) (2017 est.)<ref name="CIAWFSE"/>
| credit = 
| aid = 
| reserves = {{increase}} $545.2 million (31 December 2017 est.)<ref name="CIAWFSE"/>
| cianame = seychelles
}}
The '''economy of Seychelles''' is based on fishing, tourism, processing of [[coconut]]s and [[vanilla]], [[coir]] rope, boat building, printing, furniture and beverages.<ref name="imf">{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?sy=2007&ey=2010&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=22&pr1.y=9&c=718&s=NGDP_RPCH%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLP%2CBCA%2CBCA_NGDPD&grp=0&a=|title=Report for Selected Countries and Subjects|access-date=11 June 2015}}</ref><ref name="factbook">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/seychelles/|title=The World Factbook|access-date=11 June 2015}}</ref> Agricultural products include [[cinnamon]], [[sweet potato]]es, [[cassava]] ([[tapioca]]), [[banana]]s, [[poultry]] and [[tuna]].<ref name="imf"/><ref name="factbook"/>

The [[public sector]], comprising the government and state-owned enterprises, dominates the economy in terms of [[employment]] and gross [[revenue]], employing two-thirds of the labor force. Government consumption absorbs over one-third of [[Seychelles]]'s GDP.{{cn|date=January 2025}}

== Economic history ==
{{More|History of Seychelles}}
The French originally settled the [[Seychelles]] in 1770, setting up plantations which relied heavily on slave labour to produce cotton, sugar, rice, and maize. The British took control of the Seychelles during the [[Napoleonic Wars]] without removing the French upper class.

After the British prohibited slavery in 1835, the influx of African workers did not end because British warships captured [[Indian Ocean slave trade|Arab slavers]] and forced the liberated slaves to work on plantations as apprentices without pay.

In the 1960s, about 33% of the working population worked at plantations, and 20% worked in the public or government sector.<ref>{{cite web |url=http://catalog.library.ucla.edu/cgi-bin/Pwebrecon.cgi?Search_Arg=Economic+study+of+the+seychelles&Search_Code=TAL2&SL=None&PID=3ef5tcc4nTlpyPr3xA4cH6qhBBQj9&SEQ=20130408092258&CNT=50&HIST=1 |title=UCLA Library Catalog - Titles |publisher=Catalog.library.ucla.edu |access-date=2013-04-22 |url-status=dead |archive-url=https://archive.today/20130626182024/http://catalog.library.ucla.edu/cgi-bin/Pwebrecon.cgi?Search_Arg=Economic+study+of+the+seychelles&Search_Code=TAL2&SL=None&PID=3ef5tcc4nTlpyPr3xA4cH6qhBBQj9&SEQ=20130408092258&CNT=50&HIST=1 |archive-date=2013-06-26 }}</ref>

=== Advent of the tourist industry (1971) ===
{{Unreferencedsect|date=December 2024}}
[[File:Seychelles 083.JPG|thumb|left|Aircraft at [[Seychelles International Airport]].]]

Plantations were the main industry of the Seychelles until 1971, when the international airport opened. Overnight, tourism became a serious industry, basically dividing the economy into plantations and tourism. The tourism sector paid better, and the plantation economy could only expand so far.

The plantation sector of the economy declined in prominence, and [[tourism]] and [[fishing]] became the primary industries of Seychelles. In the 1960s, about 33% of the working population worked at plantations, but by 2006 it was less than 3%.

While the tourism and [[fishing industry|industrial fishing]] industries were flourishing in the late 1990s, the traditional [[plantation]] economy atrophied. [[Cinnamon]] barks and [[copra]]—traditional export crops—dwindled to negligible amounts by 1991. There were no exports of copra in 1996; 318 tons of cinnamon bark was exported in 1996, reflecting a decrease of 35% in cinnamon bark exports from 1995.

The US military [[Indian Ocean Station|Indian Ocean Tracking Station]] on Mahé operated from 1963 until 1996.

== Current economy ==
[[File:SMB supermarket, 1984.jpg|thumb|One of the supermarkets by the Seychelles Marketing Board, built in 1984.]]
Since [[Seychelles]]' independence in 1976, per capita output has expanded to roughly seven times the old near-[[subsistence level]].{{cn|date=January 2025}} Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, followed by [[tuna]] [[fishing]].{{cn|date=January 2025}} In recent years{{which|date=January 2025}} the government has encouraged foreign investment in order to upgrade hotels and other services.{{cn|date=January 2025}}

At the same time, 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 sector. The vulnerability of the [[tourism|tourist]] sector was illustrated by the sharp drop in 1991-92 due largely to the [[Gulf War]].{{cn|date=January 2025}} Although the industry has rebounded, the government recognizes the continuing need for upgrading the sector in the face of stiff international competition. Other issues facing the government are the curbing of the budget deficit and further privatization of public enterprises.{{cn|date=January 2025}}

Despite attempts to improve its agricultural base and emphasize locally manufactured products and indigenous materials, Seychelles imports 90% of the food it consumes.{{cn|date=January 2025}} The exceptions are some fruits and vegetables, fish, [[poultry]], [[pork]], and [[beer]].{{cn|date=January 2025}} In addition to that, Seychelles also produces [[cigarette]]s, [[paint]], and a few [[plastic]] items. Imports of all kind are controlled by the [[Seychelles Marketing Board]] (SMB), a government parastatal which operates all the major [[supermarket]]s and is the distributor and licensor of most other imports.{{cn|date=January 2025}}

In an effort to increase agricultural self-sufficiency, Seychelles has undertaken steps to make the sector more productive and to provide incentives to farmers. Much of the state holdings in the agricultural sector have been privatized, while the role of the government has been reduced to conducting research and providing infrastructure.{{cn|date=January 2025}}

In 2020, the [[Corruption Perception Index]] from [[Transparency International]] assessed Seychelles as the least corrupt country in Africa.<ref>{{cite web |last1=Teiko Larnyoh |first1=Magdalene |title=Here are the 16 least corrupt countries in Africa |url=https://www.pulse.com.gh/bi/strategy/here-are-the-16-least-corrupt-countries-in-africa/kd55vn5 |website=Pulse Ghana |date=23 January 2020}}</ref>

===Tourism and fishing===
{{Unreferencedsect|date=December 2024}}
{{Update section|date=January 2025}}
{{Further|Tourism in Seychelles}}
{{Wikivoyage|Seychelles}}
[[Image:Fisherman Seychelles.jpg|thumb|Fisherman landing his catch, in the early 1970s]]

Tourism is one of the most important sectors of the economy, accounting for approximately 16.6% (2000) of [[gross domestic product|GDP]]. Employment, foreign earnings, construction, banking, and commerce are all dominated by tourism-related industries. Tourism earned $631 million in 1999–2000. About 130,046 tourists visited Seychelles in 2000, 80.1% of them from [[Europe]] ([[United Kingdom]], [[Italy]], [[France]], [[Germany]], and [[Switzerland]]).

In 2000, industrial fishing surpassed tourism as the most important foreign exchange earner. Manufacturing, construction, and industrial fishing, notably tuna fishing, account for about 28.8% of the GDP. Earnings are growing annually from licensing fees paid by foreign trawlers fishing in Seychelles' territorial waters.

In 1995, Seychelles saw the [[privatization]] of the Seychelles Tuna Canning Factory, 60% of which was purchased by the American food company [[H. J. Heinz Company|Heinz]]. Similarly, some port operations have been privatized, a trend that has been accompanied by a fall in transshipment fees and an increase in efficiency. Overall, this has sparked a recovery in port services following a drastic fall in 2009.

=== Manufacturing ===
Many of the other industrial activities are limited to small scale manufacturing, particularly agro-processing and import substitution. Agriculture (including artisanal and forestry), once the backbone of the economy, now accounts for around 3% of the GDP.

=== Public sector ===
{{Unreferencedsect|date=January 2025}}
The public sector, comprising the government and state-owned enterprises, dominates the economy in terms of [[employment]] and gross [[revenue]], employing two-thirds of the labor force. Public consumption absorbs over one-third of the GDP.

===Vulnerability to external shocks===
{{Unreferencedsect|date=January 2025}}
The Seychelles economy is extremely vulnerable to external shocks. Not only does it depend on tourism, but it imports over 90% of its total primary and secondary production inputs. Any decline in tourism quickly translates into a fall in GDP, a decline in foreign exchange receipts, and budgetary difficulties.

===Economic growth===
Growth slowed in 1998–2001, due to sluggish tourist and tuna sectors. Also, tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. The [[black market]] value of the [[Seychellois rupee]] is anywhere from two thirds to one half the official exchange rate.{{Citation needed|reason=how much of this is outdated? Note no 2008 data in next sentence, too.|date=July 2009}} The next few years were also slow due to the worldwide economic downturn and the fear of flying brought on by the terrorism on 11 September 2001.

More recently though, tourism has roared back at a record pace setting successive records in 2006 and again in 2007 for number of visitors.{{cn|date=January 2025}} The increased availability of flights to and from the archipelago due in part to new entrants [[Emirates (airline)|Emirates]] and [[Qatar Airways|Qatar]] airlines is also beginning to show.  Both at official exchange rates and at [[purchasing power parity]] (PPP), [[Seychelles]] remains the richest territory in Africa in terms of [[GDP per capita]] (US$9,440.095 at real exchange rates and US$17,560.062 at PPP 2008 estimate),<ref name=GDP>{{cite web |url=http://siteresources.worldbank.org/ICPINT/Resources/ICPreportprelim.pdf |title=2005 International Comparison Program |author=World Bank |access-date=2008-04-07 |author-link=World Bank}}</ref>

Because of economic contraction (the economy declined by about 2% in 2004 and 2005 and lost another 1.4% in 2006 according to the [[International Monetary Fund]]) the country was moving downwards in terms of per capita income.  However, the economy bounced back in 2007, growing by 5.3% due in part to record tourism numbers and the booming building and offshore industries. The IMF forecast further growth in 2008 with continuing increase in the GDP per capita.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?pr.x=54&pr.y=9&sy=2004&ey=2008&scsm=1&ssd=1&sort=country&ds=.&br=1&c=718&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CLP&grp=0&a=#cs5|title=Report for Selected Countries and Subjects|access-date=11 June 2015}}</ref>

In October 2008, as tourism and fishing revenue began slowing, the Seychelles defaulted on a $230 million debt. The [[International Monetary Fund]] stepped with a two-year, $26 million rescue package. The rescue package came with a few stipulations; The country laid off 1,800 government workers, floated its currency, lifted [[foreign exchange controls]] and sold off state assets.<ref>Prasso, Sheridan. [https://money.cnn.com/2009/03/25/magazines/fortune/seychelles_bankrupt.fortune/index.htm?postversion=2009032515 "Paradise goes bankrupt"]. ''[[Fortune (magazine)|Fortune]]'', 25 March 2009. Accessed 19 May 2010.</ref> At the time, the country's $800 million external foreign debt was equivalent to almost 175 percent of its [[gross domestic product]].<ref>[http://siteresources.worldbank.org/INTDAILYPROSPECTS/Resources/1324037-1124814739660/DECPGDaily_110308.pdf "Daily Brief Economics and Financial Market Commentary"]. Global Economic Monitor, 3 November 2008. Accessed 19 May 2010.</ref>

The decision to let the currency trade freely as part of the IMF rescue package means that Seychelles is the smallest country in the world that has a completely independent currency - one that is neither [[Fixed exchange rate|pegged]], nor an [[dollarization|adopted]] foreign currency, nor a common currency used within a larger [[monetary union]].  When the Seychellois rupee became freely floated on 3 November 2008, its value quickly fell drastically, decreasing from eight per U.S. dollar to 16, effectively doubled the prices of imports.<ref>Theunissen, Garth. [https://www.bloomberg.com/apps/news?pid=20601116&refer=africa&sid=azdGid.AnZaw "Seychelles Rupee Plunges After Central Bank Drops Currency Peg"]. Bloomberg, 3 November 2008. Accessed 19 May 2010.</ref>

The global recession and [[Piracy in Somalia|piracy in the Indian Ocean]] hit Seychelles hard in 2009, with the GDP projected to contract by 7.5 percent. However the government exceeded its fiscal targets, with a primary surplus of 13.4% of GDP in the first nine months of 2009 according to the IMF. They report expenditure has been tightly controlled and revenue has held up well despite the difficult economic environment.<ref>[http://www.imf.org/external/np/sec/pr/2009/pr09472.htm IMF Executive Board Approves US$31.1 Million Extended Fund Facility Arrangement for Seychelles, Completes Final Review Under Stand-By Arrangement]. IMF Press Release, 22 December 2009. Accessed 19 May 2010.</ref>

In May 2010 an International Monetary Fund mission visited Seychelles and concluded the country is making progress. The head of the mission, Mr. Jean Le Dem, said at the conclusion of the visit:<ref>[http://www.imf.org/external/np/sec/pr/2010/pr10202.htm IMF Mission Finds Seychelles’ New Three-Year Economic Program on Track] IMF Press Release, 10 May 2010. Accessed 19 May 2010.</ref><blockquote>
The economy is recovering from a recession that put real gross domestic product (GDP) to almost a stand in 2009. Real GDP is projected to grow at 4 percent in 2010, reflecting primarily a rebound in tourism earnings. Twelve-month inflation, which was negative during the past few months, is expected to return to about 1 percent by year-end
</blockquote>

In 2017 the Seychelles joined the World Trade Organisation, facilitated by Omani economist [[Hilda al-Hinai]], who chaired the Working Group.<ref>{{Cite web|title=WTO team at State House|url=http://www.statehouse.gov.sc/news/1389/wto-team-at-state-house|access-date=2020-10-23|website=www.statehouse.gov.sc|language=en}}</ref>

===Financial services===
{{Unreferencedsect|date=December 2024}}
In addition to the now booming tourism and building/real estate markets, Seychelles has renewed its commitment to developing its financial services sector.  Government officials and industry participants believe this could overtake the tourism industry as the chief pillar of the economy by 2017.  The recent passage of a revised Mutual Fund Act 2007, Securities Act 2007 and Insurance Act 2007 are meant to be the catalysts to move Seychelles from just another offshore jurisdiction to a full-fledged Offshore Financial Center (OFC).

The Ministry of Finance is responsible for economic decisions and budgetary policy. A separate Monetary Authority supervises the banking system and manages the money supply. Although foreign banks operate branches in Seychelles, the government owns the two local banks—the Development Bank of Seychelles, which mobilizes resources to fund development programs, and the Seychelles Saving Bank, a bank for savings and current accounts.

The [[Seychelles Financial Services Authority|Financial Services Authority]] (formerly Seychelles International Business Authority - SIBA) is charged with overseeing the quickly growing non-banking financial services industry.

===Offshore oil and gas===
New detailed studies and exploration shows that the Seychelles potentially have large off-shore [[petroleum reservoir]]s which are yet to be discovered. Drills have proven the presence of:

# Oil-prone [[source rock]]s containing Type II [[kerogen]] in coaly deltaic shales of the Middle Jurassic and in marine shales of the Upper Jurassic;
# Mixed source rocks bearing Type II/III [[kerogen]] in deltaic marine shales of the Lower Cretaceous that are II correlative of oil-generating shales in Somalia;
# Gas-prone sources containing Type I [[kerogen]] in Upper Triassic fluvial shales and Paleocene marine shales, the latter being correlative of oil and gas generating source rocks of the Deep Continental Shelf trend of the Bombay High Oil Province offshore west India;
# Evidence of hydrocarbon generation and migration with well shows, such as 0.7 ml benzene in DST-1 of Reith Bank-1, 10,010 ppm of 99.8% n-C4 headspace gas coincident with as small fault in the same well and 20% petrol vapours at an immature level of volcanics in Owen Bank A-1;
# Clastic reservoirs with measured porosities up to 22% in the Early-Middle Jurassic;
# Sealing [[Lithology|lithologies]] occur both locally in syn-rift, and regionally in post-rift sequences;<ref>[http://www.sib.gov.sc/pages/invopp/PotentialProjects/OilExploration.aspx Seychelles Investment Bureau Petroleum Exploration Opportunities] {{webarchive|url=https://web.archive.org/web/20110829085926/http://www.sib.gov.sc/pages/invopp/PotentialProjects/OilExploration.aspx |date=2011-08-29 }}. Accessed September, 2012.</ref>
# An extensive seismic dataset, plus a variety of remote sensing data have been collected which bolster the well data by confirming the presence of:
# A variety of trapping styles, dominated by tilted fault blocks, stratigraphic pinchouts and reefs;
# Multiple heating events, with the principal event post-dating trap formation; and
# Hydrocarbon generation and migration with the presence of: a) numerous DHIs on seismic, including gas chimneys, flat spots, bright spots, phase changes and chemosynthetic reefs; b) gas sniffer anomalies, involving ethane/iso-butane in the southeast and propane/normal butane/total hydrocarbon in the north and northeast; c) UV fluorescence anomalies, especially over the wells and in the southeast; and d) 4 types of beach-stranded tar that correlate to the local source rock stratigraphy.

However, to date all exploratory and stratigraphic test wells (a total of 9 since the 1970s) in the Seychelles have failed to find commercial hydrocarbons.  The most recent wildcat by Enterprise Oil in 1995 detected gas but failed to find hydrocarbons.

Several oil and gas exploration companies are active in the Seychelles offshore. These include East African Exploration (EAX) (a subsidiary of [[Afren]]), Avana Petroleum (a subsidiary of [[Vanoil Energy]]) and [http://www.whlenergy.com.au/ WHL Energy].

Beginning at the turn of the millennium the Seychelles Petroleum Company (SEPEC) started to develop the first fleet of modern petroleum double-hull tankers, with five vessels, which was completed by late 2007/early 2008 with the possibility to build more in the near future. The Seychelles President claims that this has opened the door to a new industry for his country and encouraged economic growth by further removing over-reliance on traditional trades like fisheries and tourism, which is now falling rapidly as the country's main income but nevertheless, has experienced significant growth in recent years.<ref>[http://www.sokodirectory.com/index.php?page=13&general=18 Soko Directory Investing in Seychelles]. Accessed September, 2012.</ref>

The country has also increased its capacity for wind power, with windfarms on [[Romainville Island, Seychelles|Romainville Island]].

==Economic statistics==
<ref name="imf"/><ref name="factbook"/>
{{Update|section|date=September 2018}}
'''GDP:''' <br>
official exchange rate - $1.498 billion (2017) <br>
purchasing power parity - $2.75 billion (2017)

'''GDP - real growth rate:''' <br>
+5.3% (2017 est.)<br>
0.8% (2016)

'''GDP - per capita:''' <br>
purchasing power parity - $29,300 (2017)

'''GDP - composition by sector:'''
<br />''agriculture:''
2.5% (2017 est.)
<br />''industry:''
13.8% (2017 est.)
<br />''services:''
83.7% (2017 est.)

'''Inflation rate (consumer prices):''' <br>
2.9% (2017 est.)

-1% (2016 est.)

'''Labor force:''' <br>
47,210 (2017 est.)

'''Labor force - by occupation:''' <br>
services: 74%, industry: 23%, agriculture: 3% (2006)

'''Unemployment rate:''' <br>
3% (2017 est.)

'''Budget:''' <br>
revenues: $593.4 million (2017 est.)<br>
expenditures: $600.7 million (2017 est.)

'''Industries:'''<br>
fishing, tourism, processing of [[coconut]]s and [[vanilla]], [[coir]] (coconut fiber) rope, boat building, printing, furniture; beverages

'''Industrial production growth rate:''' <br>
2.3% (2017 est.)

'''Agriculture - products:'''<br>
[[coconut]]s, [[cinnamon]], [[vanilla]], [[sweet potato]]es, [[cassava]] ([[tapioca]]), [[banana]]s; [[poultry]]; [[tuna]]

'''Exports:''' <br>
$564.8 million (2017 est.)

'''Exports - commodities:'''<br>
canned tuna, frozen fish, [[petroleum]] products (re-exports)

{{As of|2013}}, the main export products are processed fish (60%) and non-fillet frozen fish (22%).<ref>{{Cite web|url=http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/syc/all/show/2013/|title = OEC - the Observatory of Economic Complexity &#124; OEC}}</ref>

'''Exports - partners:'''<br>
[[United Arab Emirates|UAE]] 28.5%, [[France]] 24%, [[UK]] 13.5%, [[Italy]] 8.9%, [[Germany]] 4.6% (2017) <br>
[[UK]] 27.6%, [[France]] 15.8%, [[Spain]] 12.7%, [[Japan]] 8.6%, [[Italy]] 7.5%, [[Germany]] 5.6% (2004)

'''Imports:'''<br>
$1.155 billion (2017 est.) <br>
$991 million (2016 est.)

'''Imports - commodities:'''<br>
machinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods

'''Imports - partners:'''<br>
[[United Arab Emirates|UAE]] 13.4%, [[France]] 9.4%, [[Spain]] 5.7%, [[South Africa]] 5% (2017)

'''Debt - external:'''<br>
$2.559 billion (31 December 2017 est.)<br>
$2.651 billion (31 December 2016 est,)

'''Currency:'''<br>
1 [[Seychelles rupee]] (SCR or SRe) = 100 cents

'''Exchange rates:'''<br>
Seychelles rupees (SCR) per US$1 − 13.64 (2017), 13.319 (2015), 12.747 (2013), 11.85 (May 2010), 16.7 (February 2009), 8.0 (2008), 5.8 (2007), 5.5 (2006), 5.3 (1999), 4.7 (1995)

Seychelles rupees (SCR) per Pound Sterling £1 − 17.50 (May 2010), 24.11 (February 2009)

Seychelles rupees (SCR) per Euro €1 − 15.04 (May 2010), 21.55 (February 2009)

'''Fiscal year:'''<br>
calendar year

==See also==
*[[Seychelles Port Authority]]
* [[United Nations Economic Commission for Africa]]

==References==
{{reflist}}

==External links==
*[http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=690 Seychelles latest trade data on ITC Trade Map]
*[http://seychellestour.com/seychelles-guide/economy/ Seychelles economy]

{{portalbar|Business and economics|Africa}}
{{Seychelles topics}}
{{Africa in topic|Economy of}}

{{DEFAULTSORT:Economy Of Seychelles}}
[[Category:Economy of Seychelles| ]]
[[Category:African Union member economies|Seychelles]]