Seychelles

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Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle-income group of countries. 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, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus.

$2.406 billion (2014 est.)
$2.337 billion (2013 est.)
$2.192 billion (2012 est.)
note: data are in 2013 US dollars
country comparison to the world: 191
$1.42 billion (2014 est.)
2.9% (2014 est.)
6.6% (2013 est.)
6% (2012 est.)
country comparison to the world: 78
$25,600 (2014 est.)
$24,900 (2013 est.)
$23,300 (2012 est.)
note: data are in 2013 US dollars
country comparison to the world: 70
household consumption: 101%
government consumption: 10.2%
investment in fixed capital: 31.4%
investment in inventories: -5.1%
exports of goods and services: 42.1%
imports of goods and services: -79.6%
(2014 est.)
agriculture: 3%
industry: 14%
services: 83.1% (2014 est.)
33.8% of GDP (2014 est.)
country comparison to the world: 70
1.6% of GDP (2014 est.)
country comparison to the world: 17
$525.1 million (2014 est.)
$580.2 million (2013 est.)
country comparison to the world: 173
$1.074 billion (2014 est.)
$994.2 million (2013 est.)
country comparison to the world: 178
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