Flag description:
five oblique bands of blue (hoist side), yellow, red, white, and
green (bottom) radiating from the bottom of the hoist side
Economy Seychelles
Economy - overview:
Since independence in 1976, per capita output in this Indian Ocean
archipelago 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 labor force and provides more than
70% of hard currency earnings, and by tuna fishing. In recent years
the government has encouraged foreign investment in order 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. A
sharp drop illustrated the vulnerability of the tourist sector in
1991-92 due largely to the Gulf war, and once again following the 11
September 2001 terrorist attacks on the US. Growth slowed in
1998-2002, and fell in 2003, due to sluggish tourist and tuna
sectors, but resumed in 2004, erasing a persistent budget deficit.
Tight controls on exchange rates and the scarcity of foreign
exchange have impaired short-term economic prospects. The black
market value of the Seychelles rupee is half the official exchange
rate; without a devaluation of the currency the tourist sector may
remain sluggish as vacationers seek cheaper destinations such as
Comoros, Mauritius, and Madagascar.
GDP (purchasing power parity):
$626 million (2002 est.)
GDP - real growth rate:
1.5% (2004 est.)
GDP - per capita:
purchasing power parity - $7,800 (2002 est.)
GDP - composition by sector: agriculture: 2.8% industry: 28.7% services: 68.9% (2004 est.)
Labor force:
30,900 (1996)
Labor force - by occupation:
agriculture 10%, industry 19%, services 71% (1989)
Unemployment rate:
NA