Diplomatic representation from the US:
the US does not have an embassy in Seychelles; the ambassador to
Mauritius is accredited to the Seychelles
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.
Sharp drops 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.
Growth turned negative again in 2005. 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 (official exchange rate):
$722 million (2005 est.)
GDP - real growth rate:
-3% (2005 est.)
GDP - per capita (PPP):
$7,800 (2002 est.)
GDP - composition by sector: agriculture: 3.2% industry: 30.4% services: 66.5% (2005 est.)
Labor force: 30,900 (1996)