Seychelles-ECONOMY

Gross Domestic Product: 1992 estimate US$407 million, with growth rate of 4 percent, and inflation rate of 3.3 percent (1993 inflation rate 4 percent). 1992 per capita GDP of US$5,900. In 1980s socialist France Albert René government created many parastatals; in early 1990s moving toward more liberal economy and privatization.

Labor Force: In 1991 government employed 38 percent of labor, parastatals employed 26 percent, and private sector 36 percent. Independent trade unions allowed since November 1993.

Tourism: Major source of economic activity, including tourism-related services; provides 50 percent of GDP but imported food and materials for tourism cost 70 percent of tourism income. In 1993 more than 116,000 tourists, mainly from Europe, South Africa.

Agriculture: Only 400 hectares cultivable on islands. Some vegetables and fruit grown but most food, including rice, imported. Market for traditional crops, copra and cinnamon, has decreased; tea grown for local consumption. Fishing (tuna and shrimp particularly) encouraged; population eats eighty-five kilograms seafood per capita annually.

Industry: Very limited because of small market, lack of raw materials; mostly food processing, handicrafts for tourists.

Exports: 1992 estimate US$47 million: canned and frozen fish, copra, cinnamon bark. Major markets Britain, France, Reunion.

Imports: 1992 estimate US$192 million; major items: manufactured goods, food, petroleum products, transportation equipment and machinery. Major sources: Bahrain, South Africa, Britain, Singapore, and France.

Balance of Payments: Visible trade always in deficit, but tourism helps compensate excess of imports.

Currency and Exchange Rate: 1 Seychelles rupee (SRe) = 100 cents. August 1995 exchange rate US$1 = SRe4.25.

Fiscal Year: Calendar year.

Data as of August 1994