Wednesday, December 25, 2013

Rank and Economy

The rank of Seychelles from the poorest is 139 and from the richest is 62 using atlas method . The gdp per capita is 7,480 $ using nominal methods . In other methods IMF,WB,CIA
 Traditionally the economy of Seychelles was based on plantations with cinnamon, vanilla, and copra as the chief exports. In the 1960s, about 33% of the working population worked at plantations, and 20% worked in the public or government sector. In 1965, during a three- month visit to the islands, futurist Donald Prell prepared for the then crown colony Governor General, an economic report containing a scenario for the future of the economy. In 1964-65 the Seychelles connection to the outside world consisted of (1) excellent telegraphic service, (2) weekly seaplane service from Mombasa, Kenya, and (3) a monthly visit of the 10,304 ton British India Line’s passenger ship M.S. Kampala. Mahé, Seychelles was a stopover port on the ship’s roundtrip voyage from Mombasa, to Bombay. The island’s population of 47,000 was about half of what it grew to be in 2011. In 1964, the major sources of funds supporting the island’s economy included: (1) Agricultural exports, Rs. 8,660,000 (2) Grants in aid and other funding from British government, Rs. 2,920,000 (3) Funding from the United States covering the operating cost of the Indian Ocean Tracking Station, (part of the U.S. Air Force Satellite Control Network), Rs. 4,500,000 (4) Invisible exports (funds received from sources outside the Seychelles) including, pensions and allotments to retired British expatriates, bank transfers from abroad, and miscellaneous purchases,), Rs. 3,260,000 (5) Tourism, Rs. 860,000 The total value of imports (including freight, insurance) and miscellaneous funds transferred abroad, totaled Rs. 16,500,000, resulting in a surplus to the economy of Rs. 3,700,000. The report recommended establishing a Seychelles Development Corporation.  The Indian Ocean Tracking Station on Mahé, was closed in August 1996 after the Seychelles government attempted to raise the rent to more than $10,000,000 per year.
In 1971, with the opening of the international airport, tourism became the dominant industry. 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.
Coconut oil making in the early 1970s.
Since Seychelles' 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, followed 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, small-scale manufacturing and most recently the offshore sector. The vulnerability of the tourist sector was illustrated by the sharp drop in 1991-92 due largely to the Gulf War. 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.
official exchange rate - $0,921 billion (2008)
purchasing power parity - $1,864 billion (2008)
GDP - real growth rate:
+4,0% (2010 est.)
-0,8% (2008)
GDP - per capita:
official exchange rate - $12 068 (2007)
purchasing power parity - $21 653 (2007)
GDP - composition by sector:
agriculture: 3,2%
industry: 30,4%
services: 66,4% (2005 estimate)
Population below poverty line:
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
31,8% (2009)
3,2% (2010 est.)