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.
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
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)
power parity - $1,864 billion (2008)
GDP - real growth rate:
+4,0% (2010 est.)
GDP - per capita:
official exchange rate - $12 068
purchasing power parity - $21 653 (2007)
GDP - composition by sector:
services: 66,4% (2005 estimate)
Population below poverty line:
Household income or consumption by percentage share:
highest 10%: NA%
Inflation rate (consumer prices):
3,2% (2010 est.)