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Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries. 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 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. GDP grew about 7-8% per year in 2006-07, driven by tourism and a boom in tourism-related construction. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007. Despite these actions, the Seychelles economy has struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating. Seychelles requested an IMF Stand-By Agreement in December 2008. In 2009, GDP fell nearly 9% due to declining tourism.
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$1.819 billion (2009 est.)
country comparison to the world: 184
$1.885 billion (2008 est.)
$1.829 billion (2007 est.)
note:
data are in 2009 US dollars
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$767 million (2009 est.)
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-3.5% (2009 est.)
country comparison to the world: 174
3.1% (2008 est.)
7.3% (2007 est.)
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$20,800 (2009 est.)
country comparison to the world: 60
$21,800 (2008 est.)
$21,300 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 2.9%
industry:
30.8%
services:
66.2% (2009 est.)
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39,560 (2006)
country comparison to the world: 196
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agriculture: 3%
industry:
23%
services:
74% (2006)
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2% (2006 est.)
country comparison to the world: 12
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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28.3% of GDP (2009 est.)
country comparison to the world: 34
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revenues: $288.7 million
expenditures:
$267.9 million (2009 est.)
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63.2% of GDP (2009 est.)
country comparison to the world: 25
82.4% of GDP (2008 est.)
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31.8% (2009 est.)
country comparison to the world: 222
37% (2008 est.)
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NA% (31 December 2008)
country comparison to the world: 89
5.13% (31 December 2007)
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11.81% (31 December 2008)
country comparison to the world: 79
10.89% (31 December 2007)
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$173.1 million (31 December 2008)
country comparison to the world: 148
$330.8 million (31 December 2007)
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$185.2 million (31 December 2008)
country comparison to the world: 150
$249 million (31 December 2007)
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$375.6 million (31 December 2008)
country comparison to the world: 124
$660.2 million (31 December 2007)
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$NA
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coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; poultry; tuna
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fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages
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-2% (2009 est.)
country comparison to the world: 92
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250 million kWh (2007 est.)
country comparison to the world: 174
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232.5 million kWh (2007 est.)
country comparison to the world: 174
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2009 est.)
country comparison to the world: 131
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7,000 bbl/day (2009 est.)
country comparison to the world: 159
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0 bbl/day (2007 est.)
country comparison to the world: 174
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7,653 bbl/day (2007 est.)
country comparison to the world: 146
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0 bbl (1 January 2009 est.)
country comparison to the world: 124
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0 cu m (2008 est.)
country comparison to the world: 132
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0 cu m (2008 est.)
country comparison to the world: 152
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0 cu m (2008 est.)
country comparison to the world: 127
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0 cu m (2008 est.)
country comparison to the world: 133
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0 cu m (1 January 2009 est.)
country comparison to the world: 135
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-$170 million (2009 est.)
country comparison to the world: 86
-$395.8 million (2008 est.)
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$428 million (2009 est.)
country comparison to the world: 170
$502.3 million (2008 est.)
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canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)
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UK 24.84%, France 18.53%, Italy 9.45%, Mauritius 9.03%, Japan 6.98%, Spain 4.92% (2009)
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$703 million (2009 est.)
country comparison to the world: 180
$1.008 billion (2008 est.)
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machinery and equipment, foodstuffs, petroleum products, chemicals
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Saudi Arabia 16.44%, India 8.33%, Spain 7.49%, South Africa 6.72%, France 6.39%, Brazil 6.07%, Singapore 5.07% (2009)
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$197 million (31 December 2009 est.)
country comparison to the world: 148
$63.8 million (31 December 2008 est.)
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$1.25 billion (31 December 2009 est.)
country comparison to the world: 143
$1.422 billion (31 December 2008 est.)
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Seychelles rupees (SCR) per US dollar - 14.2 (2009), 8 (2008), 6.5 (2007), 5.5 (2006), 5.5 (2005)
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