SEYCHELLES

Economy

Introduction  |   Health  |   Education and Training  |   Economic Performance  |   The fisheries sector  |   Tourism
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Agriculture and niche natural domestic products  |   Trade

Seychelles: Gross Domestic Product (GDP)

The Gross Domestic Product at constant (1968) prices over the period 1998 to 2002 (provisional) is shown in Table II below. In total (millions of Seychelles Rupees SR), the figures for 2001 and 2002 show on average a small decline (about 2%) over the year 2000, but a small gain on the years 1998 and 1999.

Gross Domestic Product GDP 1998 - 2002 By Industrial Origin at Constant (1986) Market Prices

(Millions of Seychelles Rupees) 1998 1999 2000 2001 (1) 2002 (2) 1. AGRICULTURE, FORESTRY, FISHING 67.0 75.1 78.6 74.7 74.4 1.1 Agriculture 52.7 52.9 56.2 53.6 51.5 1.2 Forestry 3.9 3.5 3.4 3.4 3.4 1.3 Fishing 10.4 18.7 19.0 17.7 19.5 2. MANUFACTURING 408.3 325.1 442.3 427.0 440.7 3. HANDICRAFTS 11.7 10.5 12.8 14.1 13.2 4. ELECTRICITY AND WATER 139.2 139.7 106.9 112.2 118.3 4.1 Electricity 137.0 145.2 104.6 110.3 116.4 4.2 Water 2.2 -5.5 2.3 1.9 1.9 5. BUILDING, CONSTRUCTION 167.7 200.0 199.6 202.2 204.0 6. TRANSPORTATION, DISTRI BUTION & COMMUNICATIONS 959.1 6.1 Distribution 620.5 667.0 699.6 660.1 669.6 6.2 Water transportation 65.8 47.3 41.2 38.9 37.7 6.3 Air transportation 37.2 144.8 154.8 146.3 138.9 6.4 Road transportation (passengers) 40.7 31.1 42.9 40.6 39.3 6.5 Tour operators -13.0 -5.6 -13.8 -13.0 -12.8 6.6 Communications & storage 94.1 59.5 81.1 85.8 86.4 7. HOTELS AND RESTAURANTS 67.5 62.9 71.1 71.2 66.5 8. FINANCIAL AND BUSINESS SERVICES 255.4 8.1 Banks 127.5 116.6 122.8 121.7 123.8 8.2 Insurance 23.3 22.4 27.0 26.8 27.3 8.3 Business services 11.9 13.3 10.9 10.8 11.9 8.4 Real estate 5.7 5.7 6.1 6.1 6.1 8.5 Ownership of dwellings 73.4 74.9 78.4 86.3 86.3 9. GOVERNMENT SERVICES 193.2 177.9 193.6 191.2 194.4 10. PRIVATE NON-PROFIT SERVICES 3.2 2.4 2.3 2.3 2.5 11. OTHER SERVICES 40.8 38.2 36.7 36.8 40.2 11.1 Domestic services 14.1 13.8 14.2 13.9 13.9 11.2 Recreation 15.6 16.2 14.8 15.2 17.8 11.3 Other 11.1 8.2 7.7 7.7 8.5 12. SUB-TOTAL 2,185.7 2,208.8 2,394.9 2,342.1 2,368.7 13. DUMMY FINANCIAL -95.0 -77.5 -112.4 -113.8 -115.7 14. IMPORT DUTY 371.9 377.4 347.4 343.4 326.6 15. TOTAL 2,462.6 2,508.7 2,629.9 2,571.7 2,579.6 Source: Management and Information Systems Division (MISD), Ministry of Economic Planning Notes: (1) and (2) are provisional figures

The importance of the former traditional agricultural-based exports, cinnamon and copra, has greatly diminished. The Seychelles is an economy without a significant subsistence sector. It has become a service-based economy (about 70% of GDP).

The two main driving forces of the economy are:

• Fisheries, fish products, fishing licenses with the related port services
• Tourism, which, accounts to just over sixty per cent of net foreign earnings in 2003.

Offshore business is an emerging sector in terms of foreign exchange earnings and a potential "third pillar".

NEWS OF THE MINISTRY

Seychelles Minister of Foreign Affairs leads delegation at the Golden Spear Regional Disaster Preparedness Initiative held in Djibouti from the 5th to 8th November 2007 Minister Patrick Pillay was leading a delegation of two government officials from the Ministry of Foreign Affairs and the Department of Risk and Disaster Management.,
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