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Home > Country Profiles > Seychelles

Country Profiles

Seychelles - Economy

Whitaker's Almanack Version

Financial Outlook

The Seychelles economy took something of a battering in 2012 going into 2013 due to a slowdown in many of its major markets. In a November 2013 statement the IMF said that the economy was performing well, with growth accelerating toward the end of 2013 thanks to increased tourism revenues and fish exports. Continued strong fiscal policies are keeping the government on track to achieve its target of bringing down the public debt to GDP ratio to 50% by 2018, and agreements have been reached to restructure the debt accumulated by the islands as a result of the 2008 global financial crisis. The Seychelles was due to end a four-year economic program under the auspices of the IMF in December 2013, the results of which were encouraging according to the organization. Policies for 2014 are on track to stabilize and strengthen the economy, but as an open island economy the Seychelles remains vulnerable to external shocks. Real GDP growth for 2013 is expected to be 3.3%, rising to 3.9% for 2014. Inflation was 4.9% at the end of 2013 but is expected to fall to 3.4% in 2014.

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