Economic and Political Overview

Seychelles: Economic and Political Overview

In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

The Republic of Seychelles is an archipelago of 115 islands, with three-quarters of the population living on the main island of Mahé. The country’s recent economic performance has been strong, benefiting from the continued growth of the tourism (accounting for nearly three-quarters of GDP) and fisheries sectors. After plummeting due to the COVID-19 pandemic and the travel restrictions that followed (-7.7% in 2020), the country’s GDP returned on a growth path in 2021 (+7.9%) and in 2022 (+10.6%), driven by robust tourism activity. Over the forecast horizon, the IMF projects growth to moderate to 5.4% this year and 4.9% in 2024, although downside risks persist as a worsening of economic prospects in Seychelles’ key tourism markets (Russia, the European Union, and the United Kingdom) would negatively affect the country’s economy.

Amid the recovery, there has been a significant reduction in public spending and an increase in aid for those in need. The primary fiscal deficit decreased to an estimated 1.1% of GDP in 2022, representing a considerable consolidation of 13.6 percentage points in the previous two years. The risk of unsustainable debt has been notably diminished, as the public debt-to-GDP ratio declined to around 69.9% by the end of 2022, a reduction of around 23 percentage points over two years. Over the medium term, the primary balance is anticipated to shift to a surplus as revenue measures will exceed the planned capital expenditure increase, while the debt-to-GDP ratio is projected to continue declining to 64.6% in 2023 and below 50% by 2026, according to the IMF. Moreover, the government has established a program of targeted, temporary cash transfers to alleviate the burden of rising food and fuel prices for the most vulnerable population, which is scheduled to last until early 2023. Average inflation declined to around 3% in 2022, but it is expected to rise to 4.5% in 2023, reflecting higher import prices and a fading of the cushion provided by the lagged effect of the rupee appreciation. In March 2023, IMF staff and the Seychellois authorities reached a staff-level agreement on a successor 36-month Extended Fund Facility (EFF) and a new Resilience and Sustainability Facility (RSF) program to support Seychelles’ economic policies and reforms. According to the agreement - which is subject to approval by the IMF Executive Board - Seychelles will have access to SDR 42.36 million (about USD 56.96 million) under the EFF and SDR 34.35 million (about USD 46.19 million) under the RSF.
Since introducing the Seychelles International Business Companies Act in 1994, over 200,000 companies have been registered and new offshore companies continue to register each month. Seychelles is at the forefront of the "blue economy" movement focused on using oceans for economic growth, and improved livelihoods and jobs while maintaining the ocean's ecosystem. Since 2012, more intense structural reforms have been implemented, focusing on fiscal reform, the restructuring of state companies and financial system regulations.

Seychelles has the highest per capita GDP in Africa (estimated at USD 39,662 in 2023 by the IMF), is classified as an upper-middle income country and currently has the highest literacy rate and the best healthcare system in the East Africa region. As per the National Bureau of Statistics, in Q4/2022 the average number of employed persons for all sectors was 54,298 and average earnings were SCR 15,169. This represented an increase of (8.4%) in employment numbers and (1%) in average earnings compared to the same quarter one year earlier. Nevertheless, a 2020 study by the National Bureau of Statistics found that 12% of the population is multi-dimensionally poor and experiencing deprivation related to the standard of living, education, health and employment. Given the limitations on land, labour and the fragile environment, economic growth will have to rely on increases in productivity in the medium term.

Main Indicators	2020	2021	2022 (E)	2023 (E)	2024 (E)
GDP (billions USD)	1.26	1.46	1.93	1.95	2.08
GDP (Constant Prices, Annual % Change)	-7.7	7.9	8.8	3.9	3.9
GDP per Capita (USD)	12,982	14,861	19,466	19,537	20,682
General Government Gross Debt (in % of GDP)	84.8	72.9	63.4	62.5	60.0
Inflation Rate (%)	1.2	9.8	2.7	3.1	3.7
Unemployment Rate (% of the Labour Force)	3.0	3.0	3.0	3.0	3.0
Current Account (billions USD)	-0.17	-0.15	-0.14	-0.18	-0.21
Current Account (in % of GDP)	-13.5	-10.4	-7.3	-9.2	-10.0

Source: IMF – World Economic Outlook Database , Latest available data

Note: (e) Estimated Data

Main Sectors of Industry

Due to its location and small size, Seychelles has limited land resources for agriculture, with only about 3% of its total land area suitable for cultivation. The agricultural sector in Seychelles contributes around 2.1% to the country's GDP and employs about 2% of the labour force (World Bank, latest data available). The sector mainly focuses on the production of crops such as coconuts, vanilla, cinnamon, fruits, and vegetables, as well as livestock farming, including poultry and pig farming. Coconut farming is the most important agricultural activity in Seychelles and accounts for over 90% of the country's agricultural production. Coconut trees are grown for their meat, oil, and other by-products such as coconut milk and desiccated coconut. Vanilla is another important crop, accounting for about 5% of the country's agricultural production. Fruit and vegetable production is mainly focused on meeting domestic demand, whereas livestock farming mainly consists of small-scale poultry and pig farming.

The industrial sector in Seychelles is relatively small and contributes around 13% to the country's GDP. The sector is primarily focused on the processing of local raw materials and the production of goods for domestic consumption. The manufacturing sector in Seychelles is mainly centred around food processing, which includes fish canning, meat processing, and the production of baked goods, confectionery, and beverages. The sector also includes the production of textiles, garments, and footwear, as well as the manufacturing of construction materials such as cement, bricks, and tiles. Overall, the manufacturing sector is estimated to account for 5% of GDP. According to the latest figures by the National Bureau of Statistics, industrial production in the fourth quarter of 2022 decreased by 21.6% compared to the third quarter.

The services sector in Seychelles is the largest contributor to the country's economy, accounting for around 67.2% of its GDP. The sector is diverse and includes a range of activities such as tourism, financial services, trade, transport, and communications. Tourism is one of the most important sectors within the services industry and contributes significantly to its foreign exchange earnings, providing employment opportunities for a large segment of the population. After suffering due to the COVID-19 pandemic, the sector recovered in 2022, when the country welcomed 334,552 tourists, up by 81% compared to the previous year. The financial services sector in Seychelles is also an important contributor to the country's economy as Seychelles has established itself as an offshore financial centre, offering a range of services such as banking, insurance, and investment management. Trade and transport are other important sub-sectors within the services industry in Seychelles. The country's strategic location in the Indian Ocean has made it an important transit point for goods moving between Africa, Asia, and the Middle East.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Value Added (in % of GDP)	2.1	13.0	67.2
Value Added (Annual % Change)	5.1	3.6	7.6

Source: World Bank - Latest available data.

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Monetary Indicators	2016	2017	2018	2019	2020
Seychelles Rupee (SCR) - Average Annual Exchange Rate For 1 MUR	0.37	0.40	0.41	0.39	0.45

Source: World Bank - Latest available data.

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Indicator of Economic Freedom

Definition

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:: 66,3/100
World Rank:: 60
Regional Rank:: 4

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

Country Risk

See the country risk analysis provided by Coface.

Foreign Trade in Figures

The Archipelago of Seychelles is very open to trade, with a trade-to-GDP ratio of 153% (World Bank, latest data available). The country is a member of COMESA (the Common Market of East and South Africa) and of the WTO since 2015. Customs duties remain comparatively high in Seychelles, especially in the fishing sector. In addition, while the country does not have major trade barriers, the lack of infrastructure also remains an important obstacle to trade. The government has acted to encourage foreign trade, including tax incentives for the tourism industry and the reduction of customs procedures at ports. To consult the list of trade agreements, refer to the website of the Seychelles Trade Portal. Almost 85% of exports are made of prepared or preserved fish, followed by ships (2.5%) and petroleum oils (2.1%); while the country mostly imports machinery (8.8%), electrical machinery (8.7%), fish (6.7%), ships (5.7%), and mineral fuels (5.4% - data ITC 2021).

Seychelles’ largest clients are France (21.7% of total exports), Japan (11.4%), the United Kingdom (10.2%), Mauritius (9.4%), Italy (6.4%), and Spain (5.8%); whereas its main suppliers are the United Arab Emirates (14.6% of total imports), Spain (10.8%), China (9.2%), South Africa (7.9%), and France (7.1% - ITC 2021).

The country has a structural trade deficit, and the trend is expected to continue in future years. According to WTO, exports of goods stood at USD 464 million (an increase of 7.4% year-on-year) in 2021, against USD 1.1 billion of imports (+12.8 y-o-y%). Concerning services, the country is a net exporter thanks to its tourism activities: in 2021, exports totalled USD 892 billion against USD 476 million in imports. Data from the World Bank shows that in 2021 the archipelago’s trade deficit stood at 8.1% of its GDP (up from 5.2% recorded one year earlier). Preliminary data from the National Bureau of Statistics show that in 2022, domestic exports were valued at SCR 5,4 billion (6.5% higher than in 2020), whereas imports stood at SCR 4,568.1 million (-15.6% vis-à-vis one year earlier, of which 87.7% comprised canned tuna), whereas imports stood at SCR 19,456 billion (+2.6%).

Foreign Trade Indicators	2017	2018	2019	2020	2021
Imports of Goods (million USD)	1,302	1,271	1,167	1,004	1,133
Exports of Goods (million USD)	547	569	518	432	464
Imports of Services (million USD)	548	665	676	489	476
Exports of Services (million USD)	982	1,099	1,111	651	892
Imports of Goods and Services (Annual % Change)	11.8	3.1	2.0	-34.2	14.4
Exports of Goods and Services (Annual % Change)	9.8	2.0	3.1	-35.7	12.3
Imports of Goods and Services (in % of GDP)	110.2	107.6	114.4	70.6	80.4
Exports of Goods and Services (in % of GDP)	100.0	94.9	103.4	65.4	72.3
Trade Balance (million USD)	-672	-615	-631	-359	-507
Trade Balance (Including Service) (million USD)	-181	84	60	-92	-70
Foreign Trade (in % of GDP)	210.2	202.5	217.8	136.0	152.7

Source: WTO – World Trade Organisation ; World Bank , Latest Available Data

Main Partner Countries

Main Customers (% of Exports)	2021
Gibraltar	33.0%
Cayman Islands	15.4%
Bermuda	12.0%
Belize	9.1%
France	7.0%
United Arab Emirates	5.8%
United Kingdom	3.1%
Spain	3.1%
Italy	2.5%
Germany	2.2%
Thailand	0.6%
Netherlands	0.5%
Türkiye	0.4%
Denmark	0.4%
Tunisia	0.3%
Hong Kong SAR, China	0.3%
Mauritius	0.3%
Ireland	0.3%
India	0.3%
Poland	0.2%
See More Countries	23.5%

Main Suppliers (% of Imports)	2021
South Africa	18.7%
Netherlands	16.4%
United Arab Emirates	15.8%
Italy	14.7%
France	7.6%
Spain	3.3%
Finland	2.8%
China	2.6%
India	2.5%
Mauritius	1.5%
United Kingdom	1.3%
Singapore	1.2%
United States	1.0%
Belgium	1.0%
Germany	0.7%
Thailand	0.7%
Türkiye	0.6%
Eswatini	0.6%
South Korea	0.5%
Malaysia	0.5%
See More Countries	26.8%

Source: Comtrade, Latest Available Data

Main Products

2.0 bn USD of products exported in 2021
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes	72.4%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs	13.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	5.6%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	5.1%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves	0.6%
Aquatic invertebrates other than crustaceans and...Aquatic invertebrates other than crustaceans and molluscs, live, fresh, chilled, frozen, dried, salted or in brine, even smoked; flours, meals and pellets of aquatic invertebrates other than crustaceans and molluscs, fit for human consumption	0.3%
Animal products n.e.s.; dead animals of all types,...Animal products n.e.s.; dead animals of all types, unfit for human consumption	0.2%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	0.2%
Rafts, tanks, coffer-dams, landing stages, buoys,...Rafts, tanks, coffer-dams, landing stages, buoys, beacons and other floating structures (excl. vessels of heading 8901 to 8906 and floating structures for breaking up)	0.2%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	0.2%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	0.1%
See More Products	2.5%

1.9 bn USD of products imported in 2021
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes	31.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	10.3%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	8.1%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	6.7%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of vegetable fats or oils (excl. from soya-bean oil and groundnut oil)	5.0%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled or cold-rolled "cold-reduced", clad, plated or coated	2.3%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers	1.8%
Stoppers, caps and lids, incl. crown corks, screw...Stoppers, caps and lids, incl. crown corks, screw caps and pouring stoppers, capsules for bottles, threaded bungs, bung covers, seals and other packing accessories, of base metal	1.7%
Tanks, casks, drums, cans, boxes and similar...Tanks, casks, drums, cans, boxes and similar containers, of iron or steel, for any material "other than compressed or liquefied gas", of a capacity of <= 300 l, not fitted with mechanical or thermal equipment, whether or not lined or heat-insulated, n.e.s.	1.2%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons	0.8%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528)	0.7%
Builders' ware of plastics, n.e.s.Builders' ware of plastics, n.e.s.	0.6%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	0.6%
Sunflower-seed, safflower or cotton-seed oil and...Sunflower-seed, safflower or cotton-seed oil and fractions thereof, whether or not refined, but not chemically modified	0.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	0.4%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture)	0.4%
Wood sawn or chipped lengthwise, sliced or peeled,...Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm	0.4%
Parts of aircraft and spacecraft of heading 8801...Parts of aircraft and spacecraft of heading 8801 or 8802, n.e.s.	0.4%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	0.4%
Diagnostic or laboratory reagents on a backing,...Diagnostic or laboratory reagents on a backing, prepared diagnostic or laboratory reagents whether or not on a backing, and certified reference materials (excl. compound diagnostic reagents designed to be administered to the patient, blood-grouping reagents, animal blood prepared for therapeutic, prophylactic or diagnostic uses and vaccines, toxins, cultures of micro-organisms and similar products)	0.4%
Rafts, tanks, coffer-dams, landing stages, buoys,...Rafts, tanks, coffer-dams, landing stages, buoys, beacons and other floating structures (excl. vessels of heading 8901 to 8906 and floating structures for breaking up)	0.4%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.3%
Milk and cream, concentrated or containing added...Milk and cream, concentrated or containing added sugar or other sweetening matter	0.3%
Meat and edible offal of fowls of the species...Meat and edible offal of fowls of the species gallus domesticus, ducks, geese, turkeys and guinea fowls, fresh, chilled or frozen	0.3%
Olive oil and its fractions obtained from the...Olive oil and its fractions obtained from the fruit of the olive tree solely by mechanical or other physical means under conditions that do not lead to deterioration of the oil, whether or not refined, but not chemically modified	0.3%
RiceRice	0.3%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.3%
Meat of bovine animals, frozenMeat of bovine animals, frozen	0.3%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils)	0.3%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured	0.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	0.3%
Cheese and curdCheese and curd	0.3%
Screws, bolts, nuts, coach screws, screw hooks,...Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter pins, washers, incl. spring washers, and similar articles, of iron or steel (excl. lag screws, stoppers, plugs and the like, threaded)	0.3%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.3%
Organic surface-active agents (excl. soap);...Organic surface-active agents (excl. soap); surface-active preparations, washing preparations, incl. auxiliary washing preparations, and cleaning preparations, whether or not containing soap (excl. those of heading 3401)	0.3%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.3%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony, radio-telegraphy, radio-broadcasting, television, television cameras, still image video cameras and other video camera recorders, radar apparatus, radio navigational aid apparatus or radio remote control apparatus, n.e.s.	0.3%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.2%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.2%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.2%
Cartons, boxes, cases, bags and other packing...Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres, n.e.s.; box files, letter trays, and similar articles, of paperboard of a kind used in offices, shops or the like	0.2%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.2%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products	0.2%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	0.2%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.2%
Lamps and lighting fittings, incl. searchlights...Lamps and lighting fittings, incl. searchlights and spotlights, and parts thereof, n.e.s; illuminated signs, illuminated nameplates and the like having a permanently fixed light source, and parts thereof, n.e.s.	0.2%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.2%
Air conditioning machines comprising a...Air conditioning machines comprising a motor-driven fan and elements for changing the temperature and humidity, incl. those machines in which the humidity cannot be separately regulated; parts thereof	0.2%
Articles of plastics and articles of other...Articles of plastics and articles of other materials of heading 3901 to 3914, n.e.s.	0.2%
Prepared or preserved meat, offal or blood (excl....Prepared or preserved meat, offal or blood (excl. sausages and similar products, and meat extracts and juices)	0.2%
Unglazed ceramic flags and paving, hearth or wall...Unglazed ceramic flags and paving, hearth or wall tiles; unglazed ceramic mosaic cubes and the like, whether or not on a backing (excl. of siliceous fossil meals or similar siliceous earths, refractory ceramic goods, tiles specially adapted as table mats, ornamental articles and tiles specifically manufactured for stoves)	0.2%
Chocolate and other food preparations containing...Chocolate and other food preparations containing cocoa	0.2%
Milk and cream, not concentrated nor containing...Milk and cream, not concentrated nor containing added sugar or other sweetening matter	0.2%
Printing ink, writing or drawing ink and other...Printing ink, writing or drawing ink and other inks, whether or not concentrated or solid	0.2%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus	0.2%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	0.2%
Dishwashing machines; machinery for cleaning or...Dishwashing machines; machinery for cleaning or drying bottles or other containers; machinery for filling, closing, sealing or labelling bottles, cans, boxes, bags or other containers; machinery for capsuling bottles, jars, tubes and similar containers; other packing or wrapping machinery, incl. heat-shrink wrapping machinery; machinery for aerating beverages; parts thereof	0.2%
Sauce and preparations therefor; mixed condiments...Sauce and preparations therefor; mixed condiments and mixed seasonings; mustard flour and meal, whether or not prepared, and mustard	0.2%
Electric instantaneous or storage water heaters...Electric instantaneous or storage water heaters and immersion heaters; electric space-heating apparatus and soil-heating apparatus; electro-thermic hairdressing apparatus, e.g. hairdryers, hair curlers and curling tong heaters, and hand dryers; electric smoothing irons; other electro-thermic appliances of a kind used for domestic purposes; electric heating resistors (other than those of heading 8545); parts thereof	0.2%
Soap; organic surface-active products and...Soap; organic surface-active products and preparations for use as soap, in the form of bars, cakes, moulded pieces or shapes, whether or not containing soap; organic surface-active products and preparations for washing the skin, in the form of liquid or cream and put up for retail sale, whether or not containing soap; paper, wadding, felt and nonwovens, impregnated, coated or covered with soap or detergent	0.2%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408	0.2%
Tubes, pipes and hoses, and fittings therefor, e.g...Tubes, pipes and hoses, and fittings therefor, e.g. joints, elbows, flanges, of plastics	0.2%
Meat of sheep or goats, fresh, chilled or frozenMeat of sheep or goats, fresh, chilled or frozen	0.2%
Waters, incl. mineral waters and aerated waters,...Waters, incl. mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured, and other non-alcoholic beverages (excl. fruit or vegetable juices and milk)	0.2%
Surveying, incl. photogrammetrical surveying,...Surveying, incl. photogrammetrical surveying, hydrographic, oceanographic, hydrological, meteorological or geophysical instruments and appliances (excl. compasses); rangefinders	0.2%
Articles of iron or steel, n.e.s. (excl. cast...Articles of iron or steel, n.e.s. (excl. cast articles)	0.1%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.1%
Maize or cornMaize or corn	0.1%
Food preparations, n.e.s.Food preparations, n.e.s.	0.1%
Fruit juices, incl. grape must, and vegetable...Fruit juices, incl. grape must, and vegetable juices, unfermented, not containing added spirit, whether or not containing added sugar or other sweetening matter	0.1%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.1%
Made-up articles of textile materials, incl. dress...Made-up articles of textile materials, incl. dress patterns, n.e.s.	0.1%
Wheat or meslin flourWheat or meslin flour	0.1%
Tableware, kitchenware, other household articles...Tableware, kitchenware, other household articles and toilet articles, of plastics (excl. baths, shower-baths, washbasins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware)	0.1%
Seats, whether or not convertible into beds, and...Seats, whether or not convertible into beds, and parts thereof, n.e.s. (excl. medical, surgical, dental or veterinary of heading 9402)	0.1%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof	0.1%
Plywood, veneered panel and similar laminated wood...Plywood, veneered panel and similar laminated wood (excl. sheets of compressed wood, cellular wood panels, parquet panels or sheets, inlaid wood and sheets identifiable as furniture components)	0.1%
Meat of swine, fresh, chilled or frozenMeat of swine, fresh, chilled or frozen	0.1%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in a non-aqueous medium; solutions of products of headings 3901 to 3913 in volatile organic solvents, containing > 50% solvent by weight (excl. solutions of collodion)	0.1%
Other vegetables, fresh or chilled (excl. potatoes...Other vegetables, fresh or chilled (excl. potatoes, tomatoes, alliaceous vegetables, edible brassicas, lettuce "lactuca sativa" and chicory "cichorium spp.", carrots, turnips, salad beetroot, salsify, celeriac, radishes and similar edible roots, cucumbers and gherkins, and leguminous vegatables)	0.1%
Boards, panels, consoles, desks, cabinets and...Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy)	0.1%
Buttermilk, curdled milk and cream, yogurt, kephir...Buttermilk, curdled milk and cream, yogurt, kephir and other fermented or acidified milk and cream, whether or not concentrated or flavoured or containing added sugar or other sweetening matter, fruits, nuts or cocoa	0.1%
Citrus fruit, fresh or driedCitrus fruit, fresh or dried	0.1%
Fork-lift trucks; other works trucks fitted with...Fork-lift trucks; other works trucks fitted with lifting or handling equipment (excl. straddle carriers and works trucks fitted with a crane)	0.1%
Discs, tapes, solid-state non-volatile storage...Discs, tapes, solid-state non-volatile storage devices, "smart cards" and other media for the recording of sound or of other phenomena, whether or not recorded, incl. matrices and masters for the production of discs (excl. products of chapter 37)	0.1%
Sanitary towels (pads) and tampons, napkins and...Sanitary towels (pads) and tampons, napkins and napkin liners for babies, and similar articles, of any material	0.1%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers	0.1%
Paper or paperboard labels of all kinds, whether...Paper or paperboard labels of all kinds, whether or not printed	0.1%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not square or rectangular; parts thereof (excl. spent and those of unhardened rubber or textiles)	0.1%
Pasta, whether or not cooked or stuffed with meat...Pasta, whether or not cooked or stuffed with meat or other substances or otherwise prepared, such as spaghetti, macaroni, noodles, lasagne, gnocchi, ravioli, cannelloni; couscous, whether or not prepared	0.1%
Paper, paperboard, cellulose wadding and webs of...Paper, paperboard, cellulose wadding and webs of cellulose fibres, in strips or rolls of a width <= 36 cm, in rectangular or square sheets of which no side > 36 cm in the unfolded state, or cut to shape other than rectangular or square, and articles of paper pulp, paper, paperboard, cellulose wadding or webs or cellulose fibres, n.e.s.	0.1%
Electric generating sets and rotary convertersElectric generating sets and rotary converters	0.1%
Articles of vulcanised rubber (excl. hard rubber),...Articles of vulcanised rubber (excl. hard rubber), n.e.s.	0.1%
Base metal mountings, fittings and similar...Base metal mountings, fittings and similar articles suitable for furniture, doors, staircases, windows, blinds, coachwork, saddlery, trunks, chests, caskets or the like; base metal hat-racks, hat-pegs, brackets and similar fixtures; castors with mountings of base metal; automatic door closers of base metal	0.1%
Butter, incl. dehydrated butter and ghee, and...Butter, incl. dehydrated butter and ghee, and other fats and oils derived from milk; dairy spreads	0.1%
Bedlinen, table linen, toilet linen and kitchen...Bedlinen, table linen, toilet linen and kitchen linen of all types of textile materials (excl. floorcloths, polishing cloths, dishcloths and dusters)	0.1%
Preparations for use on the hairPreparations for use on the hair	0.1%
See More Products	38.3%

Source: Comtrade, Latest Available Data

To go further, check out our service Import Export Flows.

Main Services

1.7 bn USD of services exported in 2018
Other business servicesOther business services +	56.06%
Merchanting and other trade-related...Merchanting and other trade-related services	32.99%
Miscellaneous business,...Miscellaneous business, professional, and technical services	14.25%
TravelTravel +	32.22%
Personal travelPersonal travel	26.09%
OtherOther	26.09%
Business travelBusiness travel	6.12%
OtherOther	6.12%
TransportationTransportation +	10.52%
Air transportAir transport	5.81%
PassengerPassenger	2.97%
OtherOther	2.57%
FreightFreight	0.27%
Sea transportSea transport	4.71%
FreightFreight	2.85%
OtherOther	1.87%
Communications servicesCommunications services +	0.75%
Telecommunications servicesTelecommunications services	0.75%
Government servicesGovernment services	0.37%
Royalties and license feesRoyalties and license fees	0.08%

0.7 bn USD of services imported in 2018
Other business servicesOther business services +	53.99%
Miscellaneous business,...Miscellaneous business, professional, and technical services	33.15%
TransportationTransportation +	32.05%
Sea transportSea transport	20.90%
FreightFreight	15.67%
OtherOther	5.23%
Air transportAir transport	11.15%
OtherOther	6.30%
PassengerPassenger	4.85%
TravelTravel +	10.33%
Personal travelPersonal travel	10.15%
OtherOther	6.86%
Education-related expenditureEducation-related expenditure	1.84%
Health-related expenditureHealth-related expenditure	1.46%
Business travelBusiness travel	0.18%
OtherOther	0.18%
Insurance servicesInsurance services +	1.11%
ReinsuranceReinsurance	0.13%
Financial servicesFinancial services	0.86%
Government servicesGovernment services	0.64%
Construction servicesConstruction services +	0.49%
Construction in the compiling...Construction in the compiling economy	0.49%
Royalties and license feesRoyalties and license fees	0.33%
Communications servicesCommunications services +	0.20%
Telecommunications servicesTelecommunications services	0.20%

Source: United Nations Statistics Division, Latest Available Data

Sources of General Economic Information

Ministries: Ministry of Finance, National Planning and Trade
Ministry of Foreign Affairs and Tourism
Statistical Office: National Bureau of Statistics
Central Bank: Central Bank of Seychelles
Stock Exchange: MERJ Exchange
Search Engines
Economic Portals

Political Outline

Current Political Leaders: President: Wavel RAMKALAWAN (since 26 October 2020)
Vice President: Ahmed AFIF (since 27 October 2020)
Next Election Dates: Presidential: 2025
National Assembly: October 2025
Main Political Parties: Seychelles has a multi-party political system, but the political landscape is dominated by two main political parties:
- Seychellois Democratic Alliance (LDS): centre, liberal political coalition. It is currently the leading coalition, holding 25 out of 35 seats
- United Seychelles (US): left-wing, democratic socialism. It currently has 10 seats in the National Assembly.

Other smaller parties in Seychelles include One Seychelles, Seychellois Alliance, Seychelles Patriotic Movement, Popular Democratic Movement, and New Democratic Party.
Type of State: Democratic presidential republic.
Executive Power: The President is elected by universal suffrage for a term of five years and is eligible for re-election for one more term. The President is the Commander-in-Chief of the Armed Forces and has the power to appoint judges and other senior government officials. He is also the head of government.
The Cabinet of Ministers is appointed by the President and is responsible for advising the President on policy and the day-to-day administration of the government. The Cabinet is collectively responsible to the National Assembly and can be removed by a vote of no-confidence.
Legislative Power: In Seychelles, legislative power is vested in the National Assembly, which is the unicameral. The National Assembly consists of 35 members, 25 of whom are directly elected from constituencies across Seychelles, and nine are appointed by the President. Members of the National Assembly serve a five-year term. The National Assembly is responsible for making laws, overseeing government activities, and approving the national budget.

Indicator of Freedom of the Press

Definition

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:: 52/180

Indicator of Political Freedom

Definition

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:: Free
Political Freedom:: 2/7
Civil Liberties:: 45 out of 60 (free)

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

COVID-19 Country Response

COVID-19 epidemic evolution: To find out about the latest status of the COVID-19 pandemic evolution and the most up-to-date statistics on the COVID-19 disease in Seychelles, please visit the website of the Ministry of Health and the COVID-19 Tracker.
For the international outlook, you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.
Sanitary measures: To find out about the latest public health situation in Seychelles and the current sanitary measures in vigour, please consult the portal of the Ministry of Health.
Travel restrictions: From 1 December 2022, Seychelles no longer require COVID-19 vaccination or a negative COVID-19 test from visitors. However, all visitors must complete a digital Travel Authorisation.
Import & export restrictions: As of 2023, no particular measures related to the COVID-19 pandemic affect Seychelles' international trade.
For a general overview of trade restrictions due to the pandemic, please consult the section dedicated to Seychelles on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan: For a summary of business support measures announced by the Government of Seychelles in the wake of the COVID-19 crisis, consult the dedicated page on the website of the Central Bank of Seychelles as well as the portal of the Seychelles Development Bank.
For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and macroeconomic) taken by the national government to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Seychelles in the IMF’s Policy Tracker platform.
Support plan for businesses: For information on the local business support scheme and taxation measures established by the national government to help businesses to deal with the economic impacts of the COVID-19 epidemic on their activity, please consult the dedicated page on the website of the Ministry of Industry.
Support plan for exporters: As of 2023, no pandemic-related specific programs for exporting companies are in place.

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