Region: Archipelago in the Indian Ocean

Capital: Victoria

Population: 82,247 (July 2008 est.)

Surface area: 455 sq km

Currency: Seychelles rupee (SCR)

GDP per capita: Purchasing power parity US $16,600 (2007 est.)

Background:
A lengthy struggle between France and Great Britain for the islands ended in 1814, when they were ceded to the latter. Independence came in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993. President France-Albert Rene, who had served since 1977, was re-elected in 2001, but stepped down in 2004. Vice President James Michel took over the presidency and in July 2006 was elected to a new five-year term.

Economy – Overview
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. Sharp drops illustrated the vulnerability of the tourist sector in 1991-92 due largely to the Gulf War and once again following the 11 September 2001 terrorist attacks on the US. Economic growth slowed in 1998-2002 and fell in 2003-04, due to sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP grew by 5.8% in 2007, 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.

Major Export Commodities: canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)

Remittances: US $14 million (2006)

Human Development Index 2007/2008 ranking: 50 out of 177

Official Development Assistance and Major Development Partners: Net ODA in 2006 was US $7.13 million. Major development partners include Arab Agencies, France, the European Community, and Japan.

Total External Debt: US $1.059 billion (31 December 2007 est.)
United Nations Membership Date: 21 September 1976

New York Mission:
Permanent Mission of the Republic of Seychelles to the United Nations
800 Second Avenue, Suite 400C
New York, N.Y. 10017 USA
Telephone: 212-972-1785
Fax: 212-972-1786
E-mail: Seychelles@un.int

Sources:

CIA World Factbook. Central Intelligence Agency. www.cia.gov 

World Development Indicators. World Bank www.worldbank.org

Development, Recipient Aid Charts. Organization for Economic Co-operation and Development. www.oecd.org

Human Development Report 2007/2008.United Nations Development Programme. www.undp.org

Updated June 2008