CIA Factbook The World Factbook 1994: SeychellesEconomy Overview: In this small, open, tropical island economy, the tourist industry employs about 30% of the labor force and provides more than 70% of hard currency earnings. In recent years the government has encouraged foreign investment in order to upgrade hotels and other services. At the same time, the government has moved to reduce the high dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. National product: GDP—exchange rate conversion—$407 million (1992 est.) National product real growth rate: 4% (1992 est.) National product per capita: $5,900 (1992 est.) Inflation rate (consumer prices): 3.3% (1992 est.) Unemployment rate: 9% (1987) Budget: • revenues: $172 million • expenditures: $181 million, including capital expenditures of $48 million (1991 est.) Exports: $47 million (f.o.b., 1992 est.) • commodities: fish, copra, cinnamon bark, petroleum products (re-exports) • partners: UK 54% France 23%, Reunion 14%, (1991) Imports: $192 million (f.o.b., 1992 est.) • commodities: manufactured goods, food, petroleum products, tobacco, beverages, machinery and transportation equipment • partners: South Africa 13%, Singapore 12%, UK 12% (1991) External debt: $201 million (1992 est.) Industrial production: growth rate 1.3% (1991); accounts for 12% of GDP Electricity: • capacity: 30,000 kW • production: 80 million kWh • consumption per capita: 1,160 kWh (1991) Industries: tourism, processing of coconut and vanilla, fishing, coir rope factory, boat building, printing, furniture, beverage Agriculture: accounts for 5% of GDP, mostly subsistence farming; cash crops—coconuts, cinnamon, vanilla; other products—sweet potatoes, cassava, bananas; broiler chickens; large share of food needs imported; expansion of tuna fishing under way Economic aid: • recipient: US commitments, including Ex-Im (FY78-89), $26 million; Western (non-US) countries, ODA and OOF bilateral commitments (1978-89), $315 million; OPEC bilateral aid (1979-89), $5 million; Communist countries (1970-89), $60 million Currency: 1 Seychelles rupee (SRe)=100 cents Exchange rates: Seychelles rupees (SRe) per US$1—5.2681 (January 1994), 5.1815 (1993), 5.1220 (1992), 5.2893 (1991), 5.3369 (1990), 5.6457 (1989) Fiscal year: calendar year