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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; he was reelected in May 2011.


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Economy

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. 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. Despite these actions, the Seychelles economy struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating. In an effort to obtain loans to service its debt, Seychelles in November 2008 signed a standby arrangement with the IMF that mandated floating the exchange rate, removing foreign exchange controls, cutting government spending, and tightening monetary policy. In response to Seychelles' successful implementation of these policies, the IMF upgraded Seychelles to a three-year extended fund facility (EFF) of $31 million in December 2009. In 2008, GDP fell more than 1% due to declining tourism and the initial effects of liberalization, but the economy recovered in 2010-11 after the reforms took hold and tourism increased. Seychelles is attempting to implement further structural reforms, including overhauling the tax system, reorganizing of state enterprises, and deregulating the finance and communications sectors.

Gdp (purchasing power parity) World Ranking: 183
$2.274 billion (2011 est.)
$2.167 billion (2010 est.)
$2.031 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$1.014 billion (2011 est.)

Gdp - real growth rate World Ranking: 74
4.9% (2011 est.)
6.7% (2010 est.)
0.5% (2009 est.)

Gdp - per capita (ppp) World Ranking: 54
$25,000 (2011 est.)
$24,100 (2010 est.)
$23,300 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 2%
Industry 18.5%
Services 79.5% (2011 est.)

Labor force World Ranking: 196
39,560 (2006)

Labor force - by occupation
Agriculture 3%
Industry 23%
Services 74% (2006)

Unemployment rate World Ranking: 14
2% (2006 est.)

Population below poverty line
NA%

Household income or consumption by percentage share
Lowest 10% 4.7%
Highest 10% 15.4% (2007)

Investment (gross fixed) World Ranking: 12
33.8% of GDP (2011 est.)

Budget
Revenues $396.4 million
Expenditures $380.3 million (2011 est.)

Taxes and other revenues World Ranking: 50
39.1% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 29
1.6% of GDP (2011 est.)

Public debt World Ranking: 62
45.4% of GDP (2011 est.)
53.4% of GDP (2010 est.)

Inflation rate (consumer prices) World Ranking: 38
2.6% (2011 est.)
-2.4% (2010 est.)

Central bank discount rate
11.17% (31 December 2010 est.)
NA% (31 December 2009 est.)

Commercial bank prime lending rate World Ranking: 65
11.19% (31 December 2011 est.)
12.703% (31 December 2010 est.)

Stock of narrow money World Ranking: 162
$461.3 million (31 December 2011 est.)
$319.9 million (31 December 2010 est.)

Stock of broad money World Ranking: 175
$553.4 million (31 December 2011 est.)
$458.3 million (31 December 2010 est.)

Stock of domestic credit World Ranking: 168
$556 million (31 December 2011 est.)
$478 million (31 December 2010 est.)

Market value of publicly traded shares
$NA

Agriculture - products
Coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), copra, bananas; poultry; tuna

Industries
Fishing, tourism, processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages

Industrial production growth rate World Ranking: 122
2% (2010 est.)

Electricity - production World Ranking: 170
260 million kWh (2008 est.)

Electricity - consumption World Ranking: 173
241.8 million kWh (2008 est.)

Electricity - exports
0 kWh (2009 est.)

Electricity - imports
0 kWh (2009 est.)

Oil - production World Ranking: 135
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 157
8,000 bbl/day (2010 est.)

Oil - exports World Ranking: 197
0 bbl/day (2009 est.)

Oil - imports World Ranking: 148
6,203 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 189
0 bbl (1 January 2010 est.)

Natural gas - production World Ranking: 122
0 cu m (2009 est.)

Natural gas - consumption World Ranking: 128
0 cu m (2009 est.)

Natural gas - exports World Ranking: 176
0 cu m (2009 est.)

Natural gas - imports World Ranking: 125
0 cu m (2009 est.)

Natural gas - proved reserves World Ranking: 125
0 cu m (1 January 2011 est.)

Current account balance World Ranking: 83
-$216.3 million (2011 est.)
-$225.1 million (2010 est.)

Exports World Ranking: 171
$495.1 million (2011 est.)
$400.2 million (2010 est.)

Exports - commodities
Canned tuna, frozen fish, cinnamon bark, copra, petroleum products (reexports)

Exports - partners
France 25.7%, UK 20.4%, Japan 10.6%, Italy 9.7% (2011)

Imports World Ranking: 179
$873.5 million (2011 est.)
$736.8 million (2010 est.)

Imports - commodities
Machinery and equipment, foodstuffs, petroleum products, chemicals, other manufactured goods

Imports - partners
Saudi Arabia 23.1%, South Africa 8.1%, Spain 8%, France 5.6% (2011)

Reserves of foreign exchange and gold World Ranking: 153
$255.4 million (31 December 2011 est.)
$235.6 million (31 December 2010 est.)

Debt - external World Ranking: 143
$1.47 billion (31 December 2011 est.)
$1.51 billion (31 December 2010 est.)

Exchange rates
Seychelles rupees (SCR) per US dollar -
12.381 (2011 est.)
12.068 (2010 est.)
13.61 (2009)
8 (2008)
6.5 (2007)

Fiscal year
Calendar year


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  Seychelles (Victoria):


  GPS points from Seychelles (Victoria)

Mamelles Seychelles (general)

(( Anse Louis )) Seychelles (general)

Pointe Colette Seychelles (general)

Cape Ternay Seychelles (general)

Trois Iles Seychelles (general)

Laraie Bay Seychelles (general)

Caiman Rocks Seychelles (general)

Royale Seychelles (general)




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