Economy of Seychelles
Seychelles is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Seychelles may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Seychelles exports around $0.52 billion and imports roughly $0.85 billion. 3.8% of population in the country are unemployed. The total number of unemployed people in Seychelles is 3,619. In Seychelles, 0.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Seychelles is low, indicating that it has a stable economy. Investors should consider Seychelles to be a safe location for investments and other financial ventures. Government expenditure on education is 5% of GDP. The Gini Index of the country is 42.77. Seychelles is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Seychelles has a Human Development Index (HDI) of 0.756. Seychelles has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The strength of legal rights index for Seychelles is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
The currency of Seychelles is Seychellois rupee. The plural form of the word Seychellois rupee is rupees. The symbol used for this currency is ₨, and it is abbreviated as SCR. The Seychellois rupee is divided into Cent; there are 100 in one rupee.
The depth of credit information index for Seychelles is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the Fitch credit-rating agency, Seychelles has a credit rating score of B, and the prospects of this rating are stable.
In Seychelles, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Seychelles. The average deposit interest rate offered by local banks in Seychelles is 2.3%.
The government debt of Seychelles has not been calculated yet.
The corporate tax in Seychelles is set at 25%. VAT in Seychelles is 15%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Seychelles is $2424 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Seychelles was last recorded at $25 million. PPP in Seychelles is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Seychelles is 1,445 billion. Based on this statistic, Seychelles is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Seychelles was last recorded at $15 million. The average citizen in Seychelles has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Seychelles averaged 3.7% in 2014. According to this percentage, Seychelles is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Seychelles.
Major industries in the country are fishing, tourism, beverages. The total labor force of Seychelles is 49,313 people, wherein 3.8% of population in the country are unemployed. The total number of unemployed people in Seychelles is 3,619. The Industrial Production growth rate of Seychelles is 4%.To read more about industrial information within Seychelles click on industry of Seychelles.
There are 10 km2 of arable land in Seychelles, and it comprises 2% of the country's total territory. There are 69 km2 of cultivated land in Seychelles. The country's major agricultural crops and products are coconuts, cinnamon, vanilla, sweet potatoes, cassava, copra, bananas, poultry, tuna.To read more about agriculture click on agriculture of Seychelles.