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• GDP: US$733 million (2007).
• Main exports: Canned tuna, fish, prawns and re-exports of petroleum.
• Main imports: Food and live animals, manufactured goods, fuel and machinery.
• Main trade partners: UK, France, Saudi Arabia, Italy and Spain.
• Main exports: Canned tuna, fish, prawns and re-exports of petroleum.
• Main imports: Food and live animals, manufactured goods, fuel and machinery.
• Main trade partners: UK, France, Saudi Arabia, Italy and Spain.
Economy
Tourism is the largest industry in the Seychelles; it now accounts for over 20% of GDP. The service sector as a whole covers three-quarters of the economy. In 2007, GDP growth was 5.8% and inflation was 2.9%.
Fishing has become increasingly important from the 1980s onwards, both through expansion of domestic operations and the lucrative sale of licences to foreign fleets.
Industry comprises a small mining sector plus light and small-scale industries including food and drinks (notably a tuna-canning operation) and boat-building. There is also a thriving re-export business based on a recently established export-processing zone.
The economy's heavy dependence on tourism makes it especially vulnerable to external factors (such as the 9/11 attacks on the USA).
The economy contracted by 2.8% in 2005. The main financial problem is the size of the country's external debt. The Seychelles must import many essential products (an expensive process given the islands' location) and this consumes the bulk of the foreign exchange earned from tourism.
Fishing has become increasingly important from the 1980s onwards, both through expansion of domestic operations and the lucrative sale of licences to foreign fleets.
Industry comprises a small mining sector plus light and small-scale industries including food and drinks (notably a tuna-canning operation) and boat-building. There is also a thriving re-export business based on a recently established export-processing zone.
The economy's heavy dependence on tourism makes it especially vulnerable to external factors (such as the 9/11 attacks on the USA).
The economy contracted by 2.8% in 2005. The main financial problem is the size of the country's external debt. The Seychelles must import many essential products (an expensive process given the islands' location) and this consumes the bulk of the foreign exchange earned from tourism.
Business Etiquette
Businessmen do not wear suits and ties, although a smart appearance is advised. Most executives speak English and/or French.
Office hours: Mon-Fri 0800-1600.
Office hours: Mon-Fri 0800-1600.
Business Contacts
Seychelles Chamber of Commerce and Industry
PO Box 599, Ebrahim Building, Victoria, Mahé
Tel: 323 812.
Seychelles International Business Authority
PO Box 991, Victoria Mahé
Tel: 380 800.
Website: www.siba.net
PO Box 599, Ebrahim Building, Victoria, Mahé
Tel: 323 812.
Seychelles International Business Authority
PO Box 991, Victoria Mahé
Tel: 380 800.
Website: www.siba.net
