Country Code
Top-Level-Domain |
 Seychelles Location:
4°35'S, 55°40'E
Republic of Seychelles (French: République des Seychelles; Creole: Repiblik Sesel), is an archipelago nation of 155 islands in the Indian Ocean, some 1,600 km east of mainland Africa, northeast of the island of Madagascar. Other nearby island countries and territories include Zanzibar to the west, Mauritius and Réunion to the south, Comoros and Mayotte to the southwest, and the Suvadives of the Maldives to the northeast. Seychelles has the smallest population of any sovereign state of Africa.
Seychelles Geography:
The Seychelles is a small island nation located in the Indian Ocean northeast of Madagascar and about 1,600 km (1,000 miles) east of Kenya. The nation is an archipelago of 155 tropical islands, some granite and some coral. Thirty-three islands are inhabited.
Seychelles People:
Population
- 2005 estimate 80,654 (205th)
- Density 178 /km2 (60th)
458 /sq mi
Seychelles Government:
Government Republic
- President James Michel
Seychelles Economy:
Since independence in 1976, per capita output has expanded to roughly seven times the old near-subsistence level. Growth has been led by the tourist sector, which employs about 30% of the labour force and provides more than 70% of hard currency earnings, and by tuna fishing. 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 dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. The vulnerability of the tourist sector was illustrated by the sharp drop in 1991-1992 due largely to the country's significantly overvalued exchange rate, the Gulf War and once again following the September 11, 2001 attacks on the U.S.. Other issues facing the government are the curbing of the budget deficit, including the containment of social welfare costs, and further privatisation of public enterprises. The government has a pervasive presence in economic activity, with public enterprises active in petroleum product distribution, insurance, banking, imports of basic products, telecommunications, and a wide range of other businesses.
Growth slowed in 1998–2001, due to sluggish tourist and tuna sectors. Also, tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. The black market value of the Seychellois rupee is anywhere from two thirds to one half the official exchange rate; without a devaluation of the currency the tourist sector should remain sluggish as tourists seek cheaper destinations such as nearby Comoros and Madagascar. A reduction in the number of flights serving the country, primarily due to the inability by airline companies to repatriate funds, has also constrained the growth of the tourism industry. The recent entry of Emirates and Qatar airlines has yet to result in increased growth.
At official exchange rates Seychelles remains the richest country in Africa in terms of GDP per capita. (US$7,504 as of 2005), although if the parallel exchange rate, or purchasing power parity rates, are used, it ranks behind Mauritius and Botswana. Because of economic contraction (the economy declined by about 2% in 2004 and 2005 and is set to decline by at least the same level in 2006) the country is moving downwards in terms of per capita income.
It is important to note that Seychelles is, per capita, the most highly indebted country in the world according to the World Bank, with total public debt around 122.8% of GDP. Approximately two thirds of this debt is owed domestically, with the balance due to multi laterals, bi laterals, and commercial banks. The country is in arrears to most of its international creditors and has had to resort to pledged commercial debt to continue to be able to borrow. This high debt burden is a direct consequence of the overvalued exchange rate — in essence, the country is living beyond its means, and financing its lifestyle by borrowing domestically and internationally.
Seychelles is also a tax haven. Many firms are established on this island, including GenerActions Consulting, owned by famous Swiss entrepreneur David Humbert.
Seychelles is the smallest nation in the world issuing its own currency (i.e., not pegged to a foreign currency and not shared with any other country).
Seychelles More Information:
http://en.wikipedia.org/wiki/Seychelles  |
