Country Snapshot

Population (2019, millions)¹0.1 (97,000)
Population Projections (2030, millions)¹0.1 (99,000)
CapitalVictoria
Surface Area (km²)²460
Weather¹¹At Sea Level: Hottest month, April, 26-31°C; coldest months, July-August, 24-29°C; driest month, June, 54 mm average rainfall; wettest month, January, 405 mm average rainfall
Languages³Official: Creole, English and French
Main Religions³Main:  Roman Catholic - Others: Anglican, Pentecoastal Assembly, Seventh-Day Adventist, other Protestants and Christian, Hindu, Muslim, others and none
Time⁴Seychelles Time (SCT) +0400 UTC
Driving Orientation⁵Left Side
Internet Country Code⁶.sc
Country Calling Code+248
Plug, Socket and Voltage⁷ Type G - 240V/50Hz
CurrencySeychellois Rupee (SCR) - 1/100 = Cent
Exchange Rate (As of 20 February 2019, per USD)⁸13.74 (buy rate)
GDP at Market Prices (2018, current, billions of USD)⁹1.59
GDP Growth (2018, annual %)⁹3.63
Average GDP Growth (2014-2018, annual %)⁹4.38
GDP per Capita, PPP (2018, current international $)⁹30,503
Inflation, Consumer Prices (2018, annual %)⁹3.7
Average Inflation, Consumer Prices (2014-2018, annual %)⁹2.19
Total Reserves in Months of Imports (2018)⁹3.23

Sources:

¹United Nations Population Division, Department of Economic and Social Affairs. 

²COMESA Statistics, COMESTAT Data Hub

³CIA World Factbook. 

⁴Time and Date Portal. 

⁵Chartsbin Portal, "Worldwide Driving Orientation by Country". 

⁶Wikipedia, "List of Internet top-level domains"; and, Internet Assigned Numbers Authority, Root Zone Database. 

⁷International Electrotechnical Commission, World Plugs. 

⁸Central Bank of Seychelles. 

⁹World Bank, World Development Indicators 2019.

¹¹Economist Intelligence Unit. 

Reasons to Invest in Seychelles

Source: Seychelles Investment Board – SIB. 

Population

Population Projections (millions)

Population (2019)0.1
Population Projections (2030)0.1

Source: United Nations Population Division, Department of Economic and Social Affairs.

Population Residing in Urban Areas (%)

Population Projections (2019)57.11
Percentage of Population Residing in Urban Areas (2030)61.74

Source: United Nations Population Division, Department of Economic and Social Affairs.

Youth Literacy Rates (2017, %)

Youth Literacy Rate, Population 15-24 Years, Both Sexes 99.07
Youth Literacy Rate, Population 15-24 Years, Female 99.6
Youth Literacy Rate, Population 15-24 Years, Male 98.56

Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.

Labour

Unemployment (2018, % of Total Labour Force)

Unemployment, Total 4.4
Unemployment, Female 5.2
Unemployment, Male 3.7

Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.

Labour Force (2015, % of Ages 15+)

Labour Force Participation Rate, Total 71.1
Labour Force Participation Rate, Female 67.3
Labour Force Participation Rate, Male75.3

Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.

Economy - Overview

GDP

20142015201620172018
GDP at Market Prices (current, billions of USD)1.3431.3771.4271.5031.590
GDP Growth (annual %)4.54.934.54.333.63

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

Indicator20182019
Agriculture  3.173.04
Manufacturing  9.078.83
Industry  17.1917.03
Services 98.6598.93
Construction  4.294.34
Electricity, gas and water 3.823.86
Mining and quarrying  0.000.00
Education  2.892.82
Finance, real estate and business services 34.0433.94
Public administration and Defense  9.569.67
Health and Social Work 2.452.46
Other services  1.551.54
Transport, storage and communication  21.9422.54
Wholesale and retail trade, hotels and restaurants28.4028.18

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (USD ‘000)

 20142015201620172018
World927,135975,3381,583,0381,348,5531,669,010
United Arab Emirates331,675254,354249,601344,534379,746
France87,96176,138141,032116,472151,459
Netherlands10,34913,03922,86750,083141,075
Malta8611718279121,836
Italy20,06723,10332,02529,506106,097

Source: COMTRADE Statistics.

Export Partners (USD ‘000)

 20142015201620172018
World550,706473,850483,891591,606851,677
United Arab Emirates190,223140,782126,763180,143201,414
France131,33493,227110,271106,556128,992
United Kingdom109,89384,54174,34676,60986,149
Cayman Islands    84,118
United Kingdom4811919775,189

Source: COMTRADE Statistics.

Seychelles’ Top Import Products (USD ‘000)

ChapterDescription20142015201620172018
 All products          927,135           975,338        1,583,038        1,348,553        1,669,010 
89Ships, boats and floating structures            38,288             59,815           575,098           128,293           502,913 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes          281,304           173,513           191,986           213,711           260,189 
03Fish and crustaceans, molluscs and other aquatic invertebrates          129,110             96,527           123,855           164,423           163,810 
84Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof            56,224             71,867             71,036           142,807             82,699 
85Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles            47,794             80,447             67,481             51,319             63,859 

Source: COMTRADE Statistics.

Investment Profile

FDI Inflows (millions of USD)

Year20142015201620172018
FDI Inflows230195155192124

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outflows (millions of USD)

Year20142015201620172018
FDI Outflows15.510.010.35.96.0

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year20142015201620172018
FDI Inward Stock2,5672,7622,9172,9003,023

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year20142015201620172018
FDI Outward Stock302312320288294

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inflows Main Source Countries (in terms of number of projects)

UAE, India, Sri Lanka, Canada, Bahrain, Bermuda, France, Germany, Hungary, and Mauritius

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Sectors (in terms of number of projects)

Financial Services, Hotels and Tourism, Business Services, Communications, Transportation, Consumer Products, Food and Tobacco, and Software and IT services.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Companies (in terms of number of projects)

UAE Exchange Centre, Four Seasons Hotels & Resorts, Hatsun Agro Product (HAPL), Emirates Airline, TriGranit, Albwardy Investment, Club Mediterranee, Telecom Seychelles, Jordans, and Bharti Airtel.

Source: Financial Times, fDi Markets, 2018

Doing Business

Overall Doing Business Ranking

2020100/190
201996/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank147/190
Procedures (number)9
Time (days)32
Cost (% of income per capita*)12.5
Paid-in Minimum Capital (% of income per capita*)0.0

*GNI per capita used: USD 15,600
Source: World Bank, Doing Business, 2020

Paying Taxes

Paying Taxes

2020 Rank36/190
Payments (number per year)29
Time (hours per year)85
Total Tax Rate (% of profit)30.1
Profit Tax (% of profit) 18.8
Labor Tax and Contributions (% of profit)2.3
Other Taxes (% of profit)9.1

Source: World Bank, Doing Business, 2020

Trading Across Borders

2020 Rank98/190
Time to Export: Border Compliance (hours)82
Cost to Export: Border Compliance (USD)332
Time to Export: Documentary Compliance (hours) 44
Cost to Export: Documentary Compliance (USD)115
Time to Import: Border Compliance (hours) 97
Cost to Import: Border Compliance (USD) 341
Time to Import: Documentary Compliance (hours) 33
Cost to Import: Documentary Compliance (USD) 93

Assumptions:
* It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
* It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
* A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
* Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
* If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
* The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
* Time is measured in hours, and 1 day is 24 hours.
* Costs do not include tariffs.
Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code - Seychelles Investment Act (2010)

Key guarantees in terms of investment protection include:

Source: United Nations Conference on Trade and Development, iGuide Seychelles.

Investment Incentives

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2015/16 and Seychelles Investment Board Online Portal.