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Busines and Economy of Seychelles

Not surprisingly, tourism dominates the economy of Seychelles – it earns around 70% of all foreign currency. The services sector on the whole makes up about three-fourths of the GNP, with some recent moves towards making Seychelles a base for offshore financial services. The primary sector includes agriculture and fishing. Agriculture remains important despite the move towards the services sector and a lack of cultivable land. Copra is a prime export, and other cash crops like vanilla and tea earn valuable foreign exchange.

Fishing has become important since the 1980s, not simply through domestic operations, but with the sale of licenses to foreign companies. Industry includes a small mining sector and a sizable tuna-canning one. During the past few decade, there have been moves towards privatising enterprises and inviting foreign investment, but there are restrictions on banking. Serious economic challenges include tackling a large foreign debt and diversifying the tourism-based economy.


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