Seychelles at a Glance
Seychelles has a mixed, developing economy that is heavily dependent on tourism and fisheries. Growth has been led by the tourism sector and by tuna fishing. The tourism industry directly employs about 30% of the labour force and directly and indirectly accounts for over 70% of the GDP.
|Type of Economy||Open Economy|
|Inflation (yearly average)||9.96% (2021)|
|National Currency||Seychelles Rupees (SCR)|
|Labour Force (December 2021)||66.7%|
|Unemployment (December 2021)||3.3%|
|Exchange Rate (Jan 2022) Central bank of Seychelles Website||
|Agricultural products||Sweet potatoes,Cinnamon, cassava, and Banana|
|Industries||Tourism, Fisheries, Manufacturing, Financial and Agriculture|
|Industrial production growth rate||Due to COVID 19 in 2021 it decreases 15.20% in 2021.However prior to COVID, it was 3.2%|
|Commercial bank prime lending rate||Average 8.5%|
|Internet penetration rate (% Population)||72.1%|
|Internet subscriptions 31-Dec-2020||119,010|
|Internet Users 31-DEC-20||71,300|
|Internet Growth % 2000 – 2020||1,088 %|
|Facebook subscribers 31-DEC-2020||71,300|
Seychelles has yet to establish a holistic strategy for tapping into the full benefits of the digital economy. Given the many benefits as well as drawbacks, efforts are being made to establish national positions. The use of existing consultations platforms such as the National Committee on Domestic Regulations for Trade in Service has begun working on establishing a national strategy to fully tap into the benefits of the digital economy.Future Plan for E-Commerce
A future with e-commerce is a future paved towards growth. There exists great potential to promote greater international trade and contribute to the country’s international development by improving access to markets and communities that would be otherwise inaccessible. As such, plans for the future are to:
- First and foremost improve the structure of e-commerce by reviewing and modernizing laws and regulations governing e-commerce as well as protecting consumers.
- Moreover, conduct assessments to obtain a deeper view of the status of E-commerce in the country.
- and finally, formulate and introduce an action plan to guide the country’s efforts on this area.