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Seychelles

Author(s):
International Monetary Fund
Published Date:
October 1998
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Seychelles: Social and Demographic Indicators
GDP (1995)Population
Total (in million of SDRs538.6Total (mid-1995)78,064
Per capita (in SDRs)6,900.1Growth (percent a year, average 1990-95)2.0
Area (sq. km)455.3Density (1995; population per sq. km)
Total168.9
Of which: agricultural760.8
Population characteristics (1995; in percent, unless otherwise indicated)Health (1990)
Life expectancy at birth (years)72.3Population per physician764
Male68.5Population per hospital bed185
Female76.4Infant mortality rate (1996; per thousand births)9.3
Infant mortality (aged under 1)1.5
Child death rate (aged 1-4)1.9Access to safe water (1993; in percent)
Population under age 15 (in percent)32.6Urban population99
Median age (years)25Rural population80
EducationNutrition (1980-86)
Primary school enrollment,Per capita daily calorie supply2,317
population aged 6-14Per capita daily protein supply (in grams)49
(1993; in percent)74
Pupil-to-teacher ratio (1996)14.6
Sources: Seychelles authorities; and World Bank.
Sources: Seychelles authorities; and World Bank.
Table 1.Seychelles: Gross Domestic Product by Industrial Origin at Constant 1986 Market Prices, 1993-97(In millions of Seychelles rupees)
1993199419951996

Est.
1997

Est.
Agriculture, forestry, and fishing59.363.861.462.162.4
Agriculture36.044.142.842.644.4
Forestry2.12.22.32.42.5
Fishing21.217.516.317.015.5
Manufacturing, and handicrafts226.1218.7243.4277.1355.8
Manufacturing208.0203.3229.9262.1340.7
Handicrafts18.115.413.515.015.1
Electricity and water16.837.181.283.593.7
Electricity24.245.890.994.4105.1
Water-7.4-8.7-9.7-10.9-11.4
Building and construction106.7103.8116.4123.4135.7
Transport, distribution, and communications627.6650.6633.9647.8633.9
Distribution and road freight448.2404.5392.8397.3382.1
Water transport, etc.42.246.043.441.440.1
Air transport, etc.52.599.772.278.779.1
Passenger transport33.330.138.940.740.8
Tour operators-9.0-1.92.72.93.0
Communications and storage60.472.283.986.888.9
Hotels and restaurants87.887.4101.5110.6111.2
Finance and business services183.6207.1231.4245.2262.6
Banks90.0101.7124.0136.4152.6
Insurance8.514.216.318.320.4
Business services16.521.922.523.023.4
Real estate5.85.76.26.46.5
Ownership of dwellings62.863.662.461.359.7
Government services215.0211.2220.5224.5226.3
Other services26.926.729.930.631.5
Private nonprofit institutions3.02.92.72.62.5
Domestic services12.712.713.914.214.6
Recreation3.53.53.63.93.9
Other7.77.69.710.010.5
Subtotal1,549.81,606.41,719.61,804.81,913.2
Adjustments
Net interest payments by banks-84.0-75.4-106.6-123.1-143.6
Import duty499.9419.0324.9347.3345.9
GDP at 1986 market prices 1/1,965.71,950.01,937.92,029.02,115.5
Sources: Management Information Systems Division (MISO); and staff estimates.

Figures might deviate from arithmetical sum owing to rounding errors.

Sources: Management Information Systems Division (MISO); and staff estimates.

Figures might deviate from arithmetical sum owing to rounding errors.

Table 2.Seychelles: Gross Domestic Product by Industrial Origin at Current Market Prices, 1993-97(In millions of Seychelles rupees, unless otherwise indicated)
1993199419951996

Est.
1997

Est.
Agriculture, forestry, and fishing102.5101.6101.0103.3109.8
Agriculture55.055.854.755.055.6
Forestry1.71.81.91.91.9
Fishing45.844.044.446.452.3
Manufacturing, and handicrafts259.5278.7306.2321.7355.7
Manufacturing238.7261.4287.5300.0334.2
Handicrafts20.817.318.721.721.5
Electricity and water13.720.451.252.557.6
Electricity7.716.732.934.037.4
Water6.03.718.318.520.2
Building and construction188.2180.7190.9208.1218.5
Transport, distribution, and communications673.3690.5717.5765.9823.8
Distribution and road freight419.3386.3389.2395.3440.4
Water transport, etc.57.564.056.574.473.7
Air transport, etc.21.447.353.657.857.2
Passenger transport41.238.048.253.353.8
Tour operators27.224.628.030.330.0
Communications and storage106.7130.3142.0154.8168.7
Hotels and restaurants207.8215.1226.3250.5248.0
Finance and business services214.0247.6254.6267.5286.0
Banks116.1134.0141.9150.3165.1
Insurance11.720.019.620.020.2
Business services14.719.923.027.029.7
Real estate5.65.65.85.55.6
Ownership of dwellings65.968.164.364.765.4
Government services343.5344.6338.8350.5371.0
Other services51.652.062.764.565.1
Private nonprofit institutions9.69.610.710.911.1
Domestic services15.515.415.615.615.6
Recreation6.97.17.99.59.6
Other19.619.928.528.528.8
Subtotal2,054.12,131.22,249.22,384.52,535.5
Adjustments
Net interest payments by banks-98.1-89.9-131.4-135.0-137.8
Import duty475.8399.1302.0273.3309.7
GDP at current market prices2,431.82,440.42,419.82,522.82,707.4
GDP deflator (1986 = 100)123.7125.1124.9124.3128.0
Sources: Management and Information Systems Division (MISD); and staff estimates.
Sources: Management and Information Systems Division (MISD); and staff estimates.
Table 3.Seychelles: Expenditure on Gross Domestic Product, 1993-97(In millions of Seychelles rupees at current prices, unless otherwise indicated)
1993199419951996

Prov.
1997

Est.
Consumption1,984.41,900.71,851.41,523.92,104.3
Public724.1722.2710.0734.6754.7
Private 1/1,260,31,178.51,141.4789.31,349.6
Investment697.2638.4734.11,285.1974.0
Gross fixed capital formation651.2621.0733.91,280.0970.0
Public271.4183.6163.6256.1270.5
Private379.8437.4570.31,023.9699.5
Increase in stocks and herds46.017.40.25.14.0
Total expenditure2,681.62,539.12,585.52,809.03,078.3
Exports minus imports 2/-249.8-98.7-165.7-286.2-370.9
Gross domestic product at market prices2,431.82,440.42,419.82,522.82,707.4
Memorandum items:
Net factor income from abroad-56.2-49.0-81.7-64.5-46.9
Gross national product at market prices2,375.62,391.42,338.12,458.32,660.5
Less net indirect taxes643.4559.3384.6599.6599.6
Less depreciation208.8211.5210.2394.2321.2
Net national product at factor cost (national income)1,523.41,620.61,743.31,464.51,739.6
Gross domestic savings447.4539.7568.4998.9603.1
Ratio of total expenditure to GDP (percent)110.3104.0106.8111.3113.7
Sources: Management and Information Systems Division (MISD); and staff estimates.

Calculated as the residual.

Goods and nonfactor services; discrepancies with balance of payments figures are likely a result of parallel market transactions outside the banking system.

Sources: Management and Information Systems Division (MISD); and staff estimates.

Calculated as the residual.

Goods and nonfactor services; discrepancies with balance of payments figures are likely a result of parallel market transactions outside the banking system.

Table 4.Seychelles: Composition of Domestic Capital Formation, 1993-95(In millions of Seychelles rupees at current purchasers’ values)
199319941995
Gross fixed capital formation651.2621.0733.9
Building and construction354.8313.0443.4
Land improvement3.93.721.4
Transport equipment177.6149.093.0
Machinery and equipment114.9155.3176.1
Change in stocks and herds46.017.40.2
Gross domestic capital formation697.2638.4734.1
Less depreciation202.3211.5210.2
Net domestic capital formation494.9426.9523.9
Source: Management and Information Systems Division (MISD).
Source: Management and Information Systems Division (MISD).
Table 5.Seychelles: Production Indicators, 1993-97
19931994199519961997

Prov.
Agricultural crops (in metric tons)
Copra
Exports 1/18111235300
Deliveries to warehouse380282344393237
Cinnamon bark
Exports 1/435414487318229
Deliveries to warehouse242469414280241
Tea, green leaf246246226223270
Fish landed, artisanal sector (in metric tons)5,4474,4284,3134,5084,095
Canned tuna (in metric tons)
Production4,5315,0757,49512,70840,596
Exports4,4667,3626,29112,81319,467
Fish transshipped 2/
(In thousands of metric tons)130.870.068.057.0
Beverage production (in thousands of liters)
Beer and stout6,5235,8385,8526,3656,476
Soft drinks7,0458,0388,4637,8528,286
Cigarette production (in millions of cigarettes)65.049.056.062.070.0
Electricity production (in millions of kWh)117.2126.0128.0133.0148.0
Slaughter (Le Rocher Abattoir)
Cattle (in heads)29732918916291
Pigs (in heads)4,8268,5166,7395,3025,162
Chickens (in thousands)446.4529.7733.2720.1807.0
Sources: Management and Information Systems Division (MISD); and Central Bank of Seychelles.

Actual shipments by Union Lighterage Company.

Estimates relate to fish caught by foreign fishing vessels in the western Indian Ocean and transshipped in Seychelles.

Sources: Management and Information Systems Division (MISD); and Central Bank of Seychelles.

Actual shipments by Union Lighterage Company.

Estimates relate to fish caught by foreign fishing vessels in the western Indian Ocean and transshipped in Seychelles.

Table 6.Seychelles: Indicators of Prices, Wages, and Employment, 1993-97
19931994199519961997
(Indices; period averages)
Retail prices, all income groups (January 1993=100) 1/99.8101.6101.3100.2100.8
Domestic goods (65.6) 2/100.0105.0104.2102.8103.2
Fish (3.2)97.2106.4113.6105.3118.6
Other food (11.9)99.4100.298.997.098.0
Nonfood (50.5)99.5106.0104.9104.0103.5
Imported goods (34.4)99.495.295.895.396.4
Food (11.5)99.481.379.877.777.9
Nonfood (22.9)99.3102.2103.8104.1105.6
External terms of trade (1986=100)162.5150.4150.3155.1165.4
Export prices92.782.5105.3102.6110.5
Tourism prices135.9126.0121.9127.2138.8
Import prices82.682.780.781.483.3
Average wages (1980=100)178.5179.6188.2191.0193.8
Formal employment (1980=100)144.2145.0147.2150.1161.6
(Annual changes in percent)
Retail prices, all income groups1.31.8-0.3-1.10.6
Domestic goods1.95.0-0.8-1.30.4
Imported goods0.5-4.20.6-0.51.2
Import prices-8.30.1-2.40.92.3
Average wages2.80.74.81.51.5
Formal employment3.20.61.52.07.7
Source: Management and Information Systems Division (MISD).

Weights in percent shown in parentheses; new weights introduced in January 1993.

Includes goods with high import content.

Source: Management and Information Systems Division (MISD).

Weights in percent shown in parentheses; new weights introduced in January 1993.

Includes goods with high import content.

Table 7.Seychelles: Average Formal Employment by Principal Sectors, 1993-97
19931994199519961997
(Number of people employed)
Agriculture, forestry, and fishing2,1531,9591,8701,7171,759
Manufacturing, electricity, and water2,7722,9132,9103,0823,555
Building and construction1,8331,7981,8942,0712,521
Wholesale and retail trade1,7881,9122,0112,1252,360
Transport, storage, and communications3,4253,0043,0523,0983,121
Tourism related1,1211,0931,1231,1471,131
Other2,3041,9111,9291,9511,990
Restaurants479488552538539
Hotels2,9703,1453,1793,1613,388
Services9,81810,15810,29510,48411,054
Public administration2,5702,5802,4382,4562,595
Finance and business9531,1121,2251,3891,518
Social and community5,6385,7995,9135,7955,944
Other657667719844997
All sectors25,23825,37725,76326,27628,297
Government9,6039,6479,5279,3579,530
Parastatal6,0135,2214,5543,9233,983
Private9,62210,50711,68312,99514,785
(In percent of total)
Agriculture, forestry, and fishing8.57.77.36.56.2
Manufacturing, electricity, and water11.011.511.311.712.6
Building and construction7.37.17.47.98,9
Wholesale and retail trade7.17.57.88.18.3
Transport, storage, and communications13.611.811.811.811.0
Tourism related4.44.34.44.44,0
Other9,17,57.57.47,0
Restaurants1.91.92.12.01.9
Hotels11.812.412.312.012.0
Services38.940.040,039.939.1
Public administration10.210,29.59.39.2
Finance and business3.84.44.85.35,4
Social and community22.322.923.022.121.0
Other2.62.62.83.23.5
All sectors100.0100.0100.0100.0100.0
Government38.038.037.035.633.7
Parastatal23.820.617,714.914.1
Private38.141.445.349.552.2
Source: Management and Information Systems Division (MISD).
Source: Management and Information Systems Division (MISD).
Table 8.Seychelles: Average Monthly Earnings in Formal Employment by Principal Sectors, 1993-97
19931994199519961997

Prov.
(In Seychelles rupees)
Agriculture, forestry, and fishing2,2902,3042,4432,3812,554
Manufacturing, electricity, and water2,7102,7292,8013,1463,152
Building and construction2,3572,4122,4882,5032,315
Wholesale and retail trade2,1802,2142,3052,29)2,368
Transport, storage, and communications
Tourism-related3,6513,7383,9904,1114,243
Other3,3233,5643,6433,5863,790
Restaurants2,1632,3062,0972,1872,280
Hotels2,3302,3452,5292,4742,502
Public administration2,9573,0103,2323,3153,404
Finance and business3,2253,2293,9233,7303,607
Social and community2,8722,9062,9143,0823,203
Other2,1492,2352,4982,4922,404
Alt sectors2,7202,73g2,8692,9112,954
Government2,8372,8852,9613,1033,251
Parastatal2,9662,9612,9933, ISO3,429
Private2,4492,5132,7722,7192,651
(Annual change in percent)
Agriculture, forestry, and fishing3.10.66.0-2.57.3
Manufacturing, electricity, and water4.40.72.612.30.2
Building and construction3.62.33.20.6-7.5
Wholesale and retail trade2,91.64,1-0.63.4
Transport, storage, and communications
Tourism-related0,32.46.73.03.2
Other3,97.32.2-1.65.7
Restaurants5.26.6-9.14.34.3
Hotels3.60.67.8-2.21.1
Public administration4.51.87.42.62.7
Finance and business1.60.121.5-4.9-3.3
Social and community0.61.20.35.83.9
Other7.84.011.8-0,2-3.5
All sectors2.80.74.81.51.5
Government2.21,72.64.84.8
Parastatat2.5-0.21.16.27.8
Private4.32.610.3-1.9-2.5
Source: Management Information Systems Division (MISD).
Source: Management Information Systems Division (MISD).
Table 9.Seychelles: Tourism Statistics, 1993-97
19931994199519961997
Visitor arrivals
Number (thousands)116.2309.9120.7131.0130.1
Percent change17.8-5.49.88.5-0.7
Purpose (thousands)
Holiday93.092,894.5111.4110.8
Business9.89.010.26.36.4
Transit and other13.48.116.113.212.8
Nights spent
Number (thousands)1,115.01,110.01,146.81,270.31,339.7
Percent change10.9-0.43.310.85.5
Average number of nights spent9.610,19.59.710.3
Value added in tourism
(In millions of Seychelles rupees; current prices)325.4355.8386.2426.5426.0
Tourism receipts 1/
Total (in millions of Seychelles rupees)607510467531612
Per arrival (in Seychelles rupees)5,2244,6403,8654,0584,701
Per night (in Seychelles rupees)544459407418456
Purpose (percent of arrivals)
Holiday80.084.478.385.185.2
Business8.48.28.54.84.9
Transit and other11.57,413.310.19.9
Residency (percent of arrivals)
Europe80.981.576.975.678.6
Africa11.610.011.810.210.8
Other7.58.511.314.210.6
Beds available (average number)3,9604,2444,3384,4784,598
Bed occupancy rate (percent)58.054.252.857.356.3
Cruise ship passengers (number) 2/9,5949,8978,42210,7926,013
Air travelers (number)108,179115,181125,955125,426
Sources: Management and Information System Division (MISD) and Central Bank of Seychelles.

Commercial bank purchases of foreign exchange from tourism sector. Unadjusted figures, which include purchases from residents and sales to visitors returning home.

Not included as visitors.

Sources: Management and Information System Division (MISD) and Central Bank of Seychelles.

Commercial bank purchases of foreign exchange from tourism sector. Unadjusted figures, which include purchases from residents and sales to visitors returning home.

Not included as visitors.

Table 10.Seychelles: Visitor Arrivals by Country of Residence, 1993-97
19931994199519961997
(In thousands of persons)
Europe94.089.692.999.0102.3
United Kingdom and Ireland18.919.317.615.416.0
Italy14.412.111.516.218.8
France26.622.324.925.525.1
Germany18.520.619.320.621.5
Switzerland3.83.95.15.95.6
Scandinavia1.92.12.32.42.9
Spain and Portugal5.54.05.25.13.0
Other Europe4.45.37.07.99.4
Africa13.511.014.313.414.0
Reunion, Franca3.32.53.53.02.8
Mauritius2.41.62.02.22.7
East Africa1.11.10.91.01.2
South Africa5.04.76.55.55.4
Other Africa171.11.21.71.8
Asia and Middle East4.05.36.411.36.4
Middle East1.82.12.05.81.7
India and Pakistran0.50.60.91.81.9
Hong Kong S.A.R.0.20.10.20.20.1
Japan0.91.21.41.10.7
Other Far East0.61.31.92.32.0
Western Hemisphere3.83.36.36.76.7
United States3.12.75.25.75.3
Other Western Hemisphere0.70.61.01.01.4
Other0.90.70.90.70.7
Total116.2109.9120.7131.0130.1
(In percent of total)
Europe80.981.576.975.678.6
United Kingdom and Ireland16.317.614.611.832.3
Italy12.411.09.512.4145
France22.920.320.619.519.3
Germany15.91S.716.015.716.5
Switzerland3.33.54.24.54.3
Scandnavia1.61.91.91.82.2
Spain and Portugal4.73.64.33.92.3
Other Europe3.84.85.86.07.2
Africa11.610.011.810.210.8
Reunion, France2.82.32.92.32.2
Mauritius2.11.51.71.72.1
East Africa0.91.00.80.81.0
South Africa4.34.35.44.24.1
Other Africa1.51.01.01.31.4
Asia and Middle East3.44.85.38.64.9
Middle East1.51.91.74.41.3
India and Pakistan0.40.50.71.41.4
Hong Kong S.A.R.0.20.10.20.20.1
Japan0.81.11.20.90.5
Other Far East0.51.21.6l.81.5
Western Hemisphere3.33.05.25.15.2
United States2.72.54.34.34.1
Other Western Hemisphere0.60.50.90.71.1
Other0.80.60.70.50.5
Total100.0100.0100.0100.0100.0
Source: Management and Information Systems Division (MISD).
Source: Management and Information Systems Division (MISD).
Table 11.Seychelles: Value Added in Tourism by Subsector, 1993-97(In thousands of Seychelles rupees)
1993199419951996

Prov.
1997

Est.
Hotels and restaurants207.8215.1226.3250.5248.0
Handicrafts20.817.318.721.721.5
Air transport, etc.21.447.353.657.857.2
Tour operators27.224.628.030.330,0
Passenger transport 1/20.619.024.126.726.9
Communications 1/21.326.128.431.033.7
Recreational services 1/6.26.47.18.68.6
Total325.4355.8386.2426.5426.0
Sources: Management and Information Systems Division (MISD); and staff estimates.

Not all value added of these subsectors is attributed to tourism.

Sources: Management and Information Systems Division (MISD); and staff estimates.

Not all value added of these subsectors is attributed to tourism.

Table 12.Seychelles: Retail Prices for All Income Groups by Types of Goods, 1993-97(Indices; January 1993 = 100; period averages)
Weights 1/19931994199519961997
Fish (local)3.2100.2106.4113.6105.3117.9
Other food23.399.990.989.587.588.1
Cereals, etc.5.8100.087.185.083.485.7
Meat and tinned fish3.1100.099.999.897.397.3
Dairy products, oil, and fats4.999.684.784.783.783.7
Fruits and vegetables3.6100.090.184.776.376.4
Other food and nonalcoholic beverages6.0100.095.695,696.396.5
Nonfood items73.499.7104.8104.5104.1104.1
Alcoholic beverages and tobacco21.199.199.1125.5124.7124.4
Clothing and footwear8.6100.197.698.5100.6102.5
Housing costs15.199.7100,897.399.699.8
Fuel, power, and water7.4100.077.881.372.772.7
Household items4.799.999.799.1100.1101.2
Personal items1.999.899.599.4101.0102.2
Transport and communications8.0100.0102.798.997.285.4
Services and recreation6.7100.0100.0100.1100.4112.0
All items (index)100.099.8101.6101.3100.2100.8
All Items (percentage change)1.31.8-0.3-1.10.6
Source: Management Information Systems Division (MISD).

Weights used since January 1993 are based on the results of the Household Income and Expenditure Survey, 1991-92.

Source: Management Information Systems Division (MISD).

Weights used since January 1993 are based on the results of the Household Income and Expenditure Survey, 1991-92.

Table 13.Seychelles: Consolidated Government Operations, 1993-97 1/
19931994199519961997

Prel.
(In millions of Seychelles rupees)
Total revenue and grants1,300.61,305.21,152.51.138.71,256.8
Total revenue1,262.51,286.65,139.71,124.91,246.8
Tax1,054.61.023.3936.0848.7969.4
Nontax207.9263.3203.7276.2277.4
External grants38.118.612.813.810.0
Expenditure and net lending1,472.51.342.11,314.61,443.81,584.6
Current expenditure1,165.51,135.01,080.61,171.51,276.5
Of which: wages and salaries329.8335.1361.5394.7423.6
interest193.9204.7234.1216.5255.0
Capital expenditure271.0183.6163.6256.1270.5
Net lending35623.570.416.237.6
Current balance (deficit -)97.0151.659.1-466-29.7
Overall deficit, commitment basis-571.9-36.9-162.1-305.1-327.8
Arrears (net; reduction -) 2/0.00.00.10.6-2.8
Overall deficit, cash basis-171.9-36.9-162.0-304.5-330.6
Less unidentified expenditures 3/53.1182.5114.3-16.514.5
Overall deficit after adjustment-225.0-219.4-276.3-288.0-345.1
Financing235.0219.4276.3288.0345.1
Foreign financing (net)22.7-35.0-48.5-30.1-19.2
Gross borrowing94.551.029.032.628.8
Amortization 4/-71.8-86.9-81.6-64.3-46.5
Change in arrears0.00.94.11.6-1.5
Domestic financing195.6162.6224.5293.3346.7
Banking system175.2143.9202.8251.1312.2
Central bank52.9241.7141.3131.5133.1
Commercial banks (net)122.3-97.861.5119.6179.1
Other nonbank financing 4/20.418.721.742.234.5
Sales of financial assets6.791.8100.324.317.6
(In percent of GDP, unless otherwise indicated)
Total revenue and grants53.553.547.645.146.4
Total revenue51.952.747.144.646.1
External grants1.60.80.50.50.4
Expenditure and net lending62.762.559.056.659.1
Current expenditure47.946.544.746.447.1
Of which: wages and salaries13.613.714.915.615.6
interest8.08.49.78.69.4
Capital expenditure11.27.56.810.210.0
Net lending1.51.02.90.61.4
Unidentified expenditures 3/2.27.54.7-0.70.5
Overall deficit, cash basis-9.3-9.0-11.4-11.4-12.7
Before grants-10.8-9.8-11.9-12.0-13.1
Financing9.39.011.411.412.7
External, excluding grants (net)0.9-1.4-2.0-1.2-0.7
Domestic8.06.79.311.612.8
Banks7.25.98.410.011.5
Nonbanks 4/0,80.80.91.71.3
Sales of financial assets0.33.84,11.00.7
Memorandum item:
Nominal GDP (in millions of Seychelles rupee)2.431.82,440.42,419.82,522.82.707.4
Sources: Ministry of Finance; Social Security Fund; Central Bank of Seychelles, and staff estimates.

Includes the central government and the social security system.

Includes identified arrears on foreign interest payments.

This represents the difference between identified budget revenues and expenditures, on the one hand, and the financing of the consolidated budget, on the other.

Excludes government papers held by the Social Security Fund.

Sources: Ministry of Finance; Social Security Fund; Central Bank of Seychelles, and staff estimates.

Includes the central government and the social security system.

Includes identified arrears on foreign interest payments.

This represents the difference between identified budget revenues and expenditures, on the one hand, and the financing of the consolidated budget, on the other.

Excludes government papers held by the Social Security Fund.

Table 14.Seychelles: Consolidated Government Revenue, 1993-97(In millions of Seychelles rupees)
19931994199519961997

Prel.
Tax revenue1,054.61,023.3936.0848.7969.4
Taxes on income and profits138.0134.2141.8115.9130.8
Social Security Fund (SSF)196.0244.0250.4184.7217.5
Government employees’ contribution15.315.414.516.817.5
Other contribution to the SSF170.3215.2226.6164.6192.0
Other revenue 1/10.413.49.33.38.0
Taxes on goods, services, and trade644.5573.7487.4462.6527.8
Trade taxes on imports475.8398.9303.0269.0321.6
Trade taxes on domestic goods111.3114.6113.6127.2128.4
Trade taxes on domestic services57.460.270.866.477.8
Other indirect domestic taxes71.263.646.484.192.8
Business and professional licenses64.850.332.969.075.9
Fishing56.738.118.151.741.7
Hotel1.00.90.90.816.7
Others7.111.313.916.517.5
Road Tax6.413.313.514.615.6
Other indirect taxes 2/0.00.00.00.51.3
Taxes on property0.40.52.00.00.0
Other taxes4.57.38.01.40.5
Nontax revenue207.9263.3203.7276.2277.4
Administrative fees and charges103.9176.197.7117.7140.2
Property income95.443.360.490.956.3
Of which: dividends from parastatals56.441.823.662.044.6
Transfer of profits from central bank0.027.137.049.062.7
Post office surplus4.03.54.14.94.7
Other nontax4.613.34.513.713.5
Total revenue1,262.51,286.61,139.71,124.91,246.8
Memorandum items:
Capital revenue6.791.8100.324.817.6
Sales of land5.421.015.018.916.7
Sales of other assets1.370.885.35.90.9
Sources: Ministry of Finance, Social Security Fund, Central Bank of Seychelles; and staff estimates.

Excluding interest from government.

Including motor vehicle testing.

Sources: Ministry of Finance, Social Security Fund, Central Bank of Seychelles; and staff estimates.

Excluding interest from government.

Including motor vehicle testing.

Table 15.Seychelles: Economic Classification of Consolidated Government Expenditure and Net Lending, 1993-97 1/(In millions of Seychelles rupees)
19931994199519961997

Prel.
Current expenditure1,165.51,135.01,080.61,171.51,276.5
Wages and salaries 1/329.8335.1361.5394.7423.6
Goods and services 1/395.7380.3278.7274.7331.1
Scheduled interest 2/193.9204.7234.1216.5255.0
Current transfers 3/246.1214.9206.3285.6266.8
To households from government17.518.828.530.56.5
To households from the SSF137.2124.2122.9152.3173.2
To parastatals from government69.558.428.369.746.2
To parastatals from the SSF21.913.526.633.140.9
Capital expenditure271.4183.6163.6256.1270.5
Acquisition of fixed assets248.5157.3132.4202.1215.9
Purchase of land3.75.710.46.55.0
Capital transfers to nonfinancial public enterprises 4/19.220.620.847.549.6
Total expenditure1,436.91,318.61,244.21,427.61,547.0
Net lending35.623.570.416.237.6
To parastatals from government35.625.575.416.237.6
To parastatals from the SSF0.0-2.0-5.00.00.0
Total expenditure and net lending1,472.51,342.11,314.61,443.81,584.6
Memorandum items:
Transfers and net lending to parastatals146.2116.0146.1166.5174.3
Expenditure of Ministry of Defense66.860.055.252.451.1
Sources: Ministry of Finance; Social Security Fund; Central Bank of Seychelles; and staff estimates.

Including the Social Security Fund (SSF).

Excluding government interest to the SSF.

Transfers and benefits from the government and the SSF.

Excludes equity participation.

Sources: Ministry of Finance; Social Security Fund; Central Bank of Seychelles; and staff estimates.

Including the Social Security Fund (SSF).

Excluding government interest to the SSF.

Transfers and benefits from the government and the SSF.

Excludes equity participation.

Table 16.Seychelles: Revenue and Expenditure of the Social Security System, 1993-97(In millions of Seychelles rupees)
19931994199519961997

Prel.
Contributions278.1325.2301.6259.0291.0
Government 1/107.8110.075.094.499.0
Employers92.594.660.577.681.5
Employees15.315.414.516.817.5
Other contributions170.3215.2226.6164.6192.0
Other income25.427.311.615.116.2
Of which: interest from government papers15.013.98.37.17.1
Total revenue303.5352.5320.8270.6306.1
Benefits 2/137.2124.2122.9152.3173.2
Operating expenditure7.09.09.010.110.3
Approved payments /grants146.9217.5219.5114.0127.2
Payments to Consolidated Fund125.0204.0192.980.986.3
Payments to Development Fund0.00.00.00.00.0
Payments to agencies21.913.526.633.140.9
Expenditure291.1350.7351.4276.4310.7
Gross surplus (including government)12.41.8-30.6-5.8-4.6
Less government contributions107.8110.075.094.499.0
Less interest from government15.013.99.98.37.1
Plus payments to government125.0204.0192.980.986.3
Net surplus (excluding government)14.681.977.4-27.6-24.4
Sources: Social Security Fund; and Ministry of Finance.

Excluding the armed forces and the National Youth Service.

Including the Full Employment Scheme.

Sources: Social Security Fund; and Ministry of Finance.

Excluding the armed forces and the National Youth Service.

Including the Full Employment Scheme.

Table 17.Seychelles: Consolidated Monetary Survey, 1993-97
19931994199519961997
(In millions of Seychelles rupees; end of period)
Foreign assets (net) 1/150.7109.2107.393.3101.8
Central Bank (net)148.9116.1109.586.7114.3
Commercial banks (net)1,8-6.9-2.26.6-12.5
Domestic credit1,190.21,408.31,620.71,872.62,295.9
Net credit to government935.51,079.41,282.21,533.31,845.6
Central Bank (net)264.2505.9647.2778.7911.9
Claims on government302.0529.3663.3790.5926.8
Government deposits-37.8-23.4-16.1-11.8-15.0
Commercial banks (net)671.3573.5635.0754.6933.7
Claims on government779.0692.3747.8843.11,096.9
Government deposits-107.7-118.8-112.8-88.5-163.2
Claims on parastatals80.9118.992.468.751.8
Claims on private sector172.8209.0245.1269.6397.5
Claims on specialized banks 2/1.01.01.01.01.0
Broad money1,105.71,293.11,513.21,706.02,205.8
Money (M2)1,105.71,094.91,211.61,388.91,987.8
Money (Ml)337.2326.2336.7449.9648.7
Quasi money 3/768.5768.7875.1939.01,339.1
Pipeline deposits 4/0.0198.2301.4317.1218.0
Other items (net)235.2224.4214.8259.9191.9
Net domestic assets955.01,183.91,405.91,612.72,104.0
Total assets=labilities1,340.91,517.51,728.01,965.92,397.7
(Annual change in percent of

beginning-of-period broad money)
Factors accounting for changes in broad money
Net foreign assets0.6-3.8-0.1-0.90.5
Domestic credit23.819.716.416.624.8
Net credit to government19.213.015.716.618.3
Claims on parastatals2.93.4-2.0-1.6-1.0
Claims on private sector1.63.32.81.67.5
Other items (net)3.3-1.0-0.73.0-4.0
Pipeline deposits 4/0.017.98.01.0-5.8
(Annual change in percent)
Net foreign assets3.6-27.5-1.8-13.19.2
Net domestic assets24.324.018.814.730.5
Domestic credit22.318.315.115.522.6
Net credit to government23.015.418.819.620.4
Claims on private sector9.520.917.310.047.5
Claims on parastatals49.547.0-22.3-25.6-24.6
Other items (net)15.0-4.6-4.321.0-26.2
Pipeline deposits 4/52.15.2-31.2
Broad money21.016.917.012.729.3
Memorandum item:
Velocity (GDP/average broad money) 5/2.42.01.71.61.4
Source: Central Bank of Seychelles (CBS).

Does not include government balances held abroad, which are included in official reserves.

Investment in the Development Bank of Seychelles.

Includes deposits of Seychelles Savings Bank at the CBS.

The pipeline scheme for foreign currency allocation was introduced in April 1994.

The apparent decline in velocity reflects, in part, the potential undervaluation of GDP because of price controls.

Source: Central Bank of Seychelles (CBS).

Does not include government balances held abroad, which are included in official reserves.

Investment in the Development Bank of Seychelles.

Includes deposits of Seychelles Savings Bank at the CBS.

The pipeline scheme for foreign currency allocation was introduced in April 1994.

The apparent decline in velocity reflects, in part, the potential undervaluation of GDP because of price controls.

Table 18.Seychelles: Accounts of the Central Bank of Seychelles, 1993-97(In millions of Seychelles rupees; end of period)
19931994199519961997
Foreign assets180.5142.7126.799.1127.2
Balances held abroad153.1131.7112.768.292.8
Foreign securities21.55.18.125.028.6
SDR holdings0.10.10.10.20.2
IMF reserve position5.85.85.85.85.6
Claims on government302.0529.3663.3790.5926.8
Advances to government116.1248.6452.4503.6923.2
Treasury bills175.2273.9184.0259.90.4
Treasury bonds0.03.123.323.43.2
Government stocks3.73.73.63.60.0
Other7.00.00.00.00.0
Claims on commercial banks21.57.01.80.00.0
Advances and rediscounts 1/21.57.01.80.00.0
Export refinance0.00.00.00.00.0
Other refinance0.00.00.00.00.0
Other assets 2/24.023.326.125.422.5
Assets = liabilities528.0702.3818.0915.01076.5
Reserve money385.2566.3686.5778.2923.3
Currency in circulation134.5141.6148.1165.7192.2
Currency with banks7.37.36.18.510.8
Bankers’ deposits241.4417.2529.9603.8720.3
SSB demand deposits 3/4/2.00.22.40.20.0
SSB time deposits 3/0.00.00.00.00.0
Foreign liabilities31.626.617.212.512.9
Government deposits37.823.416.111.815.0
Treasury deposits 4/35.722.115.610.814.4
Counterpart funds 4/2.11.30.51.00.6
Capital accounts 5/13.913.913.913.913.9
Other liabilities59.572.184.298.6111.5
Special funds0.60.60.70.70.7
International agencies1.00.20.10.10.1
Other deposits 4/18.07.02.83.22.8
Unclassified liabilities39.964.380.694.6107.8
Memorandum item:
Other liabilities (net)35.548.858.173.389.0
Source: Central Bank of Seychelles.

Against government securities.

Includes counterpart of gold and silver coin in circulation (SR 2.8 million throughout).

SSB stands for Seychelles Savings Bank.

Included in government deposits in publications of the Central Bank of Seychelles.

Capital, statutory reserves, and counterpart of SDR allocations (SR 2.9 million throughout).

Source: Central Bank of Seychelles.

Against government securities.

Includes counterpart of gold and silver coin in circulation (SR 2.8 million throughout).

SSB stands for Seychelles Savings Bank.

Included in government deposits in publications of the Central Bank of Seychelles.

Capital, statutory reserves, and counterpart of SDR allocations (SR 2.9 million throughout).

Table 19.Seychelles: Accounts of the Commercial Banks, 1993-97(In millions of Seychelles rupees; end of period)
19931994199519961997
Reserves248.7424.5536.0612.3731.1
Cash at hand7.37.36.18.510.8
Balances with Central Bank of Seychelles 1/2/241.4417.2529.9603.8720.3
Foreign assets40.325.048.296.3158.7
Claims on government779.0692.3747.8843.11,096.9
Treasury bills455.7378.5455.8431.6608.8
Treasury bonds200.5213.3171.0263.0326.1
Government stocks65.456.559.263.182.0
Restructured loans0.00.00.00.00.0
Other57.443.861.885.480.1
Claims on public entities80.9118.992.468.751.8
Claims on private sector172.8209.0245.1269.6397.5
Claims on specialized banks 3/1.01.01.01.01.0
Other assets115.7160.0178.2242.8458.3
Assets = liabilities1,438.41,630.71,843.72,133.82,895.3
Demand deposits 4/200.7184.4186.2284.0456.5
Public entities74.573.667.077.3117.8
Private sector 5/126.2110.8119.2206.5338.7
Time and savings deposits768.5768.7875.1939.01,339.1
Public entities’ time52.445.645,450.897.0
Private sector time 5/433.2419.7492.2596.0819.7
Savings deposits 4/278.6299.3325.4282.2412.5
Specialized banks’ time 3/4.34.112.110.09.9
Foreign liabilities 5/38.531.950.489.7171.2
Government deposits107.7118.8112.888.5163.2
Demand15.820.336.824.044.1
Time91.998.576.064.5119.1
Credit from CBS21.57.01.80.00.0
Capital accounts74.776.076.080.896.5
Other liabilities226.8443.9546.4651.8668.8
Memorandum items:
Public entities’ deposits 6/126,9119.2112.4128.3214.8
Claims on public entities (net) 6/-46.0-0.3-20.0-59.6-163.0
Pipeline deposits 2/0.0198.2301.4317.1218.0
Other liabilities (net)111.185.766.891.9-7.5
Source: Central Bank of Seychelles.

Includes pipeline deposits.

The pipeline scheme for foreign currency allocation was introduced in April 1994.

Data shown pertain to Development Bank of Seychelles.

Savings deposits include interest-bearing checking accounts, appropriate to demand deposits.

Private demand and time deposits include some deposits of nonresidents.

Excludes specialized banks.

Source: Central Bank of Seychelles.

Includes pipeline deposits.

The pipeline scheme for foreign currency allocation was introduced in April 1994.

Data shown pertain to Development Bank of Seychelles.

Savings deposits include interest-bearing checking accounts, appropriate to demand deposits.

Private demand and time deposits include some deposits of nonresidents.

Excludes specialized banks.

Table 20.Seychelles: Accounts of the Specialized Banks, 1993-97 1/(In millions of Seychelles rupees; end of period)
19931994199519961997
Cash and balances7.86.515.811.939.6
Cash in hand (SSB)1.52.21.31.71.7
Deposits with central bank (SSB)2.00.22.40.228.0
Deposits with commercial banks (DBS)4.34.112.110.09.9
Claims on government (SSB)121.994.693.2115.8108.4
Claims on public entities65.178.155.149.134.5
SSB0.025.07.27.20.0
DBS65.153.147.941.934.5
Claims on private sector99.3124.9152.4186.6273.0
SSB11.818.730.045.0109.4
DBS87.5106.2122.4141.6163.6
Other assets40.380.880.461.957.0
SSB15.254.549.236.135.2
DBS25.126.331.225.821.8
Assets = liabilities334.4384.9396.9425.3512.4
Deposit liabilities138.2182.8176.1196.9266.9
Time deposits (SSB)70.789.372.585.0140.6
Savings deposits (SSB)67.593.5103.6111.9126.3
Reserves45.652.953.956.273.0
SSB9.69.44.20.81.4
DBS36.043.549.755.471.6
Assigned capital (DBS)40.040.040.044.544.5
Other liabilities110.4109.2126.8127.7127.8
SSB4.43.02.93.89.5
DBS106.0106.2123.9123.9118.3
Source: Central Bank of Seychelles.

Seychelles Savings Bank (SSB) and Development Bank of Seychelles (DBS).

Source: Central Bank of Seychelles.

Seychelles Savings Bank (SSB) and Development Bank of Seychelles (DBS).

Table 21.Seychelles: Distribution of Commercial Bank Loans and Advances to Public Entities and Private Sector, 1993-97(In millions of Seychelles rupees; end of period)
19931994199519961997
Agriculture3.34.03.83.53.7
Public entities0.30.30.30.40.3
Private sector3.03.73.53.13.3
Fishing9.16.08.28.54.3
Public entities6.55.00.90.30.0
Private sector2.61.07.28.34.2
Manufacturing28.238.523.91.92.0
Public entities23.933.715.00.00.2
Private sector4.34.78.91.91.8
Construction9.012.812.713.135.8
Public entities0.00.00.00.010.0
Private sector9.012.812.713.125.8
Transportation9.718.921.126.014.6
Public entities8.016.619.417.811.3
Private sector1.72.31.68.23.2
Hotels, restaurants,
and other tourism64.875.356.174.682.2
Public entities39.234.010.113.05.8
Private sector25.641.345.961.676.4
Wholesale and
retail trade48.776.082.963.964.0
Public entities1.227.834.411.23.6
Private sector47,548.348.552.760.5
Real estate13.313.416.113.015.9
Public entities0.00.00.00.00.0
Private sector13.313.416.113.015.9
Other businesses17.522.142.429.123.8
Public entities1.81.512.28.25.5
Private sector15.720.630.220.818.3
Households and nonprofit
Private sector50.160.670.538.977.8
Mortgage loans
Private sector29.387.5
Total sectors253.7327.6337.5301.8411.6
Public entities80.9118.992.451.036.8
Private sector172.8208.7245.1250.8374.8
Source: Central Bank of Seychelles.
Source: Central Bank of Seychelles.
Table 22.Seychelles: Indicators of Commercial Bank Liquidity; 1993-97(End of period)
Bank Credit 1/Bank DepositsCreditExcessCredit fromTreasury Bill
DepositReservesCentral BankDiscount Rate
TotalChangeTotalChangeDepositReservesCentral BankDiscount Rate
(In millions offrom year(In millions offrom yearRatio(In millions of(In millions of Seychelles rupees)(Percent)
Seychelles rupees)earlierSeychelles rupees)earlier(Percent)Seychelles rupees)2/AdvancesRefinancing
(Percent)Seychelles rupees)(Percent)and rediscountsschemesTapTender
issue

3/
issue
1993
March908.25.3884.013.1102.78.025.00.013.4
June979.19.0946.918.9103.47.110.00.013.4
September1,000.111.31,041.026.396.17.511.00.013.413.1
December1,032.722.23,076.923.295.98.021.50.013.612.6
1994
March1,086.319.61,128.727.796.25.28.00.013.912.7
June1,021.54.31,094.715.693.35.40.00.013.912.5
September1,051.55.11,083.04.097.16.739.00.012.4
December1,020.2-1.21,071.9-0.595.27.80.00.012.0
1995
March1,005.0-7.31,092.5-3.292.09.610.00.012.4
June1,045.62.41,115.11.993.818.924.80.012.3
September1,045.7-0.61,136.54.992.010.211.50.012.2
December1,085.36.41,174.19.592.418.21.80.00.012.3
1996
March1,102.49.71,218.411.590.516.57.50.00.012.3
June1,172412.11,256.512.793.313.323.50.00.012.3
September1,159.510.91,225.37.894.610.59.30.00.010.4
December1,181.48.91,311.511.790.19.30.00.010.50.0
1997
March1,231.411.71,438.218.085.626.40.00.010.50.0
June1,472.025.61,702.535.586.535.90.00.010.50.0
September1,492.128.71,794.846.583.154.90.00.010.50.0
December1,546.230.91,958.849.478.999.60.00.010.50.0
Source: Cential Bank of Seychelles.

Excludes investment in Development Bank of Seychelles (SR 1.0 million throughout).

Actual reserves less required reserves; average for weeks ended during December or other month indicated.

Tap issue was replaced by a tender issue in September 1993.

Source: Cential Bank of Seychelles.

Excludes investment in Development Bank of Seychelles (SR 1.0 million throughout).

Actual reserves less required reserves; average for weeks ended during December or other month indicated.

Tap issue was replaced by a tender issue in September 1993.

Table 23.Seychelles: Structure of Interest Rates, 1993-97(Annual rates in percent; end of period)
19931994199519961997
Lending rates
Central bank to government
Low11.010.210.28.58.5
High15.014.214.212.512.5
Central bank to banks
Temporary advances 1/13.412.812.811.011.0
Export refinance1.01.01.01.01.0
Other refinance10.00.00.00.00.0
Commercial banks to public, average 2/15.715.816.615.4
Prime rate
Low13.013.0
High14.014.0
Minimum14.013.0
Maximum19.020.0
Concessionary refinance3.03.03.03.03.0
Deposit rates (commercial banks) 3/
Savings, low8.08.08.08.08.0
Time 4/
3 months 2/9.39.29.19.2
Low8.08.0
High12.011.8
6 months 2/9.49.59.29.1
Low9.09.0
High12.011.0
12 months 2/10.710.810.39.8
Low9.59.0
High12.012.0
Over 12 months 2/10.511.011.57.5
Low11.010.5
High12.011.0
Treasury bill discount rate
Average during period, tap issue 5/13.4
Average during period, lender issue12.912.012.310.510.5
Memorandum items:
Change in retail prices (in percent)
Annual average1.31.8-0.3-1.10.6
From 12 months earlier1.82.6-1.30.11.0
Source: Central Bank of Seychelles.

Average annual rate reported on 14-day advances. Rediscount rates linked to treasury bill tender rates.

As of end-1994, the Central Bank of Seychelles reports the weighted average of all commercial bank rates.

Ranges reflect mainly differences among banks. In most cases lower rates predominate.

Base rates. Actual rates are generally negotiable when large amounts arc involved.

Tap issue discontinued after September 1993.

Source: Central Bank of Seychelles.

Average annual rate reported on 14-day advances. Rediscount rates linked to treasury bill tender rates.

As of end-1994, the Central Bank of Seychelles reports the weighted average of all commercial bank rates.

Ranges reflect mainly differences among banks. In most cases lower rates predominate.

Base rates. Actual rates are generally negotiable when large amounts arc involved.

Tap issue discontinued after September 1993.

Table 24.Seychelles: Balance of Payments, 1993-97(In millions of Seychelles rupees, unless otherwise indicated)
1994199519961997

Prel.
Current account-107.0-211.0-273.2-343.7
Goods-687.4-763.7-918.0-976.6
Credit263.0253.8387.8579.4
Of which: merchandise exports, f.o.b.137.9128.0228.6368.4
Debit-950.4-1,017.5-1,305.8-l,556.0
Of which; merchandise imports, f.o.b.-884.6-940.0-1,217.4-1,485.0
Services588.7398.0631.8605.7
Credit1,001.41,038.21,137.61,252.7
Of which: tourism income through commercial banks510.0466.2524.5615.4
Debit-412.7-440.2-555.8-647.0
Income-49.0-81.7-64.5-46.9
Credit16.027.930.031.4
Debit-65.0-109.6-94.5-78.3
Compensation of employees0.81.11.7-0.7
Credit1.82.43.51.1
Debit-1.0-1.3-1.8-1.8
Investment income-49.8-82.8-66.2-46.2
Credit14.225.326.530.3
Debit-64.0-108.3-92.7-76.5
Current transfers40.736.477.574.1
General government76.060.1107.9106.3
Credit78.061.9113.1109.8
Debit-2.0-1.8-5.2-3.5
Other sectors-35.3-23.7-30.4-32.2
Credit30.228.224.429.9
Debit-65.5-51.9-54.8-62.1
Capital and financial account41.560.079.5299.1
Direct investment84.0126.583.0223.5
Abroad-65.0-75.0-65.0-50.0
In Seychelles149.0201.5148.0273.5
Portfolio investment-3.9-13.518.415.3
Assets-47-12.718.415.5
Liabilities0.8-0.80.0-0.2
Other investment-38.6-53.0-21.960.3
Assets0.8-14,0-40.6-84.7
Liabilities-39.4-39.018.7145.0
Net errors and omissions5.084.0118.98.9
Overall balance-60.5-u7.0-74.8-35.7
Financial and overall balance60.567.074.835.7
Reserve assets32.37.019.5-25.4
Arrears28.260.055.361.1
Memorandum items:
GDP at current market prices2,440.42,419.82,522.82,707.4
Current account balance
Before official transfers (in percent of GDP)-7.6-11.3-15.3-16.8
After official transfers (in percent of GDP)-4.4-8.7-10.8-12.7
Gross international reserves143.9127.6103.3129.1
In weeks of imports, c.i.f.6.85.63.53.6
Net international reserves117.3110.390.865.0
External debt749.9746.4716.3744.0
Debt-service ratio (in percent)
To exports of goods and services 1/9.88.75.64.2
To same less reexports and bunker sales11.19.78.24.8
Source: Central Bank of Seychelles.

Debt and debt service data are not comprehensive as they do not include debt service of public enterprises for which data are unavailable and are partly reflected in errors and ommissions.

Source: Central Bank of Seychelles.

Debt and debt service data are not comprehensive as they do not include debt service of public enterprises for which data are unavailable and are partly reflected in errors and ommissions.

Table 25.Seychelles: Domestic Exports, Reexports, and Bunker Sales, 1993-97(In millions of Seychelles rupees)
19931994199519961997

Est.
Domestic exports, f.o.b.78.8114.3113.9204.4317.9
Canned tuna58.384.088.0169.9268.2
Fresh and frozen fish9.29.210.112.821.5
Sharks’ fins3.11.92.92.42.2
Frozen prawns2.81.96.910.916.3
Copra0.90.20.30.00.0
Cinnamon bark2.32.33.54.83.3
Other2.214.92.23.66.4
Reexports and bunker sales186.2141.4139.6488.4220.2
Reexports 1/37.718.316.7332.714.5
Durables to carriers 2/0.51.12.61.72.0
Other reexports 3/37.217.214.1331.012.5
Bunker sales 1/148.5123.1122.9155.7205.7
Petroleum products 2/146.1119.9118.4151.5200.1
Food, beverages, tobacco, and chemicals 2/2.43.24.54.25.6
Total, customs basis265.0255.7253.5692.8538.0
Memorandum items:
Exports and re-exports, balance of payments256.2263.0253.8387.8330.3
Adjustments 4/-8.87.30.3-305.00.0
Net petroleum earnings0.10.010.1-16.30.0
Bunker sales146.1119.9118.4151.5200.1
Imports for bunkers146.0119.9108.3167.8200.1
Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Breakdown between reexports and bunkers is as made for the balance of payments, where bunker sales are regarded as service earnings under transportation (port services). Customs data treat all such merchandise as reexports.

Imported into bond and resold to international carriers.

Imported goods cleared through customs but not materially transformed before reexportation.

May reflect minor revisions of customs data not incorporated in balance of payments.

Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Breakdown between reexports and bunkers is as made for the balance of payments, where bunker sales are regarded as service earnings under transportation (port services). Customs data treat all such merchandise as reexports.

Imported into bond and resold to international carriers.

Imported goods cleared through customs but not materially transformed before reexportation.

May reflect minor revisions of customs data not incorporated in balance of payments.

Table 26.Seychelles: Major Exports by Value, Volume, and Unit Value, 1993-97(Value in thousands of Seychelles rupees; volume in tons; and unit value in Seychelles rupees per kilogram)
19931994199519961997
Canned tuna
Value58,29089,16187,992169,900286,165
Volume4,4667,3626,29112,81319,467
Unit value13.112.114.013.314.7
Fresh and frozen fish
Value9,2329,18610,13012,81221,506
Volume445438406487923
Unit value20.721.025.026.323.3
Copra 1/
Value92816233500
Volume22610115700
Unit value4.11.62.10.00.0
Cinnamon bark
Value2,3331,4642,2692,1583,287
Volume442270416320498
Unit value5.35.45.56.76.6
Other exports (value)7,99314,32013,16319,53724,875
Total domestic exports (value)78,776114,293113,889204,407335,833
Source: Management and Information Systems Division (MISD).

Copra exports dropped to zero during 1996-97.

Source: Management and Information Systems Division (MISD).

Copra exports dropped to zero during 1996-97.

Table 27.Seychelles: Imports and Import Prices by Standard International Trade Classification (SITC) Commodity Group, 1993-97
19931994199519961997

Est.
Values(In millions of Seychelles rupees)
Food, live animals, beverages, and tobacco237.7210.0222.0313.1441.9
Food and live animals194.1190.7201.4290.3417.1
Beverages and tobacco43.619.320.622.824.8
Minerals, fuels, etc.175.6162.3143.6211.3251.8
Products for home consumption29.642.435.343.551.7
Petroleum products for bunkers 1/146.0119.9108.3167.8200.1
Machinery and transport equipment309.7241.4320.0827.1376.5
Manufactures404.5326.6308.2383.7505.1
Goods classified by material226.8205.1186.8241.6333.9
Miscellaneous articles177.7121.5121.4142.1171.2
Other groups108.3102.2115.4146.8180.6
Crude materials17.018.219.725.434.8
Oils and fats9.611.519.728.435.4
Chemicals81.071.474.284.4108.0
Goods not classified0.61.01.88.52.4
Total imports, c.i.f.1,235.81,042.41,109.21,881.91,755.9
Total imports, f.o.b.1,050.4884.1940.81,597.61,526.9
Less imports for cannery37.754.256.8109.7173.2
Less imports for resale157.318.2116.7408.2184.0
Retained imports855.5711.7767.31,079.71,169.6
Prices 2/(Indices: 1986=100)
Food, live animals, beverages, and tobacco
Food and live animals106.7107.2101.4104.4105.4
Beverages and tobacco82.2109.8112.9111.4108.3
Minerals, fuels, etc.74.571.473.375.176.2
Machinery and transport equipment77.677.178.273.274.9
Manufactures
Goods classified by material88.991.887.379.981.7
Miscellaneous articles62.966.367.566.367.8
Other groups
Crude materials120.8123.6126.8126.3129.2
Oils and fats76.779.786.794.396.5
Chemicals118.8117.6126.2123.1125.9
Overall index82.582.780.781.483.3
Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Valued at import prices. Imports for warehousing at reexport less imports for home consumption ex warehouse.

Paasehe formula indices (current weights) applied to 109 items representing over 60 percent of total value of imports; less coverage for machinery and transport equipment and manufacturing.

Sources: Management and Information Systems Division (MISD); Central Bank of Seychelles; and staff estimates.

Valued at import prices. Imports for warehousing at reexport less imports for home consumption ex warehouse.

Paasehe formula indices (current weights) applied to 109 items representing over 60 percent of total value of imports; less coverage for machinery and transport equipment and manufacturing.

Table 28.Seychelles: Imports by End Use, 1993-96
1993199419951996
(In millions of Seychelles rupees)
Retained imports, c.i.f.975.1806.4847.21,045.4
Consumer goods271.0117.9161.1209.9
Intermediate goods473.3430.7424.8514.4
Capital goods230.8257.8261.3321.1
Imports for cannery44.354.256.8109.7
Imports for resale, c.i.f.185.0139.0139.6488.4
Petroleum products for bunkers 1/146.1119.5118.4151.4
Other bunkers and reexports 2/38.919.521.2337.0
Statistical adjustment30.542.865.6238.3
Total imports, c.i.f.1,234.91,042.41,109.21,881.9
Memorandum items:
Imports, f.o.b. 3/1,047.5884.1940.81,597.6
Total imports, c.i.f.1,234.91,042.41,109.21,881.9
Less shipment 4/-185.4-156.4-166.4-282.3
Less returned imports-2.0-2.0-2.0-2.0
GDP at current market prices2,431.82,440.42,419.82,522.8
(In percent)
Rates of change
Retained imports, c.i.f.17.6-17.35.123,4
Total imports, c.i.f.25.9-15.66.469.7
Ratios to GDP
Retained imports, c.i.f.40.133.035.041.4
Total imports, c.i.f.50.842.745.874.6
Source: Management and Information Systems Division (MISD).

Imports of petroleum products for subsequent sale to ships and aircraft.

Reported as equal to nonpetroleum reexports and bunker sales.

As adjusted for balance of payments.

Freight and insurance, estimated as 15 percent of noncannery imports (c.i.f).

Source: Management and Information Systems Division (MISD).

Imports of petroleum products for subsequent sale to ships and aircraft.

Reported as equal to nonpetroleum reexports and bunker sales.

As adjusted for balance of payments.

Freight and insurance, estimated as 15 percent of noncannery imports (c.i.f).

Table 29.Seychelles: Direction of Trade, 1993-97(In percent of total)
19931994199519961997

Prov.
Domestic exports, f.o.b.100.0100.0100.0100.0100.0
France14.44.32.221.229.2
Germany3.913.520.418.927.3
Hong Kong S.A.R.1.40.40.30.30.0
Italy0.19.40.115.824.0
Japan0.50.75.74.67.0
Mauritius0.71.41.00.40.2
Pakistan0.40.00.00.00.0
Reunion, France9.27.56.73.41.4
Singapore4.31.32.51.91.7
South Africa1.30.50.91.43.4
United Kingdom55.152.949.926.63.7
Other8.78.010.35.52.0
Total imports, c.i.f.100.0100.0100.0100.0100.0
Australia1.51.61.31.32.1
Bahrain0.00.00.00.011.2
Belgium0.51.11.00.71.0
China, People’s Republic of1.11.00.80.40.8
France6.25.77.37.09.6
Germany3.21.41.62.11.6
Hong Kong S.A.R.0.70.70.60.40.3
India2.11.52.12.42.6
Italy2.63.13.63.64.7
Japan5.83.35.82.23.1
Kenya1.52.21.91.01.7
Malaysia1.21.21.20.91.2
Mauritius1.51.71.51.11.8
Netherlands1.82.32.41.32.5
Oman0.00.00.00.00.0
Singapore13.114.615.19.211.2
South Africa17.313.212.910.414.5
Thailand2.11.82.11.82.3
United Arab Emirates0.20.50.60.61.1
United Kingdom13.317.614.711.311.8
United States7.73.83.926.62.0
Yemen13.114.111.910.61.3
Other3.67.47.75.211.5
Source: Management and Information Systems Division (MISD).
Source: Management and Information Systems Division (MISD).
Table 30.Seychelles: Terms of Trade and Related Indices, 1993-97(Indices in terms of Seychelles rupees: 1986 = 100)
199219931994199519961997

Est.
Domestic exports
Value671.8568.1824.2821.81,470.22,415.4
Volume732.6612.8999.0780.41,437.12,192.3
Price index 1/91.792.782.5105.3102.3110.2
Tourism
Value 2/180.8194.1179.2179.1206.8238.0
Volume 3/128.6142.8142.2146.9162.6171.5
Unit value140.6135.9126.0121.9127.2138.8
Combined unit value 4/138.7134.3124.3121.3126.3137.7
Imports
Value150.5189.5159.9170.1288.7275.9
Volume167.0229.4193.4210.8354.7331.4
Price index 1/90.182.682.780.781.483.3
Terms of trade154.0162.5150.4150.3155.1165.4
Percent change12.65.6-7.5-0.13.26.6
Sources: Management Information Systems Division (MISD); and start estimates.

Paasche formula indices (current weights) covering virtually all domestic exports and over 60 percent of total imports.

Based on tourism earnings in balance of payments.

Based on nights spent rather than arrivals.

Staff estimate weighted by values of exports (3.8 percent) and tourism earnings (96.2 percent) in 1986.

Sources: Management Information Systems Division (MISD); and start estimates.

Paasche formula indices (current weights) covering virtually all domestic exports and over 60 percent of total imports.

Based on tourism earnings in balance of payments.

Based on nights spent rather than arrivals.

Staff estimate weighted by values of exports (3.8 percent) and tourism earnings (96.2 percent) in 1986.

Table 31.Seychelles: External Public Debt and Debt Service, 1993-97
19931994199519961997

Est.
(In millions of Seychelles rupees)
Government external debt (year’s end) 1/997.9933.2911.8939.7758.7
Bilateral loans298.4275.7298.7367.1285.2
Multilateral loans446.1421.6411.6399.3392.8
Commercial loans253.4235.9201.6173.380.7
Suppliers’ credits110.599.177.469.958.0
Financial institutions142.9136.7124.2103.422.7
Debt service90.580.7110.374.3103.9
Repayments63.750.175.751.771.9
Interest and charges26.830.634.722.632.1
Memorandum items:
Exports of goods and services1,333.51,264.41,292.01,575.41,847.0
Less reexports and bunker sales1,183.31,139.31,166.21,416.21,568.6
(In percent)
Share in total debt100.0100.0100.0100.0100.0
Bilateral loans29.929.532.839.137.6
Multilateral loans44.745.245.142.551.8
Commercial loans25.425.322.118.410.6
Total debt-to-GDP ratio41.038.237.737.225.2
Debt service as a percent of Exports of goods and services6.86.48.54.75.6
Same less reexports and bunker sales7.67.19.55.26.6
Sources: Ministry of Finance; the Central Bank of Seychelles; and World Bank estimates.

Government-serviced debt of over one year’s maturity only.

Sources: Ministry of Finance; the Central Bank of Seychelles; and World Bank estimates.

Government-serviced debt of over one year’s maturity only.

Table 32.Seychelles: Effective Exchange Rate Indices, 1993-97(Indices: 1980 = 100; period averages)
Nominal Effective RateReal Effective Rate
Weighted byWeighted by
Trade

partners 1/
Tourism and

trade 2/
Trade

partners 1/
Tourism and

trade 2/
Seychelles Rupees

per U.S. Dollar
Annual
1993173.5294.3117.5135.55.1815
1994167.6297.2115.3126.45.0559
1995169.0298.3112.6123.14.7620
1996167.3306.3107.4119.44.9700
1997177.4318.3111.5117.65.0263
Quarterly
1993 I170.0259.7117.1127.75,2580
1993 II171.9295.6117.2138.85.1200
1993 III175.5309.0118.0139.15.1576
1993 IV176.4313.1117.7136.25.1898
1994 I167.9310.8116.0132.95.2158
1994 II167.9302.2116.6129.15.1138
1994 III167.4297.0114.4125.64.9624
1994 IV167.1278.9114.0118.14.9314
1995 I168.3283.0113.4118.34.8511
1995 II171.0300.4114.4125.04,6207
1995 III169.7307.7112.7126.74.7311
1995 IV166.8302.1109.8122.34.4850
1996 I166.3304.1107.9121.24.9374
1996 II168.0309.0107.7121.24.9808
1996 III167.4307.7107.2118.74.9736
1996 IV167.6304.6107.0116.34.9881
1997 I174.4309.3110.5116.24.9933
1997 II176.5310.0111.4114.44.9960
1997 III179.3325.8112.3120.25.0637
1997 IV179.5328.1111.8119.75.0523
December
1993176.1311.8117.3134.95.2267
1994167.6281.6114.4119.54.9695
1995166.8302.2109.4121.44.8639
1996168.0303.6107.2115.64.9946
1997180.1327.8112.0119.25.1249
Sources: Staff estimates based on International Financial Statistics and Directions of Trade Statistics data, plus member country tourism data.

Weighted by shares of major trading partners in Seychelles’s trade; index used for IMF Information Notice System.

Weighted by shares of nearby competitor countries in tourism market (applied to Seychelles’s tourism earnings), as well as by trading partners’ weight in exports and imports.

Sources: Staff estimates based on International Financial Statistics and Directions of Trade Statistics data, plus member country tourism data.

Weighted by shares of major trading partners in Seychelles’s trade; index used for IMF Information Notice System.

Weighted by shares of nearby competitor countries in tourism market (applied to Seychelles’s tourism earnings), as well as by trading partners’ weight in exports and imports.

Seychelles: Summary of Tax System, 1997
TaxNature of TaxExemptions and DeductionsRates
1. Taxes on net income and profits
Tax on business for



(a) companies, corporations, or enterprises;

(b) partnerships;

(c) trusts; and

(d) sale traders.



Business Tax Act, 1987.

Investment Promotion Act, 1994.
A tax on taxable income derived from a source in Seychelles (and in the case where a nonresident carries on a business in Seychelles through a branch, the branch shall be deemed to be incorporated and carrying on business in Seychelles) during the immediately preceding year by the owner of a business. Withholding tax is payable on certain royalties to nonresidents, payments to musicians, and salaries paid by government departments to nonresidents.Deductions include normal expenses incurred in carrying on the business. Specific deductions are allowed for royalties when withholding tax is paid; expenses of borrowing loans; discharge of mortgage and lease documents; and certain expenditure on land for primary production for clearing, draining, fencing, and pest control. Income from residential property is exempt. A loss in any year is deductible within a maximum of five subsequent years. Contributions to certain public funds and charities are double deductible. Standard depreciation is straight line on historic cost (four categories of assets). Assets purchased from 1995 qualify for accelerated depreciation. Under the Investment Promotion Act, certain holders of certificates of approval may depreciate up to 150 percent of historic cost.The rates of tax payable on taxable income per year by the owner of a business (companies, partnership, trusts, and sole traders), being a resident or a nonresident, are as follows:



0 percent on first SR 24,000;

25 percent on next SR 24,000;

30 percent on next SR 48,000;

40 percent on remainder.



For certain holders of certificates of approval under the Investment Promotion Act, rates per year are as follows:



0 percent on first SR 24,000;

15 percent on remainder.



Withholding tax is applied as follows:



15 percent on royalties;

10 percent on payments to musicians;

5 percent on salaries paid to nonresident government employees.
2. Taxes on property, and property transfers
Stamp Duties Ordinance, 1975, No. 4 of 1975 (Immovable Property Transfer Restriction Fee Regulations, 1974), S.I. 56 of 1974.



Immovable Property (Transfer Restriction) Act, Decree No. 13 of 1977.



Stamp Duty (Amendment) Regulations, S.I. 116 of 1980.
Levied on the value of immovable property transferred and on the consideration for the grant of an option.Transfers to the government are exempt.4 percent on the first SR 50,000 of value;

10 percent on the remainder.



The fee is to be paid by the transferor or the transferee if the latter retains the duty when making payment of the consideration (plus 1,5 percent license fee when property is acquired by a non-Seychellois. as explained in 3.25 below)
Amendment of the first schedule to Act 4 of 1975, last amended by S.I. 20 of 1982.Levied on movable property or rights.



Levied on shares of the capital of a company.
3 percent of the value of the property or rights.



2.5 percent of the value of the shares.
3. Taxes on goods and services
3. 1 Trades and service tax
The Trades Tax Act (1985) was enacted and deemed to have come into operation on January 1, 1992.



The Turnover Tax Act (1985) and the Control of Goods Decree (1977) were repealed.



The Customs Tariff Act was amended by reducing to “free” all rates of duty on goods subject to positive rates of duty prior to January 1, 1986.



The Excise Duty Act (1972) was amended by reducing to “nil” the duty rates specified in the first schedule, with effect from January 17, 1986.
The Trades Tax Act provides for assessment and payment of a trades tax on specified goods and services, and for related purposes. The tax replaces the previous customs, excise, and turnover taxes, and will apply to goods imported into Seychelles, goods manufactured or produced in Seychelles for sale, and specified services. The tax on imported goods is calculated at the “landed cost.” The tax on locally manufactured or produced goods and services is calculated on monthly sales revenue at rates specified in the regulations. Tax on specified services is calculated on payments received for those services at rates specified in the regulations.The Minister may authorize exemptions from the tax for products and materials imported into Seychelles for further manufacture or production of intermediate or final products for sale. Certain imported goods are exempt from the tax under the regulations, including imports previously exempt from tax under the Customs Tariff (Temporary Importations) Regulations, the Customs Tariff (Passengers’ Baggage) Regulations, and the Customs Tariff (Presidential Exemption) Regulations.



As part of an exercise to upgrade tourist establishments, hotels and restaurants have been granted, on a case-by-case basis, a 100 percent tax concession on imported capital equipment. A 5O percent tax concession is also granted on all service items.
3.2 Taxes on use of goods and services or property, or permission to perform activities
3.21 Business license fees. The Licence Ordinance (Cap.106), the Licence Fees (Amendment) Notices (S.I. No. 106, 1974 and No. 119, 1975).All businesses, including agents and brokers, auctioneers, owners of vessels engaged in coastal trade in Seychelles, and music or gaming machines, are required to be licensed annually. Hotels and banks are licensed annually under separate legislation (hotels at SR 150 per bed).Fees range from SR 25 for hawkers, blacksmiths, etc., to SR 375 for insurance agencies, etc., to SR 600 for chandlers and labor contractors, to SR 1,000 for general merchants, shipping and aircraft agents, and wholesalers.
3.22 Motor vehicle taxes. The Road Transport Act (Cap. 226); the Road Transport Regulations (S.I. 104 of 1986).Annual fees that increase with the cylinder capacity of motorcycles and passenger-carrying vehicles, and with the weight or load capacity of other vehicles, whichever is the greater. Additional fees are charged for an omnibus, taxi, or self-drive hire car. An annual driving license fee is also payable.Motorcycles, from SR 100 to SR 150. Passenger vehicles, SR 1 per cubic centimeter of engine displacement (effective January 1, 1994). Other vehicles from SR 300 to SR 1,000.
Additional fees
OmnibusSR 50-100
TaxiSR 300
Self-driveSR 1,000
Driving license feeSR 50
3.23 Hire craft license fees. Control of Hire Craft Act (Cap, 208). The Control of Hire Craft Regulations (S.I. 63 of 1978).All hire craft are required to be licensed annually on the basis of their overall length. (The regulations also impose minor fees for surveys of craft and certification of crews).
Length (in fee)
Under 10SR 500
10-20SR 1,500
20-30SR 4,000
30-40SR 6,000
40-70SR 8,000
Over 70SR 10,000
Beach craftSR 100
3.24 Foreign fishing vessel license fees. Control of Fishing Vessels Decree No. 7 of 1979.All foreign fishing vessels fishing within the exclusive economic zone of fishing for sedentary species on the continental shelf require a license.Tuna long lining: SR 105 per month per gross registered ton. Tuna purse seining: SR 70 per ton of fish permitted. Tuna pole and line: subject to negotiation (currently SR 40 per ton). Ocean trawling: SR 35 per month per gross registered ton.
3.25 Property transfer fees. The Immovable Property Transfer Restriction Ordinance (Cap. 96) and Regulations (S.I. 96 of 1974).A fee is imposed (additional to any stamp duty) on sanctions, for any non-Seychellois to acquire or lease immovable property, or to take an option in that regard, or to purchase shares in a company owning immovable property.1 percent of value transferred or of annual rent. Options: SR 100. Purchase or shares: SR 500.
3.3 Stamp duties
The Stamp Duty Ordinance, 1975 (No. 4 of 1975).Stamp duties are imposed on an extensive range of legal instruments at low ad valorem or fixed rates.Fixed duties range from SR 0.1 on receipts and checks to SR 25 on performance bonds. Ad valorem duties include losses between 2 percent and 10 percent of the annual rent; on transfers of shares, 2.5 percent; on movable property, 3percent; and on mortgages, ⅛ percent of the sum secured.
4. Taxes on international trade and transactions
Amended by the Trades Tax Act of 1985.With the introduction of the Trades Tax Act of 1985, the Customs Tariff Act was amended by reducing to “free” all positive rates of duty with effect from January 1, 1986.
5. Social security contributions
Social Security Act, 1987. Investment Promotion Act, 1994.Contribution to Social Security Fund to be made by employee and employer.Certain holders of certificates of approval under the Investment Promotion Act are exempt from the employers’ contribution.Employee:

5 percent of monthly gross emoluments.

Employer with respect to any employee:

10 percent of first SR 1,000 per month gross emoluments;

20 percent on next SR 1,000;

35 percent on next SR 8,000;

40 percent on remainder.



Certain holders of certificates of approval under the Investment Promotion Act qualify for a 50 percent reduction of the employers’ contribution.
Source: Ministry of Finance and Communications.
Source: Ministry of Finance and Communications.

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