Front Matter Page
© 2000 International Monetary Fund
December 2000
IMF Staff Country Report No. 00/162
Seychelles: Recent Economic Developments
This Recent Economic Developments report on Seychelles was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Seychelles or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
INTERNATIONAL MONETARY FUND
SEYCHELLES
Recent Economic Developments
Prepared by a staff team consisting of Trevor Alleyne (head),
Bernadin Akitoby, Gamal El-Masry, (both AFR), Wim Fonteyne (MAE),
Markus Haacker, and Francis Tyaba (both AFR)
Approved by the African Department
October 26, 2000
Contents
Social and Demographic Indicators
I. Real Sector Developments in 1998 and 1999
A. Output Developments
B. Price Developments
II. Fiscal Sector
A. Expenditures
B. Revenues
III. Monetary Policy, and Banking System Issues
A. Monetary Policy
B. Banking System Issues
C. Offshore Sector Issues
IV. External Sector Developments
A. The Balance of Payments
Current account
Capital and financial account
Financing of the balance of payments
B. External Debt
C. Trade and Exchange Regime
D. The Exchange Rate and Competitiveness
Box
1. East Coast Land Reclamation Project
Figures
1. Evolution of Commercial Bank Assets, 1995-99
2. Exchange Rate Indices, January 1990-July 2000
Text Table
1. Indicators of Banking System Soundness, April 2000
Appendixes
I. Summary of the Tax System, at end-June 2000
II. Monetary Policy In Small Financial Systems
A. Characteristics of Small Financial Systems
B. Monetary and Exchange Rate Policy in Small Financial Systems
C. Application to Seychelles
III. Statistical Appendix Tables
1. Gross Domestic Product by Industrial Origin at Constant 1986 Market Prices, 1994-99
2. Gross Domestic Product by Industrial Origin at Current Market Prices, 1994-99
3. Expenditure on Gross Domestic Product, 1994-97
4. Composition of Domestic Capital Formation, 1994-97
5. Production Indicators, 1994-99
6. Indictors of Prices, Wages, and Employment, 1994-99
7. Average Formal Employment by Principal Sectors, 1994-97
8. Average Monthly Earnings in Formal Employment by Principal Sectors, 1994-99
9. Tourism Statistics, 1994-99
10. Visitor Arrivals by Country of Residence, 1994-99
11. Value Added in Tourism by Subsector, 1994-97
12. Retail Prices for All Income Groups by Types of Goods, 1994-99
13. Consolidated Government Operations, 1994-99
14. Consolidated Government Revenue, 1994-99
15. Economic Classification of Consolidated Government Expenditure and Net Lending, 1994-99
16. Revenues and Expenditures of the Social Security System, 1994-99
17. Monetary Survey, 1994-99
18. Accounts of the Central Bank of Seychelles, 1994-99
19. Accounts of the Commercial Banks, 1994-99
20. Accounts of the Specialized Banks, 1994-99
21. Distribution of Commercial Bank Loans and Advances to Public Entities and Private Sector, 1994-99
22. Indicators of Commercial Bank Liquidity, 1994-97
23. Structure of Interest Rates, 1994-99
24. Balance of Payments, 1994-99
25. Domestic Exports, Reexports, and Bunker Sales, 1994-99
26. Major Exports by Value, Volume, and Unit Value, 1994-99
27. Imports and Import Prices by Standard International Trade Classification (SITC) Commodity Group, 1994-99
28. Imports by End Use, 1994-96
29. Direction of Trade, 1994-99
30. Terms of Trade and Related Indices, 1994-99
31. External Public Debt and Debt Service, 1994-99
32. Effective Exchange Rate Indices, 1994: Q1-99:Q4
Seychelles: Social and Demographic Indicators
| GDP (1999) | Population | |||||
| Total (in million of U.S. dollars) | 612.1 | Total (mid-1999) | 80,410.0 | |||
| Per capita (in U.S. dollars) | 7,611.0 | Growth (percent a year, average 1995-99) | 1.3 | |||
| Area (sq. km) | 455.3 | Density (1999; per sq. km) | ||||
| Of which: agricultural | Total | 773.0 | ||||
| (in percent) | 22.2 | Of which : agricultural | 760.8 | |||
| Population characteristics (1999; in percent, unless otherwise indicated) |
Health (1999) | |||||
| Life expectancy at birth (years) | 72.4 | Population per physician | 773.0 | |||
| Male | 67.4 | Population per hospital bed | 181.0 | |||
| Female | 78.2 | Infant mortality rate (1999; per thousand births) | 10.3 | |||
| Infant mortality (aged under 1) | 1.0 | |||||
| Child death rate (aged 1-4) | 2.0 | Access to safe water (1997 census; in percent) | ||||
| Population under age 15 | 26.8 | Urban population | 90.0 | |||
| Median age (years) | 26.0 | Rural population | 80.0 | |||
| Education (1993; in percent) | Nutrition (1980-86) | |||||
| Primary school enrollment, | 88.0 | Per capita daily calorie supply | 2,317.0 | |||
| population aged 6-13 | Per capita daily protein supply (in grams) | 49.0 | ||||
| (2000; in percent) | 88.0 | |||||
| Pupil-to-teacher ratio (2000) | 14.6 | |||||
| GDP (1999) | Population | |||||
| Total (in million of U.S. dollars) | 612.1 | Total (mid-1999) | 80,410.0 | |||
| Per capita (in U.S. dollars) | 7,611.0 | Growth (percent a year, average 1995-99) | 1.3 | |||
| Area (sq. km) | 455.3 | Density (1999; per sq. km) | ||||
| Of which: agricultural | Total | 773.0 | ||||
| (in percent) | 22.2 | Of which : agricultural | 760.8 | |||
| Population characteristics (1999; in percent, unless otherwise indicated) |
Health (1999) | |||||
| Life expectancy at birth (years) | 72.4 | Population per physician | 773.0 | |||
| Male | 67.4 | Population per hospital bed | 181.0 | |||
| Female | 78.2 | Infant mortality rate (1999; per thousand births) | 10.3 | |||
| Infant mortality (aged under 1) | 1.0 | |||||
| Child death rate (aged 1-4) | 2.0 | Access to safe water (1997 census; in percent) | ||||
| Population under age 15 | 26.8 | Urban population | 90.0 | |||
| Median age (years) | 26.0 | Rural population | 80.0 | |||
| Education (1993; in percent) | Nutrition (1980-86) | |||||
| Primary school enrollment, | 88.0 | Per capita daily calorie supply | 2,317.0 | |||
| population aged 6-13 | Per capita daily protein supply (in grams) | 49.0 | ||||
| (2000; in percent) | 88.0 | |||||
| Pupil-to-teacher ratio (2000) | 14.6 | |||||