Abstract
Staff Report for the 2019 Article IV Consultation and Third Review Under the Policy Coordination Instrument and Request for Modification of Targets and Monetary Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
Context
1. Seychelles has made considerable progress in strengthening economic stability and sustainability under successive Fund programs since the 2008 crisis. Underpinned by the authorities’ prudent macroeconomic policies and bold structural reforms, the country enjoyed strong economic growth while running significant primary fiscal surpluses since 2009 and reducing its public-debt-to-GDP ratio by two thirds since end-2008. A strong fiscal position, prudent monetary policy, and significant Fund financial assistance led to a build-up of external buffers: prospective import coverage of the gross international reserves (GIR) improved to about 4 months by 2015 from less than 1 month at end-2008. Strong ownership by the authorities played a key role in successful programs.
Fiscal balances and growth, 2008–18
(Percent of GDP)
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
Fiscal balances and growth, 2008–18
(Percent of GDP)
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
Fiscal balances and growth, 2008–18
(Percent of GDP)
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
Gross International Reserves and Public Debt, 2008–18
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
Gross International Reserves and Public Debt, 2008–18
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
Gross International Reserves and Public Debt, 2008–18
Citation: IMF Staff Country Reports 2019, 194; 10.5089/9781498323208.002.A001
2. Seychelles is the only high-income country in Sub-Saharan Africa and its economic and social indicators are among the highest among small states.1 As the country did not need Fund financial assistance anymore, in mid-2017 the authorities requested a Policy Coordination Instrument (PCI)—the first member country to do so—to maintain a close policy dialogue with the Fund after its Extended Arrangement (EFF) expired. Seychelles announced an ambitious strategy for climate change mitigation and adaptation in 2015 and was the first pilot country for a Climate Change Policy Assessment (CCPA) for small states.
Selected Indicators in Small States
(2017 or latest available)
Selected Indicators in Small States
(2017 or latest available)
| Bahamas | Barbados | Fiji | Maldives | Mauritius | Singapore | Seychelles | |
|---|---|---|---|---|---|---|---|
| GDP per capita (USD) | 32,661 | 17,758 | 5,528 | 12,527 | 10,504 | 57,713 | 15,735 |
| Real GDP growth (percent, average 2012–16) | 0.1 | 0.6 | 3.6 | 5.2 | 3.7 | 3.5 | 5.0 |
| Public debt (percentage of GDP) | 55 | 124 | 50 | 65 | 64 | 113 | 64 |
| External current account balance (% of GDP; average 2013–17) | -14.2 | -6.3 | -5.3 | -11.8 | -5.5 | 18.3 | -18.8 |
| Adult literacy rate (percent) | 96 | 100 | 94 | 99 | 93 | 97 | 95 |
| Life expectancy at birth, total (years) | 76 | 76 | 70 | 77 | 74 | 83 | 74 |
| Infant mortality rate ( per 1,000 live births) | 6 | 12 | 21 | 7 | 12 | 2 | 12 |
Selected Indicators in Small States
(2017 or latest available)
| Bahamas | Barbados | Fiji | Maldives | Mauritius | Singapore | Seychelles | |
|---|---|---|---|---|---|---|---|
| GDP per capita (USD) | 32,661 | 17,758 | 5,528 | 12,527 | 10,504 | 57,713 | 15,735 |
| Real GDP growth (percent, average 2012–16) | 0.1 | 0.6 | 3.6 | 5.2 | 3.7 | 3.5 | 5.0 |
| Public debt (percentage of GDP) | 55 | 124 | 50 | 65 | 64 | 113 | 64 |
| External current account balance (% of GDP; average 2013–17) | -14.2 | -6.3 | -5.3 | -11.8 | -5.5 | 18.3 | -18.8 |
| Adult literacy rate (percent) | 96 | 100 | 94 | 99 | 93 | 97 | 95 |
| Life expectancy at birth, total (years) | 76 | 76 | 70 | 77 | 74 | 83 | 74 |
| Infant mortality rate ( per 1,000 live births) | 6 | 12 | 21 | 7 | 12 | 2 | 12 |
3. Despite this impressive progress, additional efforts are needed to lock in medium-term sustainability. The government intends to reduce the country’s infrastructure gap and achieve ambitious climate change mitigation and adaptation goals over the medium term. In this context, it is necessary to ensure efficient management of public investment and maintain fiscal discipline to shore up the authorities’ medium-term debt reduction target and fiscal sustainability. The political situation could pose challenges for the current administration to keep fiscal discipline as the next presidential elections are scheduled to be held by December 2020.2 Furthermore, as a very small open economy dependent on tourism and tuna, Seychelles remains vulnerable to negative external shocks.
4. The authorities’ policies have been largely aligned with the advice from the previous Article IV consultation, albeit with a marginal loosening of fiscal stance (Box 1). With a view to creating space for priority public investments, the authorities revised down the primary surplus target by ½ percent of GDP to 2½ percent of GDP from 2018 onwards compared with the 2017 Article IV recommendation. The revised primary surplus would lead to a steady reduction of public-debt-to-GDP ratio to below 50 percent by 2021, one year later than the authorities’ previous medium-term debt reduction goal. This revised goal, in the view of Staff and the authorities, strikes an adequate balance between addressing investment needs and preserving economic stability. The monetary policy stance has been appropriate to achieve inflation objectives. The flexible exchange rate has allowed for a build-up of foreign reserves, and the Central Bank of Seychelles (CBS) has made progress to strengthen the new monetary policy framework where interest rates play a prominent role. Structural reforms have also been implemented broadly in line with staff’s advice to strengthen the state-owned enterprises (SOEs) and address risks of potential further withdrawal of correspondent banking relations (CBRs). As a result, the PCI program has been on track (see ¶34). Progress in improving the business environment and diversifying tourism and fishery industries have been mixed.
Recent Developments, Outlook and Risks
5. Economic conditions continue to be favorable (Tables 1–5, Figures 1 and 2). Tourist receipts grew by 16¾ percent in 2018 with strong growth from the major European markets, according to the CBS survey. The robust performance of the tourism sector coupled with strong canned tuna production resulted in a real GDP growth of 4.1 percent in 2018. The nominal exchange rate has been stable in recent months while gross international reserves (GIR), supported by strong tourism, have outperformed staff’s projection at the time of the 2nd review under the PCI. Private sector credit growth decelerated since March 2018 but remained high at 13.6 percent at end-March 2019. Financial soundness indicators indicate that the ratio of non-performing loans (NPLs) to gross loans declined to 3.5 percent in December 2018 from 7.1 percent in December 2017 (following the resolution of a large legacy NPL) and that banks are adequately capitalized and liquid. The CBS raised the lower and upper bounds of the interest rate corridor by 50 basis points in January 2019, citing concerns over potential demand pressures arising from public-sector wage adjustments in the 2019 budget and the still brisk pace of private credit growth. Headline year-on-year CPI inflation rate declined to 2 percent in March 2019, down from over 4½ percent earlier in 2018 due to declining international fuel prices in the later months of 2018 and a tight monetary policy stance since April 2018. Staff’s newly constructed financial conditions index indicates a general improvement in financial conditions relative to 2016, prior to the start of the strong credit growth cycle 4.
Seychelles: Selected Economic and Financial Indicators, 2015–24
Includes onlending to the parastatals for investment purposes.
Includes debt issued by the Ministry of Finance for monetary purposes.
Includes private external debt.
Seychelles: Selected Economic and Financial Indicators, 2015–24
| Nominal GDP (2017): US$1,498 million | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per capita GDP (2017): US$15,735 | |||||||||||||||
| Population, end-year (2016): 94,677 | |||||||||||||||
| Literacy rate (2015): 95.3 percent | |||||||||||||||
| Main products and exports: Tourism, Canned Tuna | |||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||
| Act. | Act. | Act. | Prel. | Proj. | |||||||||||
| (Annual percent change, unless otherwise indicated) | |||||||||||||||
| National income and prices | |||||||||||||||
| Nominal GDP (millions of Seychelles rupees) | 18,340 | 19,014 | 20,515 | 22,019 | 23,274 | 24,774 | 26,526 | 28,393 | 30,366 | 32,396 | |||||
| Real GDP | 4.9 | 4.5 | 4.3 | 4.1 | 3.5 | 3.3 | 4.1 | 4.0 | 3.8 | 3.6 | |||||
| CPI (annual average) | 4.0 | -1.0 | 2.9 | 3.7 | 2.6 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| CPI (end-of-period) | 3.2 | -0.2 | 3.5 | 3.4 | 3.2 | 3.3 | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| GDP deflator average | 2.1 | -0.8 | 3.4 | 3.1 | 2.2 | 3.0 | 2.8 | 2.9 | 3.0 | 3.0 | |||||
| Money and credit | |||||||||||||||
| Broad money | 2.9 | 12.1 | 16.4 | 7.7 | 5.6 | 7.1 | … | … | … | … | |||||
| Reserve money (end-of-period) | 9.5 | 14.5 | 18.9 | 4.5 | 8.3 | 9.7 | … | … | … | … | |||||
| Reserve money (average of last quarter) | 7.2 | 10.4 | 19.0 | … | … | … | … | … | … | … | |||||
| Velocity (GDP/broad money) | 1.5 | 1.4 | 1.3 | 1.3 | 1.3 | 1.3 | … | … | … | … | |||||
| Money multiplier (broad money/reserve money) | 4.7 | 4.6 | 4.5 | 4.6 | 4.5 | 4.4 | … | … | … | … | |||||
| Credit to the private sector | 7.8 | 10.3 | 17.8 | 11.5 | 10.7 | 10.1 | … | … | … | … | |||||
| (Percent of GDP, unless otherwise indicated) | |||||||||||||||
| Savings-Investment balance | |||||||||||||||
| External savings | 18.6 | 20.1 | 20.4 | 17.1 | 17.0 | 17.4 | 18.3 | 18.1 | 17.5 | 17.4 | |||||
| Gross national savings | 15.2 | 10.2 | 8.5 | 10.0 | 10.9 | 11.6 | 12.4 | 13.4 | 13.7 | 13.2 | |||||
| Of which: government savings | 5.9 | 3.8 | 3.6 | 4.7 | 5.2 | 5.3 | 6.1 | 7.7 | 8.1 | 7.2 | |||||
| private savings | 9.3 | 6.4 | 4.9 | 5.3 | 5.7 | 6.2 | 6.3 | 5.6 | 5.7 | 6.0 | |||||
| Gross investment | 33.8 | 30.2 | 28.9 | 27.1 | 27.9 | 29.0 | 30.7 | 31.5 | 31.2 | 30.5 | |||||
| Of which: public investment 1 | 4.8 | 5.0 | 4.4 | 5.6 | 5.4 | 6.0 | 6.7 | 7.0 | 7.0 | 7.0 | |||||
| private investment | 29.0 | 25.2 | 24.5 | 21.5 | 22.5 | 23.0 | 24.0 | 24.5 | 24.2 | 23.5 | |||||
| Private consumption | 47.6 | 47.1 | 51.0 | 53.3 | 51.1 | 50.8 | 51.5 | 51.8 | 52.1 | 51.4 | |||||
| (Percent of GDP) | |||||||||||||||
| Government budget | |||||||||||||||
| Total revenue, excluding grants | 33.4 | 36.6 | 35.5 | 36.3 | 37.3 | 35.8 | 35.3 | 35.2 | 35.0 | 34.8 | |||||
| Expenditure and net lending | 32.8 | 38.1 | 37.0 | 38.4 | 38.6 | 37.7 | 36.7 | 36.2 | 36.0 | 36.3 | |||||
| Current expenditure | 28.0 | 33.1 | 32.6 | 32.8 | 33.2 | 31.7 | 30.1 | 29.4 | 28.8 | 29.4 | |||||
| Capital expenditure 1 | 4.8 | 5.0 | 4.4 | 5.6 | 5.4 | 6.0 | 6.7 | 7.0 | 7.3 | 7.2 | |||||
| Overall balance, including grants | 0.9 | -1.4 | 0.0 | 0.7 | -0.1 | -0.2 | -0.1 | 0.1 | 0.2 | -0.4 | |||||
| Program primary balance | 4.3 | 3.4 | 3.0 | 2.9 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | |||||
| Total government and government-guaranteed debt 2 | 69.2 | 72.7 | 66.8 | 60.1 | 57.7 | 53.2 | 48.9 | 44.9 | 41.7 | 39.2 | |||||
| Domestic (including debt issued for monetary purposes) | 34.8 | 40.4 | 36.7 | 32.4 | 31.0 | 28.0 | 25.6 | 23.4 | 21.3 | 19.5 | |||||
| of which: Monetary debt | 13.4 | 16.2 | 11.4 | 9.3 | 7.9 | 6.5 | 5.1 | 4.0 | 3.3 | 2.6 | |||||
| External | 34.4 | 32.2 | 30.1 | 27.7 | 26.7 | 25.1 | 23.3 | 21.5 | 20.4 | 19.7 | |||||
| External sector | |||||||||||||||
| Current account balance including official transfers (in percent of GDP) | -18.6 | -20.1 | -20.4 | -17.1 | -17.0 | -17.4 | -18.3 | -18.1 | -17.5 | -17.4 | |||||
| Total external debt outstanding (millions of U.S. dollars) 3 | 1,392 | 1,505 | 1,639 | 1,748 | 1,772 | 1,789 | 1,817 | 1,839 | 1,877 | 1,970 | |||||
| (percent of GDP) | 101.1 | 105.4 | 109.0 | 110.5 | 107.4 | 105.4 | 101.7 | 97.6 | 94.8 | 95.1 | |||||
| Terms of trade (-=deterioration) | 3.3 | 2.7 | -1.2 | -3.7 | 1.5 | 0.3 | 0.2 | 0.1 | 0.0 | -0.1 | |||||
| Real effective exchange rate (average, percent change) | 11.6 | 0.1 | -5.2 | … | … | … | … | … | … | … | |||||
| Gross official reserves (end of year, millions of U.S. dollars) | 536.8 | 522.6 | 546 | 548 | 551 | 570 | 586 | 601 | 613 | 630 | |||||
| Months of imports, c.i.f. | 4.3 | 3.7 | 3.7 | 3.6 | 3.5 | 3.3 | 3.3 | 3.3 | 3.2 | 3.2 | |||||
| In percent of Assessing Reserve Adequacy (ARA) metric | 138.1 | 131.0 | 129.3 | 124.5 | 124.9 | 127.1 | 126.9 | 125.6 | 123.3 | 127.8 | |||||
| Exchange rate | |||||||||||||||
| Seychelles rupees per US$1 (end-of-period) | 13.2 | 13.5 | 13.8 | … | … | … | … | … | … | … | |||||
| Seychelles rupees per US$1 (period average) | 13.3 | 13.3 | 13.6 | … | … | … | … | … | … | … | |||||
Includes onlending to the parastatals for investment purposes.
Includes debt issued by the Ministry of Finance for monetary purposes.
Includes private external debt.
Seychelles: Selected Economic and Financial Indicators, 2015–24
| Nominal GDP (2017): US$1,498 million | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per capita GDP (2017): US$15,735 | |||||||||||||||
| Population, end-year (2016): 94,677 | |||||||||||||||
| Literacy rate (2015): 95.3 percent | |||||||||||||||
| Main products and exports: Tourism, Canned Tuna | |||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||
| Act. | Act. | Act. | Prel. | Proj. | |||||||||||
| (Annual percent change, unless otherwise indicated) | |||||||||||||||
| National income and prices | |||||||||||||||
| Nominal GDP (millions of Seychelles rupees) | 18,340 | 19,014 | 20,515 | 22,019 | 23,274 | 24,774 | 26,526 | 28,393 | 30,366 | 32,396 | |||||
| Real GDP | 4.9 | 4.5 | 4.3 | 4.1 | 3.5 | 3.3 | 4.1 | 4.0 | 3.8 | 3.6 | |||||
| CPI (annual average) | 4.0 | -1.0 | 2.9 | 3.7 | 2.6 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| CPI (end-of-period) | 3.2 | -0.2 | 3.5 | 3.4 | 3.2 | 3.3 | 3.0 | 3.0 | 3.0 | 3.0 | |||||
| GDP deflator average | 2.1 | -0.8 | 3.4 | 3.1 | 2.2 | 3.0 | 2.8 | 2.9 | 3.0 | 3.0 | |||||
| Money and credit | |||||||||||||||
| Broad money | 2.9 | 12.1 | 16.4 | 7.7 | 5.6 | 7.1 | … | … | … | … | |||||
| Reserve money (end-of-period) | 9.5 | 14.5 | 18.9 | 4.5 | 8.3 | 9.7 | … | … | … | … | |||||
| Reserve money (average of last quarter) | 7.2 | 10.4 | 19.0 | … | … | … | … | … | … | … | |||||
| Velocity (GDP/broad money) | 1.5 | 1.4 | 1.3 | 1.3 | 1.3 | 1.3 | … | … | … | … | |||||
| Money multiplier (broad money/reserve money) | 4.7 | 4.6 | 4.5 | 4.6 | 4.5 | 4.4 | … | … | … | … | |||||
| Credit to the private sector | 7.8 | 10.3 | 17.8 | 11.5 | 10.7 | 10.1 | … | … | … | … | |||||
| (Percent of GDP, unless otherwise indicated) | |||||||||||||||
| Savings-Investment balance | |||||||||||||||
| External savings | 18.6 | 20.1 | 20.4 | 17.1 | 17.0 | 17.4 | 18.3 | 18.1 | 17.5 | 17.4 | |||||
| Gross national savings | 15.2 | 10.2 | 8.5 | 10.0 | 10.9 | 11.6 | 12.4 | 13.4 | 13.7 | 13.2 | |||||
| Of which: government savings | 5.9 | 3.8 | 3.6 | 4.7 | 5.2 | 5.3 | 6.1 | 7.7 | 8.1 | 7.2 | |||||
| private savings | 9.3 | 6.4 | 4.9 | 5.3 | 5.7 | 6.2 | 6.3 | 5.6 | 5.7 | 6.0 | |||||
| Gross investment | 33.8 | 30.2 | 28.9 | 27.1 | 27.9 | 29.0 | 30.7 | 31.5 | 31.2 | 30.5 | |||||
| Of which: public investment 1 | 4.8 | 5.0 | 4.4 | 5.6 | 5.4 | 6.0 | 6.7 | 7.0 | 7.0 | 7.0 | |||||
| private investment | 29.0 | 25.2 | 24.5 | 21.5 | 22.5 | 23.0 | 24.0 | 24.5 | 24.2 | 23.5 | |||||
| Private consumption | 47.6 | 47.1 | 51.0 | 53.3 | 51.1 | 50.8 | 51.5 | 51.8 | 52.1 | 51.4 | |||||
| (Percent of GDP) | |||||||||||||||
| Government budget | |||||||||||||||
| Total revenue, excluding grants | 33.4 | 36.6 | 35.5 | 36.3 | 37.3 | 35.8 | 35.3 | 35.2 | 35.0 | 34.8 | |||||
| Expenditure and net lending | 32.8 | 38.1 | 37.0 | 38.4 | 38.6 | 37.7 | 36.7 | 36.2 | 36.0 | 36.3 | |||||
| Current expenditure | 28.0 | 33.1 | 32.6 | 32.8 | 33.2 | 31.7 | 30.1 | 29.4 | 28.8 | 29.4 | |||||
| Capital expenditure 1 | 4.8 | 5.0 | 4.4 | 5.6 | 5.4 | 6.0 | 6.7 | 7.0 | 7.3 | 7.2 | |||||
| Overall balance, including grants | 0.9 | -1.4 | 0.0 | 0.7 | -0.1 | -0.2 | -0.1 | 0.1 | 0.2 | -0.4 | |||||
| Program primary balance | 4.3 | 3.4 | 3.0 | 2.9 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | |||||
| Total government and government-guaranteed debt 2 | 69.2 | 72.7 | 66.8 | 60.1 | 57.7 | 53.2 | 48.9 | 44.9 | 41.7 | 39.2 | |||||
| Domestic (including debt issued for monetary purposes) | 34.8 | 40.4 | 36.7 | 32.4 | 31.0 | 28.0 | 25.6 | 23.4 | 21.3 | 19.5 | |||||
| of which: Monetary debt | 13.4 | 16.2 | 11.4 | 9.3 | 7.9 | 6.5 | 5.1 | 4.0 | 3.3 | 2.6 | |||||
| External | 34.4 | 32.2 | 30.1 | 27.7 | 26.7 | 25.1 | 23.3 | 21.5 | 20.4 | 19.7 | |||||
| External sector | |||||||||||||||
| Current account balance including official transfers (in percent of GDP) | -18.6 | -20.1 | -20.4 | -17.1 | -17.0 | -17.4 | -18.3 | -18.1 | -17.5 | -17.4 | |||||
| Total external debt outstanding (millions of U.S. dollars) 3 | 1,392 | 1,505 | 1,639 | 1,748 | 1,772 | 1,789 | 1,817 | 1,839 | 1,877 | 1,970 | |||||
| (percent of GDP) | 101.1 | 105.4 | 109.0 | 110.5 | 107.4 | 105.4 | 101.7 | 97.6 | 94.8 | 95.1 | |||||
| Terms of trade (-=deterioration) | 3.3 | 2.7 | -1.2 | -3.7 | 1.5 | 0.3 | 0.2 | 0.1 | 0.0 | -0.1 | |||||
| Real effective exchange rate (average, percent change) | 11.6 | 0.1 | -5.2 | … | … | … | … | … | … | … | |||||
| Gross official reserves (end of year, millions of U.S. dollars) | 536.8 | 522.6 | 546 | 548 | 551 | 570 | 586 | 601 | 613 | 630 | |||||
| Months of imports, c.i.f. | 4.3 | 3.7 | 3.7 | 3.6 | 3.5 | 3.3 | 3.3 | 3.3 | 3.2 | 3.2 | |||||
| In percent of Assessing Reserve Adequacy (ARA) metric | 138.1 | 131.0 | 129.3 | 124.5 | 124.9 | 127.1 | 126.9 | 125.6 | 123.3 | 127.8 | |||||
| Exchange rate | |||||||||||||||
| Seychelles rupees per US$1 (end-of-period) | 13.2 | 13.5 | 13.8 | … | … | … | … | … | … | … | |||||
| Seychelles rupees per US$1 (period average) | 13.3 | 13.3 | 13.6 | … | … | … | … | … | … | … | |||||
Includes onlending to the parastatals for investment purposes.
Includes debt issued by the Ministry of Finance for monetary purposes.
Includes private external debt.
Seychelles: Balance of Payments, 2015–24
From 2015 onwards the data reflect the findings of the IIP survey, which indicated that the proportion of equity to debt in FDI flows was being significantly overestimated
Per STA recommendations, renewals of off-shore licenses are excluded.
Seychelles: Balance of Payments, 2015–24
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Est. | Est. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||||||||
| Current account balance (+ surplus; – deficit) | -256 | -286 | -307 | -270 | -280 | -296 | -327 | -342 | -347 | -360 | |||||||||
| (percent of GDP) | -18.6 | -20.1 | -20.4 | -17.1 | -17.0 | -17.4 | -18.3 | -18.1 | -17.5 | -17.4 | |||||||||
| Balance of goods and services (+ surplus; – deficit) | -124 | -146 | -176 | -189 | -183 | -175 | -206 | -201 | -203 | -198 | |||||||||
| Exports of goods | 449 | 459 | 536 | 562 | 569 | 614 | 664 | 678 | 707 | 750 | |||||||||
| Of which: oil re-exports | 147 | 131 | 150 | 183 | 163 | 171 | 179 | 188 | 199 | 211 | |||||||||
| Of which: tuna exports | 239 | 270 | 268 | 286 | 291 | 324 | 360 | 363 | 371 | 386 | |||||||||
| Imports of goods | 922 | 991 | 1,155 | 1,234 | 1,279 | 1,342 | 1,454 | 1,483 | 1,537 | 1,612 | |||||||||
| Of which: oil imports | 170 | 162 | 209 | 288 | 278 | 296 | 316 | 281 | 295 | 304 | |||||||||
| Exports of services | 848 | 894 | 998 | 1,016 | 1,062 | 1,111 | 1,178 | 1,221 | 1,270 | 1,334 | |||||||||
| Of which: tourism earnings1 | 392 | 414 | 483 | 564 | 594 | 627 | 662 | 695 | 733 | 769 | |||||||||
| Imports of services | 498 | 507 | 554 | 533 | 535 | 557 | 593 | 617 | 642 | 669 | |||||||||
| Balance on primary income (+ surplus; – deficit) | -105 | -133 | -136 | -99 | -95 | -114 | -113 | -131 | -134 | -150 | |||||||||
| Of which: interest due | 27 | 40 | 25 | 26 | 36 | 39 | 40 | 40 | 42 | 56 | |||||||||
| transfers of profits and dividends | 18 | 19 | 17 | 22 | 17 | 18 | 19 | 19 | 19 | 19 | |||||||||
| Balance on secondary income (+ surplus; – deficit) | -27 | -8 | 6 | 18 | -2 | -8 | -9 | -9 | -10 | -11 | |||||||||
| Of which: general government, net | 38 | 50 | 42 | 54 | 30 | 30 | 31 | 32 | 32 | 31 | |||||||||
| Capital account | 37 | 54 | 52 | 50 | 47 | 49 | 45 | 43 | 45 | 46 | |||||||||
| Financial account | 271 | 237 | 276 | 229 | 244 | 273 | 304 | 319 | 317 | 334 | |||||||||
| Direct investment, net 1 | 148 | 182 | 270 | 116 | 211 | 225 | 305 | 324 | 315 | 314 | |||||||||
| Abroad | -5 | -4 | -6 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | |||||||||
| In Seychelles | 144 | 178 | 264 | 124 | 219 | 233 | 314 | 332 | 324 | 325 | |||||||||
| Of which: offshore sector | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Portfolio investment, net | 36 | -52 | -57 | -45 | -60 | -34 | -32 | -32 | -32 | -22 | |||||||||
| Other investment, net | 86 | 107 | 63 | 157 | 93 | 82 | 30 | 28 | 35 | 42 | |||||||||
| Government and government-guaranteed | -14 | -35 | -16 | -1 | 1 | 1 | 3 | -3 | 2 | 7 | |||||||||
| Disbursements | 0 | 5 | 5 | 25 | 28 | 36 | 44 | 52 | 56 | 54 | |||||||||
| Project loans | 0 | 5 | 0 | 25 | 28 | 36 | 44 | 52 | 56 | 54 | |||||||||
| Program loans | 10 | 10 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Amortization | -24 | -54 | -19 | -34 | -33 | -40 | -44 | -53 | -52 | -46 | |||||||||
| Private sector | 100 | 142 | 80 | 159 | 92 | 81 | 28 | 30 | 32 | 35 | |||||||||
| Net errors and omissions | 21 | -18 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Overall balance | 72 | 5 | 22 | 8 | 10 | 26 | 21 | 21 | 16 | 19 | |||||||||
| Financing | -72 | 13 | -23 | -8 | -10 | -26 | -21 | -21 | -16 | -19 | |||||||||
| Change in net international reserves (increase: –) | -72 | 13 | -23 | -8 | -10 | -26 | -21 | -21 | -16 | -19 | |||||||||
| Change in gross official reserves (increase: –) | -74 | 14 | -24 | -2 | -3 | -19 | -16 | -15 | -12 | -17 | |||||||||
| Liabilities to IMF, net | 2 | -1 | 2 | -6 | -7 | -7 | -6 | -5 | -4 | -2 | |||||||||
| Other net foreign assets (increase: –) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Exceptional financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Financing gap | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Memorandum items: | |||||||||||||||||||
| Exports G&S growth, percent | -5.5 | 4.3 | 13.4 | 2.9 | 3.4 | 5.8 | 6.8 | 3.1 | 4.1 | 5.4 | |||||||||
| Tourism growth, percent | -1.3 | 5.4 | 16.7 | 16.8 | 5.3 | 5.6 | 5.5 | 5.0 | 5.5 | 4.9 | |||||||||
| Exports of goods volume growth, percent | -12.1 | 8.7 | 0.5 | 4.6 | 2.2 | 7.0 | 7.2 | 1.8 | 2.4 | 3.5 | |||||||||
| Imports G&S growth, percent | -10.3 | 5.5 | 14.1 | 3.3 | 2.7 | 4.7 | 7.8 | 2.6 | 3.8 | 4.7 | |||||||||
| Imports of goods volume growth, percent | -1.4 | 14.4 | 10.9 | 0.2 | 6.1 | 4.5 | 8.0 | 1.5 | 3.0 | 3.9 | |||||||||
| Exports G&S, percent of GDP | 94 | 94.77 | 102 | 100 | 99 | 102 | 103 | 101 | 100 | 101 | |||||||||
| Imports G&S, percent of GDP | 103 | 105 | 114 | 112 | 110 | 112 | 115 | 111 | 110 | 110 | |||||||||
| FDI, percent of GDP 2 | 10.8 | 12.8 | 18.0 | 7.3 | 12.8 | 13.2 | 17.1 | 17.2 | 15.9 | 15.2 | |||||||||
| Gross official reserves (stock, e.o.p.) | 537 | 523 | 546 | 548 | 551 | 570 | 586 | 601 | 613 | 630 | |||||||||
| Months of imports of goods & services) | 4.3 | 3.7 | 3.7 | 3.6 | 3.5 | 3.3 | 3.3 | 3.3 | 3.2 | 3.2 | |||||||||
| Percentage of IMF reserve adequacy metric | 138 | 131 | 129 | 125 | 125 | 127 | 127 | 126 | 123 | 128 | |||||||||
| Government and government-guaranteed external debt | 480 | 454 | 446 | 435 | 437 | 422 | 413 | 401 | 400 | 405 | |||||||||
| Percent of GDP) | 34.8 | 31.8 | 29.7 | 27.5 | 26.5 | 24.9 | 23.1 | 21.3 | 20.2 | 19.5 | |||||||||
| GDP (Millions of U.S. dollars) | 1,377 | 1,427 | 1,503 | 1,583 | 1,649 | 1,697 | 1,787 | 1,884 | 1,981 | 2,072 | |||||||||
From 2015 onwards the data reflect the findings of the IIP survey, which indicated that the proportion of equity to debt in FDI flows was being significantly overestimated
Per STA recommendations, renewals of off-shore licenses are excluded.
Seychelles: Balance of Payments, 2015–24
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Est. | Est. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||||||||
| Current account balance (+ surplus; – deficit) | -256 | -286 | -307 | -270 | -280 | -296 | -327 | -342 | -347 | -360 | |||||||||
| (percent of GDP) | -18.6 | -20.1 | -20.4 | -17.1 | -17.0 | -17.4 | -18.3 | -18.1 | -17.5 | -17.4 | |||||||||
| Balance of goods and services (+ surplus; – deficit) | -124 | -146 | -176 | -189 | -183 | -175 | -206 | -201 | -203 | -198 | |||||||||
| Exports of goods | 449 | 459 | 536 | 562 | 569 | 614 | 664 | 678 | 707 | 750 | |||||||||
| Of which: oil re-exports | 147 | 131 | 150 | 183 | 163 | 171 | 179 | 188 | 199 | 211 | |||||||||
| Of which: tuna exports | 239 | 270 | 268 | 286 | 291 | 324 | 360 | 363 | 371 | 386 | |||||||||
| Imports of goods | 922 | 991 | 1,155 | 1,234 | 1,279 | 1,342 | 1,454 | 1,483 | 1,537 | 1,612 | |||||||||
| Of which: oil imports | 170 | 162 | 209 | 288 | 278 | 296 | 316 | 281 | 295 | 304 | |||||||||
| Exports of services | 848 | 894 | 998 | 1,016 | 1,062 | 1,111 | 1,178 | 1,221 | 1,270 | 1,334 | |||||||||
| Of which: tourism earnings1 | 392 | 414 | 483 | 564 | 594 | 627 | 662 | 695 | 733 | 769 | |||||||||
| Imports of services | 498 | 507 | 554 | 533 | 535 | 557 | 593 | 617 | 642 | 669 | |||||||||
| Balance on primary income (+ surplus; – deficit) | -105 | -133 | -136 | -99 | -95 | -114 | -113 | -131 | -134 | -150 | |||||||||
| Of which: interest due | 27 | 40 | 25 | 26 | 36 | 39 | 40 | 40 | 42 | 56 | |||||||||
| transfers of profits and dividends | 18 | 19 | 17 | 22 | 17 | 18 | 19 | 19 | 19 | 19 | |||||||||
| Balance on secondary income (+ surplus; – deficit) | -27 | -8 | 6 | 18 | -2 | -8 | -9 | -9 | -10 | -11 | |||||||||
| Of which: general government, net | 38 | 50 | 42 | 54 | 30 | 30 | 31 | 32 | 32 | 31 | |||||||||
| Capital account | 37 | 54 | 52 | 50 | 47 | 49 | 45 | 43 | 45 | 46 | |||||||||
| Financial account | 271 | 237 | 276 | 229 | 244 | 273 | 304 | 319 | 317 | 334 | |||||||||
| Direct investment, net 1 | 148 | 182 | 270 | 116 | 211 | 225 | 305 | 324 | 315 | 314 | |||||||||
| Abroad | -5 | -4 | -6 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | |||||||||
| In Seychelles | 144 | 178 | 264 | 124 | 219 | 233 | 314 | 332 | 324 | 325 | |||||||||
| Of which: offshore sector | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Portfolio investment, net | 36 | -52 | -57 | -45 | -60 | -34 | -32 | -32 | -32 | -22 | |||||||||
| Other investment, net | 86 | 107 | 63 | 157 | 93 | 82 | 30 | 28 | 35 | 42 | |||||||||
| Government and government-guaranteed | -14 | -35 | -16 | -1 | 1 | 1 | 3 | -3 | 2 | 7 | |||||||||
| Disbursements | 0 | 5 | 5 | 25 | 28 | 36 | 44 | 52 | 56 | 54 | |||||||||
| Project loans | 0 | 5 | 0 | 25 | 28 | 36 | 44 | 52 | 56 | 54 | |||||||||
| Program loans | 10 | 10 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Amortization | -24 | -54 | -19 | -34 | -33 | -40 | -44 | -53 | -52 | -46 | |||||||||
| Private sector | 100 | 142 | 80 | 159 | 92 | 81 | 28 | 30 | 32 | 35 | |||||||||
| Net errors and omissions | 21 | -18 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Overall balance | 72 | 5 | 22 | 8 | 10 | 26 | 21 | 21 | 16 | 19 | |||||||||
| Financing | -72 | 13 | -23 | -8 | -10 | -26 | -21 | -21 | -16 | -19 | |||||||||
| Change in net international reserves (increase: –) | -72 | 13 | -23 | -8 | -10 | -26 | -21 | -21 | -16 | -19 | |||||||||
| Change in gross official reserves (increase: –) | -74 | 14 | -24 | -2 | -3 | -19 | -16 | -15 | -12 | -17 | |||||||||
| Liabilities to IMF, net | 2 | -1 | 2 | -6 | -7 | -7 | -6 | -5 | -4 | -2 | |||||||||
| Other net foreign assets (increase: –) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Exceptional financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Financing gap | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Memorandum items: | |||||||||||||||||||
| Exports G&S growth, percent | -5.5 | 4.3 | 13.4 | 2.9 | 3.4 | 5.8 | 6.8 | 3.1 | 4.1 | 5.4 | |||||||||
| Tourism growth, percent | -1.3 | 5.4 | 16.7 | 16.8 | 5.3 | 5.6 | 5.5 | 5.0 | 5.5 | 4.9 | |||||||||
| Exports of goods volume growth, percent | -12.1 | 8.7 | 0.5 | 4.6 | 2.2 | 7.0 | 7.2 | 1.8 | 2.4 | 3.5 | |||||||||
| Imports G&S growth, percent | -10.3 | 5.5 | 14.1 | 3.3 | 2.7 | 4.7 | 7.8 | 2.6 | 3.8 | 4.7 | |||||||||
| Imports of goods volume growth, percent | -1.4 | 14.4 | 10.9 | 0.2 | 6.1 | 4.5 | 8.0 | 1.5 | 3.0 | 3.9 | |||||||||
| Exports G&S, percent of GDP | 94 | 94.77 | 102 | 100 | 99 | 102 | 103 | 101 | 100 | 101 | |||||||||
| Imports G&S, percent of GDP | 103 | 105 | 114 | 112 | 110 | 112 | 115 | 111 | 110 | 110 | |||||||||
| FDI, percent of GDP 2 | 10.8 | 12.8 | 18.0 | 7.3 | 12.8 | 13.2 | 17.1 | 17.2 | 15.9 | 15.2 | |||||||||
| Gross official reserves (stock, e.o.p.) | 537 | 523 | 546 | 548 | 551 | 570 | 586 | 601 | 613 | 630 | |||||||||
| Months of imports of goods & services) | 4.3 | 3.7 | 3.7 | 3.6 | 3.5 | 3.3 | 3.3 | 3.3 | 3.2 | 3.2 | |||||||||
| Percentage of IMF reserve adequacy metric | 138 | 131 | 129 | 125 | 125 | 127 | 127 | 126 | 123 | 128 | |||||||||
| Government and government-guaranteed external debt | 480 | 454 | 446 | 435 | 437 | 422 | 413 | 401 | 400 | 405 | |||||||||
| Percent of GDP) | 34.8 | 31.8 | 29.7 | 27.5 | 26.5 | 24.9 | 23.1 | 21.3 | 20.2 | 19.5 | |||||||||
| GDP (Millions of U.S. dollars) | 1,377 | 1,427 | 1,503 | 1,583 | 1,649 | 1,697 | 1,787 | 1,884 | 1,981 | 2,072 | |||||||||
From 2015 onwards the data reflect the findings of the IIP survey, which indicated that the proportion of equity to debt in FDI flows was being significantly overestimated
Per STA recommendations, renewals of off-shore licenses are excluded.
Seychelles: Consolidated Government Operations, 2015–211
(Millions of Seychelles rupees)
Includes the central government and the social security system.
VAT replaced GST in January 2013.
CSR and MTT were subsumed into Business Tax in CR 14/186.
From 2015 onwards, wage and salaries and goods and services (to be) spent by government agencies other than Ministries are reclassified into these items from transfers.
Only interest payments on foreign debt are on a commitment basis. Other expenditures are recorded when checks are issued or transfers initiated.
Seychelles: Consolidated Government Operations, 2015–211
(Millions of Seychelles rupees)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||||||||||||
| Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||
| (Millions of Seychelles rupees) | |||||||||||||||||
| Total revenue and grants | 6,276 | 7,205 | 7,446 | 8,274 | 1,867 | 2,207 | 2,332 | 2,570 | 8,977 | 9,274 | 9,719 | ||||||
| Total revenue | 6,132 | 6,965 | 7,274 | 7,997 | 1,815 | 2,155 | 2,305 | 2,411 | 8,686 | 8,878 | 9,374 | ||||||
| Tax | 5,557 | 6,188 | 6,600 | 7,083 | 1,659 | 1,831 | 1,971 | 1,967 | 7,428 | 7,589 | 8,066 | ||||||
| Personal income tax | 948 | 939 | 900 | 965 | 241 | 254 | 232 | 241 | 969 | 1,031 | 1,104 | ||||||
| Trade tax | 326 | 359 | 285 | 315 | 85 | 83 | 89 | 84 | 340 | 355 | 373 | ||||||
| Excise tax | 962 | 1,144 | 1,312 | 1,281 | 326 | 323 | 352 | 390 | 1,391 | 1,470 | 1,536 | ||||||
| Goods and services tax (GST) / VAT 2 | 1,803 | 1,996 | 2,151 | 2,495 | 601 | 673 | 665 | 691 | 2,630 | 2,800 | 3,000 | ||||||
| Business tax 3 | 757 | 1,039 | 1,364 | 1,376 | 238 | 355 | 437 | 313 | 1,342 | 1,373 | 1,470 | ||||||
| Corporate Social Responsibility Tax (CSR) 3 | 79 | 87 | 95 | 106 | 28 | 27 | 29 | 30 | 114 | 122 | 130 | ||||||
| Marketing Tourism Tax (MTT) 3 | 45 | 45 | 60 | 70 | 17 | 19 | 20 | 20 | 76 | 81 | 87 | ||||||
| Other | 637 | 581 | 434 | 474 | 123 | 98 | 146 | 199 | 566 | 357 | 366 | ||||||
| Nontax | 575 | 777 | 673 | 914 | 156 | 324 | 335 | 444 | 1,259 | 1,289 | 1,308 | ||||||
| Fees and charges | 322 | 403 | 349 | 335 | 93 | 128 | 107 | 99 | 426 | 458 | 471 | ||||||
| Dividends from parastatals | 228 | 330 | 280 | 426 | 21 | 177 | 190 | 287 | 675 | 669 | 671 | ||||||
| Other | 25 | 44 | 44 | 153 | 43 | 19 | 38 | 58 | 158 | 162 | 166 | ||||||
| External grants | 144 | 240 | 173 | 277 | 53 | 53 | 26 | 159 | 291 | 396 | 345 | ||||||
| Expenditure and net lending | 6,057 | 7,277 | 7,455 | 8,318 | 1,859 | 2,192 | 2,150 | 2,802 | 9,003 | 9,328 | 9,737 | ||||||
| Current expenditure | 5,130 | 6,295 | 6,687 | 7,231 | 1,628 | 1,877 | 1,944 | 2,278 | 7,726 | 7,863 | 7,980 | ||||||
| Primary current expenditure | 4,566 | 5,581 | 6,056 | 6,541 | 1,511 | 1,752 | 1,763 | 2,085 | 7,111 | 7,195 | 7,305 | ||||||
| Wages and salaries 4 | 1,753 | 2,002 | 2,074 | 2,268 | 682 | 640 | 665 | 663 | 2,650 | 2,785 | 2,838 | ||||||
| Goods and services 4 | 2,126 | 2,489 | 2,562 | 2,800 | 511 | 707 | 677 | 913 | 2,808 | 2,811 | 2,858 | ||||||
| Transfers 4 | 659 | 1,063 | 1,380 | 1,443 | 301 | 395 | 415 | 507 | 1,618 | 1,564 | 1,574 | ||||||
| Social program of central government | 79 | 130 | 114 | 114 | 43 | 36 | 39 | 69 | 187 | 207 | 207 | ||||||
| Transfers to public sector from central government | 123 | 80 | 97 | 55 | 29 | 34 | 35 | 40 | 137 | 53 | 53 | ||||||
| Benefits and programs of Social Security Fund | 458 | 853 | 1,169 | 1,273 | 229 | 325 | 341 | 399 | 1,294 | 1,304 | 1,314 | ||||||
| Other | 29 | 27 | 41 | 31 | 17 | 10 | 6 | 2 | 35 | 35 | 35 | ||||||
| Interest due | 564 | 714 | 631 | 689 | 117 | 125 | 181 | 193 | 615 | 668 | 675 | ||||||
| Foreign interest | 181 | 190 | 218 | 227 | 56 | 58 | 112 | 28 | 254 | 290 | 311 | ||||||
| Domestic interest | 383 | 524 | 413 | 463 | 61 | 66 | 69 | 165 | 361 | 378 | 365 | ||||||
| Capital expenditure | 801 | 909 | 747 | 954 | 173 | 172 | 204 | 455 | 1,005 | 1,169 | 1,562 | ||||||
| Domestically financed | 651 | 644 | 564 | 455 | 106 | 105 | 141 | 307 | 658 | 560 | 776 | ||||||
| Foreign financed | 150 | 265 | 183 | 499 | 67 | 68 | 63 | 149 | 346 | 609 | 787 | ||||||
| Net lending | 77 | 35 | -1 | 86 | 48 | 129 | -9 | 54 | 222 | 277 | 175 | ||||||
| Contingency | 49 | 38 | 21 | 47 | 9 | 14 | 12 | 15 | 50 | 20 | 20 | ||||||
| Primary balance | 783 | 642 | 622 | 646 | 125 | 140 | 362 | -38 | 589 | 614 | 657 | ||||||
| Overall balance, commitment basis 5 | 219 | -72 | -9 | -43 | 8 | 15 | 182 | -231 | -26 | -54 | -19 | ||||||
| Change in float | -48 | -201 | 3 | 194 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Overall balance, cash basis (after grants) | 171 | -273 | -6 | 151 | 8 | 15 | 182 | -231 | -26 | -54 | -19 | ||||||
| Financing | -171 | 273 | 6 | -151 | -8 | -15 | -182 | 231 | 26 | 54 | 19 | ||||||
| Foreign financing | -84 | -304 | -407 | -35 | -75 | -73 | -14 | 177 | -70 | -57 | 1 | ||||||
| Disbursements | 102 | 287 | 11 | 305 | 41 | 43 | 102 | 293 | 394 | 529 | 658 | ||||||
| Project loans | 6 | 25 | 11 | 305 | 41 | 43 | 102 | 208 | 394 | 529 | 658 | ||||||
| Program/budget support | 96 | 262 | 0 | 0 | 0 | 0 | 0 | 85 | 0 | 0 | 0 | ||||||
| Scheduled amortization | -186 | -591 | -418 | -340 | -116 | -116 | -116 | -116 | -464 | -586 | -658 | ||||||
| Of which Paris Club buy-back | … | -269 | … | … | … | … | … | … | … | ||||||||
| Domestic financing, net | 130 | 578 | 316 | -272 | 67 | 58 | -168 | 54 | 96 | 11 | 18 | ||||||
| Bank financing | -172 | 389 | 419 | -571 | 64 | 55 | -170 | 52 | 86 | 6 | 16 | ||||||
| CBS | -488 | -191 | 438 | 88 | 50 | 50 | 50 | 50 | 200 | 250 | 250 | ||||||
| Commercial banks | 316 | 579 | -19 | -659 | 14 | 5 | -220 | 2 | -114 | -244 | -234 | ||||||
| Nonbank financing | 302 | 190 | -103 | 299 | 2 | 2 | 2 | 2 | 10 | 5 | 2 | ||||||
| Privatization and long-term lease of fixed assets | 46 | 76 | 82 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 0 | ||||||
| Transfer of SSF deposits to SPF | -176 | … | … | … | … | … | … | … | … | ||||||||
| Statistical discrepancy | -86 | -77 | 16 | 156 | 0 | 0 | 0 | 0 | |||||||||
| Memorandum item: | 0 | ||||||||||||||||
| Pension Fund contribution | 196 | 251 | 237 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Pension Fund benefits payment | 85 | 91 | 90 | 180 | 56 | 73 | 93 | -30 | 191 | 208 | 229 | ||||||
| Pension Fund operating expenses | 36 | 37 | 31 | 33 | 8 | 8 | 9 | 9 | 33 | 34 | 36 | ||||||
| External debt service due | 367 | 781 | 636 | 567 | 172 | 174 | 228 | 144 | 718 | 876 | 969 | ||||||
Includes the central government and the social security system.
VAT replaced GST in January 2013.
CSR and MTT were subsumed into Business Tax in CR 14/186.
From 2015 onwards, wage and salaries and goods and services (to be) spent by government agencies other than Ministries are reclassified into these items from transfers.
Only interest payments on foreign debt are on a commitment basis. Other expenditures are recorded when checks are issued or transfers initiated.
Seychelles: Consolidated Government Operations, 2015–211
(Millions of Seychelles rupees)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||||||||||||
| Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||
| (Millions of Seychelles rupees) | |||||||||||||||||
| Total revenue and grants | 6,276 | 7,205 | 7,446 | 8,274 | 1,867 | 2,207 | 2,332 | 2,570 | 8,977 | 9,274 | 9,719 | ||||||
| Total revenue | 6,132 | 6,965 | 7,274 | 7,997 | 1,815 | 2,155 | 2,305 | 2,411 | 8,686 | 8,878 | 9,374 | ||||||
| Tax | 5,557 | 6,188 | 6,600 | 7,083 | 1,659 | 1,831 | 1,971 | 1,967 | 7,428 | 7,589 | 8,066 | ||||||
| Personal income tax | 948 | 939 | 900 | 965 | 241 | 254 | 232 | 241 | 969 | 1,031 | 1,104 | ||||||
| Trade tax | 326 | 359 | 285 | 315 | 85 | 83 | 89 | 84 | 340 | 355 | 373 | ||||||
| Excise tax | 962 | 1,144 | 1,312 | 1,281 | 326 | 323 | 352 | 390 | 1,391 | 1,470 | 1,536 | ||||||
| Goods and services tax (GST) / VAT 2 | 1,803 | 1,996 | 2,151 | 2,495 | 601 | 673 | 665 | 691 | 2,630 | 2,800 | 3,000 | ||||||
| Business tax 3 | 757 | 1,039 | 1,364 | 1,376 | 238 | 355 | 437 | 313 | 1,342 | 1,373 | 1,470 | ||||||
| Corporate Social Responsibility Tax (CSR) 3 | 79 | 87 | 95 | 106 | 28 | 27 | 29 | 30 | 114 | 122 | 130 | ||||||
| Marketing Tourism Tax (MTT) 3 | 45 | 45 | 60 | 70 | 17 | 19 | 20 | 20 | 76 | 81 | 87 | ||||||
| Other | 637 | 581 | 434 | 474 | 123 | 98 | 146 | 199 | 566 | 357 | 366 | ||||||
| Nontax | 575 | 777 | 673 | 914 | 156 | 324 | 335 | 444 | 1,259 | 1,289 | 1,308 | ||||||
| Fees and charges | 322 | 403 | 349 | 335 | 93 | 128 | 107 | 99 | 426 | 458 | 471 | ||||||
| Dividends from parastatals | 228 | 330 | 280 | 426 | 21 | 177 | 190 | 287 | 675 | 669 | 671 | ||||||
| Other | 25 | 44 | 44 | 153 | 43 | 19 | 38 | 58 | 158 | 162 | 166 | ||||||
| External grants | 144 | 240 | 173 | 277 | 53 | 53 | 26 | 159 | 291 | 396 | 345 | ||||||
| Expenditure and net lending | 6,057 | 7,277 | 7,455 | 8,318 | 1,859 | 2,192 | 2,150 | 2,802 | 9,003 | 9,328 | 9,737 | ||||||
| Current expenditure | 5,130 | 6,295 | 6,687 | 7,231 | 1,628 | 1,877 | 1,944 | 2,278 | 7,726 | 7,863 | 7,980 | ||||||
| Primary current expenditure | 4,566 | 5,581 | 6,056 | 6,541 | 1,511 | 1,752 | 1,763 | 2,085 | 7,111 | 7,195 | 7,305 | ||||||
| Wages and salaries 4 | 1,753 | 2,002 | 2,074 | 2,268 | 682 | 640 | 665 | 663 | 2,650 | 2,785 | 2,838 | ||||||
| Goods and services 4 | 2,126 | 2,489 | 2,562 | 2,800 | 511 | 707 | 677 | 913 | 2,808 | 2,811 | 2,858 | ||||||
| Transfers 4 | 659 | 1,063 | 1,380 | 1,443 | 301 | 395 | 415 | 507 | 1,618 | 1,564 | 1,574 | ||||||
| Social program of central government | 79 | 130 | 114 | 114 | 43 | 36 | 39 | 69 | 187 | 207 | 207 | ||||||
| Transfers to public sector from central government | 123 | 80 | 97 | 55 | 29 | 34 | 35 | 40 | 137 | 53 | 53 | ||||||
| Benefits and programs of Social Security Fund | 458 | 853 | 1,169 | 1,273 | 229 | 325 | 341 | 399 | 1,294 | 1,304 | 1,314 | ||||||
| Other | 29 | 27 | 41 | 31 | 17 | 10 | 6 | 2 | 35 | 35 | 35 | ||||||
| Interest due | 564 | 714 | 631 | 689 | 117 | 125 | 181 | 193 | 615 | 668 | 675 | ||||||
| Foreign interest | 181 | 190 | 218 | 227 | 56 | 58 | 112 | 28 | 254 | 290 | 311 | ||||||
| Domestic interest | 383 | 524 | 413 | 463 | 61 | 66 | 69 | 165 | 361 | 378 | 365 | ||||||
| Capital expenditure | 801 | 909 | 747 | 954 | 173 | 172 | 204 | 455 | 1,005 | 1,169 | 1,562 | ||||||
| Domestically financed | 651 | 644 | 564 | 455 | 106 | 105 | 141 | 307 | 658 | 560 | 776 | ||||||
| Foreign financed | 150 | 265 | 183 | 499 | 67 | 68 | 63 | 149 | 346 | 609 | 787 | ||||||
| Net lending | 77 | 35 | -1 | 86 | 48 | 129 | -9 | 54 | 222 | 277 | 175 | ||||||
| Contingency | 49 | 38 | 21 | 47 | 9 | 14 | 12 | 15 | 50 | 20 | 20 | ||||||
| Primary balance | 783 | 642 | 622 | 646 | 125 | 140 | 362 | -38 | 589 | 614 | 657 | ||||||
| Overall balance, commitment basis 5 | 219 | -72 | -9 | -43 | 8 | 15 | 182 | -231 | -26 | -54 | -19 | ||||||
| Change in float | -48 | -201 | 3 | 194 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Overall balance, cash basis (after grants) | 171 | -273 | -6 | 151 | 8 | 15 | 182 | -231 | -26 | -54 | -19 | ||||||
| Financing | -171 | 273 | 6 | -151 | -8 | -15 | -182 | 231 | 26 | 54 | 19 | ||||||
| Foreign financing | -84 | -304 | -407 | -35 | -75 | -73 | -14 | 177 | -70 | -57 | 1 | ||||||
| Disbursements | 102 | 287 | 11 | 305 | 41 | 43 | 102 | 293 | 394 | 529 | 658 | ||||||
| Project loans | 6 | 25 | 11 | 305 | 41 | 43 | 102 | 208 | 394 | 529 | 658 | ||||||
| Program/budget support | 96 | 262 | 0 | 0 | 0 | 0 | 0 | 85 | 0 | 0 | 0 | ||||||
| Scheduled amortization | -186 | -591 | -418 | -340 | -116 | -116 | -116 | -116 | -464 | -586 | -658 | ||||||
| Of which Paris Club buy-back | … | -269 | … | … | … | … | … | … | … | ||||||||
| Domestic financing, net | 130 | 578 | 316 | -272 | 67 | 58 | -168 | 54 | 96 | 11 | 18 | ||||||
| Bank financing | -172 | 389 | 419 | -571 | 64 | 55 | -170 | 52 | 86 | 6 | 16 | ||||||
| CBS | -488 | -191 | 438 | 88 | 50 | 50 | 50 | 50 | 200 | 250 | 250 | ||||||
| Commercial banks | 316 | 579 | -19 | -659 | 14 | 5 | -220 | 2 | -114 | -244 | -234 | ||||||
| Nonbank financing | 302 | 190 | -103 | 299 | 2 | 2 | 2 | 2 | 10 | 5 | 2 | ||||||
| Privatization and long-term lease of fixed assets | 46 | 76 | 82 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 0 | ||||||
| Transfer of SSF deposits to SPF | -176 | … | … | … | … | … | … | … | … | ||||||||
| Statistical discrepancy | -86 | -77 | 16 | 156 | 0 | 0 | 0 | 0 | |||||||||
| Memorandum item: | 0 | ||||||||||||||||
| Pension Fund contribution | 196 | 251 | 237 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Pension Fund benefits payment | 85 | 91 | 90 | 180 | 56 | 73 | 93 | -30 | 191 | 208 | 229 | ||||||
| Pension Fund operating expenses | 36 | 37 | 31 | 33 | 8 | 8 | 9 | 9 | 33 | 34 | 36 | ||||||
| External debt service due | 367 | 781 | 636 | 567 | 172 | 174 | 228 | 144 | 718 | 876 | 969 | ||||||
Includes the central government and the social security system.
VAT replaced GST in January 2013.
CSR and MTT were subsumed into Business Tax in CR 14/186.
From 2015 onwards, wage and salaries and goods and services (to be) spent by government agencies other than Ministries are reclassified into these items from transfers.
Only interest payments on foreign debt are on a commitment basis. Other expenditures are recorded when checks are issued or transfers initiated.
Seychelles: Consolidated Government Operations, 2015–211
(in percent of GDP)
Includes the central government and the social security system.
VAT replaced GST in January 2013.
From 2015 onwards, wage and salaries and goods and services (to be) spent by government agencies other than Ministries are reclassified into these items from transfers.
Only interest payments on foreign debt are on a commitment basis. Other expenditures are recorded when checks are issued or transfers initiated.
Includes debt issued by the Ministry of Finance for monetary purposes, excludes guarantees.
Seychelles: Consolidated Government Operations, 2015–211
(in percent of GDP)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||||||||||||
| Act. | Prel. | Proj. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||
| (Percent of GDP, unless otherwise indicated) | |||||||||||||||||
| Total revenue and grants | 34.2 | 37.9 | 36.3 | 37.6 | 8.0 | 9.5 | 10.0 | 11.0 | 38.6 | 37.4 | 36.6 | ||||||
| Total revenue | 33.4 | 36.6 | 35.5 | 36.3 | 7.8 | 9.3 | 9.9 | 10.4 | 37.3 | 35.8 | 35.3 | ||||||
| Tax | 30.3 | 32.5 | 32.2 | 32.2 | 7.1 | 7.9 | 8.5 | 8.5 | 31.9 | 30.6 | 30.4 | ||||||
| Personal income tax | 5.2 | 4.9 | 4.4 | 4.4 | 1.0 | 1.1 | 1.0 | 1.0 | 4.2 | 4.2 | 4.2 | ||||||
| Trade tax | 1.8 | 1.9 | 1.4 | 1.4 | 0.4 | 0.4 | 0.4 | 0.4 | 1.5 | 1.4 | 1.4 | ||||||
| Excise tax | 5.2 | 6.0 | 6.4 | 5.8 | 1.4 | 1.4 | 1.5 | 1.7 | 6.0 | 5.9 | 5.8 | ||||||
| Goods and services tax (GST) / VAT 2 | 9.8 | 10.5 | 10.5 | 11.3 | 2.6 | 2.9 | 2.9 | 3.0 | 11.3 | 11.3 | 11.3 | ||||||
| Business tax | 4.1 | 5.5 | 6.6 | 6.3 | 1.0 | 1.5 | 1.9 | 1.3 | 5.8 | 5.5 | 5.5 | ||||||
| Corporate Social Responsibility Tax (CSR) | 0.4 | 0.5 | 0.5 | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | 0.5 | 0.5 | ||||||
| Marketing Tourism Tax (MTT) | 0.2 | 0.2 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | ||||||
| Other | 3.5 | 3.1 | 2.1 | 2.2 | 0.5 | 0.4 | 0.6 | 0.9 | 2.4 | 1.4 | 1.4 | ||||||
| Nontax | 3.1 | 4.1 | 3.3 | 4.2 | 0.7 | 1.4 | 1.4 | 1.9 | 5.4 | 5.2 | 4.9 | ||||||
| Fees and charges | 1.8 | 2.1 | 1.7 | 1.5 | 0.4 | 0.6 | 0.5 | 0.4 | 1.8 | 1.8 | 1.8 | ||||||
| Dividends from parastatals | 1.2 | 1.7 | 1.4 | 1.9 | 0.1 | 0.8 | 0.8 | 1.2 | 2.9 | 2.7 | 2.5 | ||||||
| Other | 0.1 | 0.2 | 0.2 | 0.7 | 0.2 | 0.1 | 0.2 | 0.2 | 0.7 | 0.7 | 0.6 | ||||||
| External grants | 0.8 | 1.3 | 0.8 | 1.3 | 0.2 | 0.2 | 0.1 | 0.7 | 1.2 | 1.6 | 1.3 | ||||||
| Expenditure and net lending | 33.0 | 38.3 | 36.3 | 37.8 | 8.0 | 9.4 | 9.2 | 12.0 | 38.7 | 37.7 | 36.7 | ||||||
| Current expenditure | 28.0 | 33.1 | 32.6 | 32.8 | 7.0 | 8.1 | 8.4 | 9.8 | 33.2 | 31.7 | 30.1 | ||||||
| Primary current expenditure | 24.9 | 29.4 | 29.5 | 29.7 | 6.5 | 7.5 | 7.6 | 9.0 | 30.6 | 29.0 | 27.5 | ||||||
| Wages and salaries 3 | 9.6 | 10.5 | 10.1 | 10.3 | 2.9 | 2.8 | 2.9 | 2.8 | 11.4 | 11.2 | 10.7 | ||||||
| Goods and services 3 | 11.6 | 13.1 | 12.5 | 12.7 | 2.2 | 3.0 | 2.9 | 3.9 | 12.1 | 11.3 | 10.8 | ||||||
| Transfers 3 | 3.6 | 5.6 | 6.7 | 6.6 | 1.3 | 1.7 | 1.8 | 2.2 | 7.0 | 6.3 | 5.9 | ||||||
| Social program of central government | 0.4 | 0.7 | 0.6 | 0.5 | 0.2 | 0.2 | 0.2 | 0.3 | 0.8 | 0.8 | 0.8 | ||||||
| Transfers to public sector from central government | 0.7 | 0.4 | 0.5 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.6 | 0.2 | 0.2 | ||||||
| Benefits and programs of Social Security Fund | 2.5 | 4.5 | 5.7 | 5.8 | 1.0 | 1.4 | 1.5 | 1.7 | 5.6 | 5.3 | 5.0 | ||||||
| Other | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | ||||||
| Interest due | 3.1 | 3.8 | 3.1 | 3.1 | 0.5 | 0.5 | 0.8 | 0.8 | 2.6 | 2.7 | 2.5 | ||||||
| Foreign interest | 1.0 | 1.0 | 1.1 | 1.0 | 0.2 | 0.3 | 0.5 | 0.1 | 1.1 | 1.2 | 1.2 | ||||||
| Domestic interest | 2.1 | 2.8 | 2.0 | 2.1 | 0.3 | 0.3 | 0.3 | 0.7 | 1.5 | 1.5 | 1.4 | ||||||
| Capital expenditure | 4.4 | 4.8 | 3.6 | 4.3 | 0.7 | 0.7 | 0.9 | 2.0 | 4.3 | 4.7 | 5.9 | ||||||
| Domestically financed | 3.6 | 3.4 | 2.7 | 2.1 | 0.5 | 0.4 | 0.6 | 1.3 | 2.8 | 2.3 | 2.9 | ||||||
| Foreign financed | 0.8 | 1.4 | 0.9 | 2.3 | 0.3 | 0.3 | 0.3 | 0.6 | 1.5 | 2.5 | 3.0 | ||||||
| Net lending | 0.4 | 0.2 | 0.0 | 0.4 | 0.2 | 0.6 | 0.0 | 0.2 | 1.0 | 1.1 | 0.7 | ||||||
| Contingency | 0.3 | 0.2 | 0.1 | 0.2 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | ||||||
| Primary balance | 4.3 | 3.4 | 3.0 | 2.9 | 0.5 | 0.6 | 1.6 | -0.2 | 2.5 | 2.5 | 2.5 | ||||||
| Overall balance, commitment basis 4 | 1.2 | -0.4 | 0.0 | -0.2 | 0.0 | 0.1 | 0.8 | -1.0 | -0.1 | -0.2 | -0.1 | ||||||
| Change in arrears | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Change in float | -0.3 | -1.1 | 0.0 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Overall balance, cash basis (after grants) | 0.9 | -1.4 | 0.0 | 0.7 | 0.0 | 0.1 | 0.8 | -1.0 | -0.1 | -0.2 | -0.1 | ||||||
| Financing | -0.9 | 1.4 | 0.0 | -0.7 | 0.0 | -0.1 | -0.8 | 1.0 | 0.1 | 0.2 | 0.1 | ||||||
| Foreign financing | -0.5 | -1.6 | -2.0 | -0.2 | -0.3 | -0.3 | -0.1 | 0.8 | -0.3 | -0.2 | 0.0 | ||||||
| Disbursements | 0.6 | 1.5 | 0.1 | 1.4 | 0.2 | 0.2 | 0.4 | 1.3 | 1.7 | 2.1 | 2.5 | ||||||
| Project loans | 0.0 | 0.1 | 0.1 | 1.4 | 0.2 | 0.2 | 0.4 | 0.9 | 1.7 | 2.1 | 2.5 | ||||||
| Program/budget support | 0.5 | 1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | ||||||
| Scheduled amortization | -1.0 | -3.1 | -2.0 | -1.5 | -0.5 | -0.5 | -0.5 | -0.5 | -2.0 | -2.4 | -2.5 | ||||||
| Of which Paris Club buy-back | … | -1.4 | … | … | … | … | … | … | |||||||||
| Domestic financing, net | 0.7 | 3.0 | 1.5 | -1.2 | 0.3 | 0.2 | -0.7 | 0.2 | 0.4 | 0.0 | 0.1 | ||||||
| Bank financing | -0.9 | 2.0 | 2.0 | -2.6 | 0.3 | 0.2 | -0.7 | 0.2 | 0.4 | 0.0 | 0.1 | ||||||
| CBS | -2.7 | -1.0 | 2.1 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.9 | 1.0 | 0.9 | ||||||
| Commercial banks | 1.7 | 3.0 | -0.1 | -3.0 | 0.1 | 0.0 | -0.9 | 0.0 | -0.5 | -1.0 | -0.9 | ||||||
| Nonbank | 1.6 | 1.0 | -0.5 | 1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Privatization and long-term lease of fixed assets | 0.3 | 0.4 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | ||||||
| Transfer of SSF deposits to SPF | -1.0 | … | … | … | … | … | … | … | |||||||||
| Statistical discrepancy | -0.5 | -0.4 | 0.1 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Memorandum items: | |||||||||||||||||
| Nominal GDP (millions of Seychelles Rupees) | 18,340 | 19,014 | 20,515 | 22,019 | 23,274 | 23,274 | 23,274 | 23,274 | 23,274 | 24,774 | 26,526 | ||||||
| Transfer of assets of SSF to SPF | |||||||||||||||||
| Pension Fund contribution | 1.1 | 1.3 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Pension Fund benefits payment | 0.5 | 0.5 | 0.4 | 0.8 | 0.2 | 0.3 | 0.4 | -0.1 | 0.8 | 0.8 | 0.9 | ||||||
| Pension Fund operating expenses | 0.2 | 0.2 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | ||||||
| Public domestic debt 5 | 32.8 | 36.8 | 33.1 | 29.2 | … | … | … | 27.2 | 27.2 | 24.6 | 22.1 | ||||||
| Excluding t-bills issued for monetary purposes | 19.5 | 20.7 | 21.7 | 19.9 | … | … | … | 19.3 | 19.3 | 18.1 | 17.0 | ||||||
| Publicly guaranteed domestic debt | 1.9 | 3.6 | 3.6 | 3.2 | … | … | … | 3.8 | 3.8 | 3.4 | 3.5 | ||||||
Includes the central government and the social security system.
VAT replaced GST in January 2013.
From 2015 onwards, wage and salaries and goods and services (to be) spent by government agencies other than Ministries are reclassified into these items from transfers.
Only interest payments on foreign debt are on a commitment basis. Other expenditures are recorded when checks are issued or transfers initiated.
Includes debt issued by the Ministry of Finance for monetary purposes, excludes guarantees.
Seychelles: Consolidated Government Operations, 2015–211
(in percent of GDP)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||||||||||||
| Act. | Prel. | Proj. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||
| (Percent of GDP, unless otherwise indicated) | |||||||||||||||||
| Total revenue and grants | 34.2 | 37.9 | 36.3 | 37.6 | 8.0 | 9.5 | 10.0 | 11.0 | 38.6 | 37.4 | 36.6 | ||||||
| Total revenue | 33.4 | 36.6 | 35.5 | 36.3 | 7.8 | 9.3 | 9.9 | 10.4 | 37.3 | 35.8 | 35.3 | ||||||
| Tax | 30.3 | 32.5 | 32.2 | 32.2 | 7.1 | 7.9 | 8.5 | 8.5 | 31.9 | 30.6 | 30.4 | ||||||
| Personal income tax | 5.2 | 4.9 | 4.4 | 4.4 | 1.0 | 1.1 | 1.0 | 1.0 | 4.2 | 4.2 | 4.2 | ||||||
| Trade tax | 1.8 | 1.9 | 1.4 | 1.4 | 0.4 | 0.4 | 0.4 | 0.4 | 1.5 | 1.4 | 1.4 | ||||||
| Excise tax | 5.2 | ||||||||||||||||