Compare Seychelles (2007) - Seychelles (2008)

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	Seychelles (2007)	Seychelles (2008)

Budget	revenues: $439.7 million expenditures: $408.5 million (2006 est.)	revenues: $380.9 million expenditures: $361.2 million (2007 est.)
Debt - external	$847 million (2006 est.)	$957 million (31 December 2007 est.)
Economy - overview	Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the old near-subsistence level. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. Sharp drops illustrated the vulnerability of the tourist sector in 1991-92 due largely to the Gulf War and once again following the 11 September 2001 terrorist attacks on the US. Growth slowed in 1998-2002 and fell in 2003, due to sluggish tourist and tuna sectors, but resumed in 2004. Growth turned negative again in 2005-06. Tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. The black-market value of the Seychelles rupee is half the official exchange rate; without a devaluation of the currency, the tourist sector may remain sluggish as vacationers seek cheaper destinations such as Comoros, Mauritius, and Madagascar.	Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. Sharp drops illustrated the vulnerability of the tourist sector in 1991-92 due largely to the Gulf War and once again following the 11 September 2001 terrorist attacks on the US. Economic growth slowed in 1998-2002 and fell in 2003-04, due to sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP grew by 5.8% in 2007, driven by tourism and a boom in tourism-related construction. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007.
Exchange rates	Seychelles rupees per US dollar - 5.5 (2006), 5.5 (2005), 5.5 (2004), 5.4007 (2003), 5.48 (2002)	Seychelles rupees per US dollar - 6.5 (2007), 5.5 (2006), 5.5 (2005), 5.5 (2004), 5.4007 (2003)
Exports	NA bbl/day	0 bbl/day (2004)
Exports - partners	UK 25.5%, France 17.5%, Italy 11.9%, Mauritius 8.5%, Japan 8.3%, Spain 8.1%, Netherlands 4.3% (2006)	UK 25.5%, France 17.5%, Italy 11.9%, Mauritius 8.5%, Japan 8.3%, Spain 8.2%, Netherlands 4.3% (2006)
GDP - composition by sector	agriculture: 2.5% industry: 26.3% services: 71.2% (2006 est.)	agriculture: 2.4% industry: 25.6% services: 72% (2007 est.)
GDP - real growth rate	-1% (2006 est.)	5.8% (2007 est.)
Imports	NA bbl/day	5,800 bbl/day (2004)
Imports - partners	Saudi Arabia 17.7%, South Africa 9.7%, Spain 8.1%, France 7.6%, Singapore 7.2%, Italy 4.8%, UK 4% (2006)	Saudi Arabia 17.7%, South Africa 9.7%, Spain 8.1%, France 7.8%, Singapore 7.2%, Italy 4.8%, UK 4% (2006)
Industrial production growth rate	NA%	1% (2007 est.)
Inflation rate (consumer prices)	-0.4% (2006 est.)	2.9% (2007 est.)
Telephone system	general assessment: effective system domestic: radiotelephone communications between islands in the archipelago international: country code - 248; direct radiotelephone communications with adjacent island countries and African coastal countries; satellite earth station - 1 Intelsat (Indian Ocean)	general assessment: effective system domestic: combined fixed-line and mobile-cellular teledensity is roughly 110 telephones per 100 persons; radiotelephone communications between islands in the archipelago international: country code - 248; direct radiotelephone communications with adjacent island countries and African coastal countries; satellite earth station - 1 Intelsat (Indian Ocean)

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