| Capital |
Victoria |
| Area Sq Km |
455 |
| Area Sq Miles |
176 |
| Population |
76 000 |
| Languages |
English, Creole, French |
| Religions |
Protestant, Roman, Catholic |
| Currency |
Rupee |
| National Day |
|
Seychelles
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Play national anthem
Economy Overview
Tourism is the largest sector in the Seychelles
economy and now accounts for approximately 15% of domestic economic
activity, drawing 70% of the Seychelles' foreign exchange earnings. The
service sector as a whole covers three quarters of the Seychelles'
economy. Agriculture remains important - despite a lack of cultivable
land - producing copra for export, a variety of cash crops including
tea and vanilla, and staple foods like cassava and sweet potatoes for
domestic consumption. Fishing became increasingly important from the
1980s onwards, both through expansion of domestic operations and the
lucrative sale of licences to foreign fleets. Industry comprises a
small mining sector, extracting guano and some natural gas, and light
and small-scale industries including food and drinks (notably a
tuna-canning operation), boat-building, metals, chemicals, wood
products and tobacco. There is also a thriving re-export business based
on a recently established export processing zone. Extensive searches
for sizeable offshore oil and gas reserves have not so far been
successful. In 1995, the Government sought to expand the service sector
beyond tourism, by promoting the Seychelles as an 'offshore' financial
services centre, and has subsequently experienced moderate success in
what is now a highly competitive field internationally. Recent
government economic policy has been dominated by the need to tackle the
country's large external debt and the knowledge that its continued
dependence on tourism leaves it vulnerable to external factors beyond
its control. The Seychelles is a member of the African Development Bank
and the Indian Ocean Commission (which provides for regional economic
co-operation). The Seychelles' principal trading partners are the UK,
Yemen (the main source of imported oil), Germany and the countries of
the South African Customs Union (South Africa, Botswana, Namibia,
Lesotho and Swaziland).
Government
Constitutional restrictions, introduced after
the 1977 coup, on political organisation outsidethe (then) ruling SPUP
[see above] were lifted in 1991. The president holds executivepower,
while legislation is in the hands of the National Assembly,
presentlycomprising 34 members, 25 directly elected and nine allocated
on a proportionalbasis. Both the president and the National Assembly
are subject to popularelections every five years. Constitutional
changes, introduced in July 1996,provide for expansion to 35 members,
the extra member falling within theproportional zone.
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