title
macrohistory & world report

Republic of Seychelles

Sychelles Islands

Seychelles (capital: Victoria) northeast of Madagascar

World Factbook as of November 2014: "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. In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus."

People

Living in an urban area:
2010: 25%

Net migration rate
2012 estimate: A net increase of 1.02 persons per 1,000.

Religions
2002 census: Roman Catholic 82.3%, Protestant 7.5%, Hindu 2.1%, Muslim 1,1%

Ethnicity
mixed French, African, Indian, Chinese, and Arab

Literacy
2002: females 92.3%, males 91.4%

Government

President elected by popular vote for a five-year term.
Unicameral National Assembly, 34 seats; 25 members elected by popular vote, 9 allocated on a proportion.

Recent History

June 29, 1976: independence from Britain.

Copyright © 2009-2013 by Frank E. Smitha. All rights reserved.