77, IBRD, ICAO, ICFTU, ICRM, IFAD, IFC, IFRCS, ILO, IMF,
IMO, InOC, Intelsat (nonsignatory user), Interpol, IOC, ITU, NAM,
OAU, OPCW, SADC, UN, UNCTAD, UNESCO, UNIDO, UPU, WHO, WIPO, WMO,
WToO, WTrO (observer)

Diplomatic representation in the US: chief of mission: Ambassador
Claude Sylvestre MOREL

chancery: 800 Second Avenue, Suite 400C, New York, NY 10017

telephone: [1] (212) 972-1785

FAX: [1] (212) 972-1786

Diplomatic representation from the US: the US does not have an
embassy in Seychelles; the ambassador to Mauritius is accredited to
Seychelles

Flag description: five oblique bands of blue (hoist side), yellow,
red, white, and green (bottom) radiating from the bottom of the
hoist side

Seychelles Economy

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 in order 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. The
vulnerability of the tourist sector was illustrated by the sharp
drop in 1991-92 due largely to the Gulf war. Although the industry
has rebounded, the government recognizes the continuing need for
upgrading the sector in the face of stiff international competition.
Other issues facing the government are the curbing of the budget
deficit and further privatization of public enterprises. Growth
slowed in 1998-2000, due to sluggish tourist and tuna sectors. Tight
controls on exchange rates and the scarcity of foreign exchange have
hindered short-term economic prospects. The black market value of
the Seychelles ruppee is half the official exchange rate; without a
devaluation of the currency the tourist sector should remain
sluggish as vacationers seek cheaper destinations such as Comoros,
Mauritius, and Madagascar.

GDP: purchasing power parity - $610 million (2000 est.)

GDP - real growth rate: 1.5% (2000 est.)

GDP - per capita: purchasing power parity - $7,700 (2000 est.)

GDP - composition by sector: agriculture: 3.1%

industry: 26.3%

services: 70.6% (1999)

Population below poverty