Detailed Review of the Seychelles’ Economy
After a year marked by an economic slowdown, and in particularly a decline in foreign investment, the Seychelles should be able to sustain low but steady growth thanks to its highly active tourism sector.
Fishing is the country’s most developed agricultural sector, especially tuna fishing. Victoria Harbour is the principle port for tuna transshipment in the Indian ocean. Tourism is the driving force of the Seychelles economy with 70% of tourists visiting from Europe. The country is also a well-known offshore destination, and the role of the Seychelles International Business Authority is to regulate this activity.
The Seychelles’ Economic Strengths
- Good level of anonymity.
- Substantial tax benefits.
- Established offshore destination.
The Seychelles’ Economic Weaknesses
- Economic dependence on tourism.
- Small local market place.
- Problems interfacing with European companies.