FANDOM


Repiblik Sesel
République des Seychelles

Republic of Seychelles

Flag of Seychelles Coat of Arms of Seychelles
Motto
Finis Coronat Opus
The End Crowns the Work
Anthem
Koste Seselwa
Join together all Seychellois
Map of Seychelles
CapitalVictoria
Government Presidential republic
President
- From 2004James Michel
Legislature Parliament
History
June 29, 1976Independence
Commonwealth accessionJune 29, 1976
Area451 km²
Population
- 200984,000
 Density186.2/km²
GDP2009 (PPP)
- TotalUS$ 2 billion
- Per capitaUS$ 24,837
CurrencySeychellois rupee
Flag of None Colony of Seychelles
v

The Republic of Seychelles is a presidential republic in Eastern Africa.


Background

A lengthy struggle between France and Great Britain for the islands ended in 1814, when they were ceded to the latter. Independence came in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993. President France-Albert RENE, who had served since 1977, was re-elected in 2001, but stepped down in 2004. Vice President James MICHEL took over the presidency and in July 2006 was elected to a new five-year term.[1]

Economy

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. GDP grew about 7-8% per year in 2006-07, 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. Despite these actions, the Seychelles economy has struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating, but in October 2010 the EU approved a $2.9 million grant as part of a larger four-year program for Seychelles. In response to Seychelles successful implementation of tighter monetary and fiscal policies, the IMF upgraded Seychelles to a three-year extended fund facility (EFF) of $31 million in December 2009. In 2008, GDP fell more than 1% due to declining tourism, but the economy recovered in 2009-10 with a notable increase in tourist numbers for 2010.[2]

President

  • James Michel () (April 14, 2004 - )



Nation

Seychellois Polities

Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.