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Region:
Eastern Africa
Capital:
Victoria
Population:
80,832 (July
2004 est.)
Surface
area:
455 sq km
Currency:
rupee
GDP
per capita:
purchasing power
parity - $7,800
(2002 est.)
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. The
most recent presidential
elections were
held 31 August-2
September 2001.
President RENE,
who has served
since 1977, was
re-elected. On
14 April 2004
RENE stepped
down and Vice
President James
MICHEL was sworn
in as president.
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.
A sharp drop
illustrated the
vulnerability
of the tourist
sector in 1991-92
due largely to
the Gulf war,
and once again
following the
11 September
2001 terrorist
attacks on the
US. Other issues
facing the government
are the curbing
of the budget
deficit, including
the containment
of social welfare
costs, and further
privatization
of public enterprises.
Growth slowed
in 1998-2002,
due to sluggish
tourist and tuna
sectors. Also,
tight controls
on exchange rates
and the scarcity
of foreign exchange
have impaired
short-term economic
prospects. The
black market
value of the
Seychelles rupee
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.
United
Nations Membership
Date:
21 September
1976
New
York Mission:
Permanent Mission
of the Republic
of Seychelles
to the United
Nations
800 Second Avenue,
Suite 400C
New York, N.Y.
10017 USA
Telephone: 212-972-1785
Fax: 212-972-1786
E-mail: Seychelles@un.int
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