Euromoney Country Risk

EUROMONEY COUNTRY RISK

Read the latest analysis on sovereign, geo-political and structural risk

 
Get up to date country risk ratings in 186 countries

Member login



Lost your password?

Euromoney Country Risk

Euromoney Country Risk
List of countries.

Seychelles Seychelles

Overview Change score Analyses Experts
 
Sponsored section
Seychelles – Quick View
ECR score40.27 (Mar 2011)
ECR rank98 (Mar 2011)
Economic
GDP 2009USD 0.775 billion
GNI per capita PPPUSD 7,640
FDI inflowUSD 220.38 million
Inflation Jan 2011-2.3%
Central bank assetsUSD 334,813,843.08
Unemployment rate 20094.5%
Government SurplusUSD 48.52 million
Tax revenueUSD 240.12 million
Political
Government typeRepublic
Recent political crisisNA
Economic freedom score142nd
Freedom of information score65th
Corruption perception index49th
Structural
Birth rate18.1 per '000 people
Population balanceUnder 19-30.9%
Population balanceOver 65-Male 2.94%
Population balanceFemale 4.92%
Life expectancy years72.2 years
Mortality rate8 per '000 live births
Literacy rate96%
Internet access38.4%

[Top] Economic Overview

 

Consumer price index (CPI)

 

The consumer price index in Seychelles increased from January 2009 till October 2009, and has stablised at an average of 181.2 since. 

 

 

 

Base, July 2007 = 100

 

(Source:nsb.gov.sc)

 

Interest rates on saving deposits and time deposits

 

 

 

Monthly

Feb-11

Jan-11

Dec-10

Nov-10

Oct-10

Sep-10

Aug-10

Savings Deposit Rate

1.13

1.13

1.58

1.58

1.58

1.73

1.73

Time Deposit Rate

3 months to 6 months

2.43

3.04

2.92

3.21

2.97

3.47

3.58

6 months < 12 months

2.70

2.79

2.84

2.94

3.08

2.89

3.15

 

 (Source:cbs.sc)

 

Money supply (currency in circulation)

 

 

 

(Source:cbs.sc)

 

Government expenditure

 

Government expenditure in 2009 amounted to SCR 3,438.90 million, whereas it was SCR 3,487.60 million in 2008.

 

 

 

(Sourcensb.gov.sc)

 

Official exchange rate

 

USD per SCR in 2009 was registered at 13.5814.

 

 

 

(Source:nsb.gov.sc)

 

Government financial well-being

 

Fiscal balance

 

 

 

(Source:nsb.gov.sc)

 

Total revenue

 

The total revenue increased from SCR 2,476.20 million in 2006 to SCR 4,109.60 million in 2009. The total revenue in December 2010 and January 2011 is recorded at SCR 349.9 million and SCR 347.8 million respectively. 

 

 

 

(Source: cbs.scnsb.gov.sc)

 

Tax revenue

 

The annual tax revenue increased steadily from SCR 1,245.60 million in 2006 to SCR 3,319.20 million in 2009. The revenue from taxes in December 2010 and January 2011 amounted to SCR 348.4 million and SCR 299.6 million respectively. 

 

 

 

(Source: cbs.scnsb.gov.sc,)

 

Total grants

 

Monthly grant in January 2011 amounted to SCR 0.1 million, whereas grants in December 2010 were SCR 53.8 million.

 

 

 

(Source:cbs.scnsb.gov.sc)

 

Current account balance – surplus/deficit

 

The current account balance registered a deficit in 2009 and 2010 (till Q3). The current account balance in Q2 and Q3 2010 registered the highest deficit of SCR 1,611.50 million and SCR 1,732.50 million respectively. 

 

 

 

(Source:cbs.sc)

 

Balance of payments

 

Balance of Payment (USD Million)

 

2010 Q1

2010 Q2

2010 Q3

2009 Q1

2009 Q2

2009 Q3

2009 Q4

Goods

-1,087.1

-1,401.1

-1,550.3

-1,049.1

-1,122.5

-913.7

-1,173.1

Services

417.6

108.0

70.2

456.2

279.5

235.7

268.8

Income

-223.6

-441.3

-218.8

-351.5

-601.2

-268.2

-326.9

Current transfers

143.9

1.9

87.4

352.3

209.0

59.0

179.0

Capital and financial account

2,502.3

1,362.1

1,615.0

642.9

1,100.3

1,527.4

1,082.8

Capital Account

1,359.8

0.0

380.3

2.8

107.7

502.1

56.3

Financial Account

1,142.5

1,362.1

1,234.7

640.1

992.6

1,025.3

1,026.5

 

(Source:cbs.sc)

 

 


[Top] Financial Indicators & Government Financial

No data is available in this section. Please feel free to add relevant data (including references and links).

[Top] Labour Force and Employment Overview

The labour force in Seychelles was recorded at 41,891people in 2009, increasing 1.32% over the previous year’s 41,342 labour population.

(Source: nsb.gov.sc)

The unemployment rate in the country shows fluctuations varying from a high of 4.5% in 2009, and a low of 1% in 2008.

Seychelles Unemployment rate

(Source:cbs.sc)

Minimum wage

Minimum wage limits in the country as of February 2011 are SCR 72.9 per month per worker. The average monthly wages of all sectors is given bellow:

Seychelles Average monthly earning

(Source:cbs.sc)

Level of unionisation

Seychelles is one of the least unionised countries in the world. The Seychelles Federation of Workers’ Unions (SFWU) is the only active union in the country.

(Source: nation.sc) 

[Top] Political Stability

 

The government in Seychelles is a multi-party republic. The parliament of Seychelles is based on a unicameral framework. The president is the head of state and elected through public voting for 5 years.

The National Assembly has the following Committees:

  • The Standing Orders Committee- SOC
    • The Finance and Public Accounts Committee- FPAC
    • The International Affairs Committee-IAC
    • The Economic Reform Oversight Committee- EROC
    • The Committee on Government Assurances- COGA

The assembly comprises of 34 members, who are directly elected for a term of five years.

The major political parties in Seychelles are: 

  • Seychelles People's Progressive Front (SPPF)
    • Seychelles National Party (SNP)

The current president of Seychelles is James Michel of Seychelles People's Progressive Front (SPPF), who won the presidency in July 2006.

(Source: mapsofworldnationalassembly.sc  BBC,ipu.org)

Regulatory environment 

 

 

The country’s economic freedom score is 51.2, making its economy the 142nd freest in the 2011 Index. Seychelles ranks 29th out of 46 regional countries in Sub-Saharan Africa region.

(Source:Heritage.org)

Corruption perceptions index (CPI)

The Corruption Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Seychelles is ranked 49thin 2010 CPI index indicating that the corruption levels in public departments are low, especially as compared to neighbouring nations such as Madagascar, Maldives and Somalia.         

Seychelles grew on the CPI rankings since 2009, when it was ranked 54th with a score of 4.8, indicating the perceived levels of corruption have increased in the country.

(Source:transparency.org)

Freedom of information

The Government of Seychelles majorly controls the media, TV stations, radio and the most popular newspaper, the Seychelles Nation.

(Source: BBC)

World Press Freedom Index 2010 ranks Seychelles at 65th rank with a score of 18.0, indicating the media in Seychelles is moderately restricted.  

(Source: rsf.org)

Newspapers

  • Seychelles Nation
    • The People
    • Regar
    • Le Nouveau Seychelles Weekly

Judicial system

The judiciary in Seychelles consists of:

  • Seychelles Court of Appeal
  • The Supreme Court
  • The Magistrates Court
  • Employment tribunals
  • The Family Tribunal

The Seychelles Court of Appeal is the highest court of justice and is the final court of appeal in the country. The Supreme Court is the next highest court in the country, and is in charge of civil claims, admiralty matters, matrimonial disputes and serious criminal charges.

Magistrates Court is comprised of lower value civil claims and less serious criminal charges. Lower tribunals like the employment tribunal and the family tribunal deal with domestic disputes.

(Source: bas.sc)

 

[Top] Demographic Overview

 

The total population of Seychelles for 2010 was estimated at 86,525, decreasing 0.9% over the previous year.

(Source:nsb.gov.sc

The gender ratio in the country is imbalanced, there are about 103.1 males for every 100 females.

(Source: UN

Seychelles Population by gender

The mortality rate of infants (per 1,000 live births) was registered at 10.8in 2009.  The average life expectancy in Seychelles is 72.2.

(Source: nsb.gov.scafricaneconomicoutlook)

The crude birth rate in 2008 was 18, and the death rate in the same year was 8.

(Source: World Bank)

In 2010, the population of people below 19 years of age was 30.9% of the total population. Furthermore, in 2010, 4.92% women and 2.94% men (% of total population) were aged above 65 years of age.

(Source: nsb.gov.sc)

In the country, the urban population growth rate from 2005 to 2010 was 1.4%, and the rural population growth rate was –0.6%.

(Source: UN)

The major ethnic groups in Seychelles are people from European, Asian and African descents.

(Source: state.gov


[Top] Soft Infrastructure

Literacy Rate

In 2010, the country’s literacy rate (aged above 12 years) is 96%.

(Source: nsb.gov.sc)

·         Education in Seychelles is well developed compared to the other African countries.Youth literacy rate (15-24 years) of country from 2004 to 2008, for male and female is 99

·         Primary school enrolment ratio of country from 2005 to 2009 is 131 for male and 130 for female

(Source: UNICEF)

Health care

The healthcare system in Seychelles has maintained a high standard of medical assistance at affordable facilities. Seychelles has about 7 hospitals and 17 health centers.

In country, there are about 793 nurses and midwives, 151 physicians, 120 dentists, 80 pharmacists, 100 environmental and public health care workers and 390 hospital beds.

In 2009, the public expenditure on health was registered at 22.7% and 2.6% (as a % of GDP).

(Source: nation.sc, nation.sc, nation.sc, nsb.gov.sc, estandardsforum.org, nsb.gov.sc)

[Top] Hard Infrastructure

 

There is no railway infrastructure in the country. The total road length across the country is measured at 458 Km, of which 96.1% is paved.  

(Source: estandardsforum)

Ports  

There is only one port in Seychelles, the Port of Victoria.

(Source:world port source)

Airports

There are 14 airports in the country, of which 8 are paved. 

 

Town

Airport name

Runway length (ft.)

Alphonse

Alphonse

3,100

Assumption Island

Assumption

3,900

Coetivy

Coetivy

3,200

Darros Island

Darros

3,200

Desroches

Desroches

4,500

Farquhar

Farquhar

3,100

Praslin

Praslin

3,900

Seychelles

Seychelles International

9,800

(Source: Air charter world)

Telecommunications networks

Telephone exchange line in Seychelles was 26,786 in 2009, whereas it was 26,078 in 2008. The number of landline connections in Seychelles has incresed steadily since 2007.

 

(Source:nsb.gov.sc)

The number of mobile subscribers increased from 2006 to 2009. In 2009 mobile subscribers were 126,858.

(Source:nsb.gov.sc)

Internet

In 2010, the total number of internet users was 33,900, or 38.4% of total population.

(Source:internetworldstats) 


Euromoney country risk banner
 
All material subject to strictly enforced copyright laws.
© 2017 Euromoney Institutional Investor PLC.