SEYCHELLES Tenders

Capital Victoria
ISO 3166 Code SC
Population 89,949
Area, Sq KM 455
Currency Seychellois rupee
Official Language Seychellois Creole, French, English
GDP, Billion USD 1,032
GDP Growth Rate, % 3.7
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 2.98
Exchange Rate, 1 USD Equals 12.99
International dial code 248
Time Zone GMT+04:00
Internet TLD .sc
Seychelles is officially known as the Republic of Seychelles. It is an archipelago in the Indian Ocean. The 115-island country with its capital inVictoria lies 1,500 kilometers east of mainland Southeast Africa. Other nearby island countries and territories include Mayotte, Comoros, Madagascar, Réunion, and Mauritius on the south. The population of the country is 90,024. Seychelles has the smallest population compared to any African state. The country is a member of the African Union. During the plantation era, vanilla, cinnamon and copra were the chief exports.
Since the independence of the country in 1976, per capita output has expanded to almosyseven times the old near-subsistence level. Tourism has played a significant role in the economic growth and it also employs about 30 percent of labour force. Agriculture however only employs 3% of the labour force. Despite the growth of tourism, fishing as well as farming continues to employ some people along with the industries that process vanilla and coconuts. Some of the prime agricultural products that are produced currently in the Seychelles include vanilla, sweet potatoes, coconuts and cinnamon. These products provide much of the economic support of the locals. The main export commodities include frozen and canned fish, copra, vanilla and cinnamon.
The government of the country has prioritized curbing of the budget deficit since the worldwide economic crises of 2008. The government has also prioritized the containment of social welfare costs along with further privatization of public enterprises. The government has a persistent presence in economic activity, encouraging the public enterprises to remain active in petroleum product distribution along with banking, imports of basic products and telecommunications. Seychelles rupee is the national currency of the country. It has been observed that since the year 2010, economic freedom in this country has been increasing at an incredible pace.
In 1971, when the Seychelles International Airport was opened, tourism became a significant industry, essentially dividing the economy into plantations and tourism. The tourism sector paid much better and the plantation sector of the economy declined in prominence. With time, tourism became the primary industry of the country.In recent years the government has encouraged foreign investment so that hotels and other services can be upgraded. However, during the years 1991–1992 and largely to the Gulf War, there was a decline in the tourism industry which led the government to reduce the dependence on tourism, thereby promoting the development of fishing, farming and small-scale manufacturing along with setting up financial establishments.
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