IMF Staff Country Reports

Seychelles: 2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performance Criteria-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles

Publication Date:

June 28, 2024

Electronic Access:

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Summary:

They Seychellois economy continues to recover from the effects of the pandemic but at a slowing pace. While tourist arrivals were about 91 percent of prepandemic highs and activity in the IT, construction, and fishing sectors was robust, real GDP growth slowed to about 3.2 percent in 2023. This is due partly to a complex disaster (flooding and an industrial explosion) in December and associated negative impacts on manufacturing. Inflation has been negative since May but appears to have troughed in December. The fiscal stance in 2023 was tighter than projected and, as a result, the ratio of public debt to GDP is moving more quickly back to pre-pandemic lows. The external position improved slightly relative to the previous year.

Series:

Country Report No. 2024/191

Subject:

Economic sectors Expenditure Government debt management Imports International trade Public debt Public financial management (PFM) Tourism

Frequency:

regular