Seychelles Economy Sees Steepest Slump in Four Years on Fishing

Jun 27, 2014 12:12 PM GMT

The Seychelles economy contracted at the steepest pace in four years as the fishing industry and beverage and tobacco manufacturing slumped.

Gross domestic product fell 2.9 percent on a quarterly basis compared with 4.6 percent expansion in the three months earlier, the country’s National Bureau of Statistics said in e-mailed statement today. It marks the economy’s first contraction in a year. Fishing shrank 17.9 percent, while manufacturing of beverages and tobacco fell 14.7 percent. Food production rose 12.8 percent.

Economic growth in the Indian Ocean island nation of 90,000 people is forecast to rise to 3.7 percent in 2014 and 3.8 percent next year, from 3.5 percent in 2013, according to the International Monetary Fund. Tuna fishing and processing accounts for almost 5 percent of GDP, 7 percent of jobs, and about 35 percents of exports, according to the World Bank.

The trade gap narrowed to 1.54 billion rupees ($125.7 million) in the first quarter from 1.62 billion rupees in the four quarter of last year.
Imports rose 5 percent from a year ago to 3.18 billion rupees and exports fell 25 percent to 989.4 million rupees. Unemployment was 4.2 percent between January and March, the statistics office said, without providing comparative data.

The economy contracted 3.2 percent in the first quarter of 2010 and 0.9 percent in the same period of last year, according to the report.
To contact the reporter on this story: Rene Vollgraaff in Johannesburg at rvollgraaff@bloomberg.net
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net Sarah McGregor, Karl Maier

http://www.bloomberg.com/news/2014-06-27/seychelles-economy-sees-steepest-slump-in-four-years-on-fishing.html 

Comments

  1. Seychelles First28 June 2014 at 01:07

    The current government’s management of the economy has been dismal and is leading to dire consequences for all of us. Despite of all the rises in prices, taxes and fees, coupled with the so-called unavoidable austerity measures that were thrown into place, public debt still increased, what’s more, the government continues to scour the globe looking for more money to borrow. Had the government listened to sensible economic advice, many of these debacles could have been averted. The advice, broadly speaking, was to focus on motivating economic activity and growth. It appears that our idiotic government aren’t required to listen to sense, leaving everyday Seychellois to suffer.

    ReplyDelete
  2. Import exceeded export by 2 plus Billions.That is partilepep economy.

    ReplyDelete
  3. It resemble those statuses we still see in Ex USSR,North Korea ,Cuba with the exception--there is not Hammer an sickle.Secondly ,As we were wrongly taught and still being teach at schools ---AFRICA who were brought to our shores back then ,where FREED slaves by French therefore no longer slaves when they reached Seychelles shores.French did not colonized Seychelles for Seychelles did not belong to anyone and there was no indigous people living on Seychelles like for instance,AUSTRIALIA ABORIGINE, in south America to then say Seychelles was a French colony-THE TRUTH IS fRENCH SETTLERS AND FREED EX-SLAVES gave birth to Seychellois Nation.Yes BRITSH colonial us.

    Michel once aginst proves that he love foreigners and hate Seychellois--This love for foreigners have destroyed our economy and the monkey just donot get it.He is like those Aifrcans who work with slave masters to slave African and convicned himself the lsavemaster love him.No monkey he use you because you an idiot to do their dirty job.But a monkey just cannot get this.

    Jeanne D'Arc

    ReplyDelete

Post a Comment

Popular posts from this blog

OPEN LETTER TO PRESIDENT DANNY FAURE – FROM THE RESIDENTS OF PORT GLAUD

LDS: Letting Down Seychelles

Why did Patrick Pillay write the email?