Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria
IMF Staff Country Reports, December 22, 2014
Source details
- Canonical URL
- Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria
Other formats
Bibliographic details
- Published: December 22, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498324564.002
Program implementation and economic fundamentals
- Program implementation and economic fundamentals continue to be strong.
- Projected growth for 2014 has been revised down to 2.8 percent from 3.7 percent.
Drivers of the 2014 growth revision
- Weaker demand for Seychelles’ two main exports—tourism and canned tuna—reduced growth prospects.
- Strong growth in personal earnings and private sector credit fueled a surge in imports, putting further pressure on the balance of payments.
External position and exchange rate developments
- The external position weakened in mid-2014.
- The exchange rate depreciated an estimated 11 percent in nominal effective terms from early August to late-October.
Key statistics
- Projected GDP growth for 2014: 2.8 percent (revised down from 3.7 percent).
- Nominal effective exchange rate depreciation (early August to late-October 2014): an estimated 11 percent.
International Monetary Fund. Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria (IMF Staff Country Report No. 2014/356), December 22, 2014.