## 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](https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-first-review-under-the-extended-arrangement-and-request-for-modification-of-42550)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/seychelles-first-review-under-the-extended-arrangement-and-request-for-modification-of-42550/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/seychelles-first-review-under-the-extended-arrangement-and-request-for-modification-of-42550/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/seychelles-first-review-under-the-extended-arrangement-and-request-for-modification-of-42550/bundle-manifest.json)

## 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.*

---

## Content in this bundle

- **_cr14356**
  - [_cr14356 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14356.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr14356 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14356.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-first-review-under-the-extended-arrangement-and-request-for-modification-of-42550_