IMF cuts growth forecast for Seychelles 2012 to 4%

Posted in International Organisations, International relations, Seychelles' statistics, Tourism industry at 12:15 pm by Robert Klien

The International Monetary Fund (IMF) has revised down its growth forecast for the Seychelles’ economy in 2012 to 4% from 4.7%. This is explained by a slowdown in tourism due to the euro zone debt crisis.

Gross domestic product (GDP) for the Indian Ocean archipelago, which depends on tourism and fishing, is expected to have grown 5% in 2011 after expanding 6.7% in 2010.

In its statement made on February 7, the IMF said: “Growth in the tourism sector is expected to moderate in reaction to the unfolding sovereign debt and banking crisis in Europe”. It was also noted that “the real growth of tourism is expected to slow from 6% in 2011 to 5% in 2012 and beyond”. Therefore, 2012 GDP growth projections have been revised from 4.7% to 4%.

According to the IMF, inflationary pressures were expected to dampen in 2012 due to falling world commodity prices, which along with foreign direct investment-related (FDI-related) imports should narrow the current account deficit in 2012.


Seychelles inflation rises to 5.6% in January

Posted in Seychelles' statistics at 12:14 pm by Robert Klien

The consumer price index (CPI) in Seychelles rose 0.4% in January from a month earlier, pushing the year-on-year inflation rate to 5.6%. It should be noted that this rate is the highest since October 2009.

The data was published by the National Bureau of Statistics (NBS) on February 6. The statistics also showed that the annual average rate of inflation rose to 3.1% from 2.6% in December 2011, which is the highest since July 2010.

According to the NBS, fish prices rose 0.3% during the month, other food items climbed 0.2% while non-food goods rose 0.4%, boosted by a 15.2% increase in the cost of tuition fees for private schools.

The year-on-year inflation rate in the jurisdiction increased to 63.3% after Seychelles removed currency controls as part of an IMF rescue package in 2008.

But the inflation rate has been relatively subdued since October 2009, when it was 25.6%.


Seychelles Licensing Authority launches new website

Posted in Business and Economy at 12:13 pm by Robert Klien

The Seychelles Licensing Authority (SLA)
has launched its official website that can be accessed at www.sla.sc.

This website is the first for the SLA. It was launched by Vice-President Danny Faure in the presence of SLA board members and management staff as well as representatives of Comesa. The website reflect the Authority’s efforts to modernise the way it does business that started with the introduction of a new modern Licencing Act in November 2010.

The website aims to give the public, especially the business community, access to written information about the organisation, the different licences, their regulations and fees. Licence application forms can now be downloaded and enquiries can be made on-line. So, the process of obtaining a licence should become easier and more rapid.


Seychelles’ President on working visit to India

Posted in Diplomatic missions, International relations at 12:12 pm by Robert Klien

In the beginning of February 2012, President James Michel travels to India in order to address the Delhi Sustainable Development Summit 2012.

The 2-day summit opens on Februaty 2 in Delhi. It will be inaugurated by Indian Prime Minister Manmohan Singh.

The President is to make an address on the challenges of small islands states in the face of continuing climate change, as well as key targets for international climate change negotiations in the future.

The Delhi Sustainable Development Summit 2012 will also be attended by the Finnish President Tarja Halonen, and the President of Kiribati Anote Tong, as well as former heads of state and heads of governments, decision-makers from governments, private sector, non-governmental organisations, multi/bilateral organisations, academia and research institutions. Also, Nobel Laureate Dr Elinor Ostrom (Professor, Columbia University, USA), former deputy Prime Minister of the UK, John Prescott, and the former Governor of California (USA), Arnold Schwazenegger, will participate and talk at the event.