IMF: Seychelles' 2017 financial outlook strong

Economic growth for 2016 in Seychelles is projected to reach around 4.5 percent, an International Monetary Fund official said this week, a reflection of "vibrant tourist arrivals" and expanding credit to the private sector.
 
Wendell Samuel led an IMF team that came to conduct the fourth and fifth reviews under the Extended Fund Facility arrangement with Seychelles. “Macroeconomic performance has been robust in 2016,” Samuel said, adding that inflation has been negative since the beginning of 2016 largely due to the low prices of commodities and stable exchange rates.
 
Separately, the Bretton Woods institution has predicted the country’s primary fiscal surplus to reach 3 percent of GDP [gross domestic product] this year due to the country’s good economic performance. This is in spite of the impact of the various financial initiatives announced in the State of the Nation Address in February, including income tax cuts and increases in pensions and the minimum wage.
 
Looking on to 2017, Samuel said the growth outlook remains positive, largely due to foreign direct investment in the tourism sector.

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