The economy of Seychelles plunged 17.2% year-on-year in the second quarter of 2020, following a downwardly revised 0.9% growth in the previous period. It was the worst economic contraction on record, amid the devastating impact of the Covid-19 pandemic on the country's tourism sector (-93.5% vs -11.1% in Q1). Other negative contributions came from administrative and support service activities (-92.5% vs -5.8%); transportation & storage (-62.3% vs -10.1%); fishing (-41.4% vs -13.1%) and manufacture of beverages & tobacco (-27.7% vs -14.2%). On the other hand, strong growth was observed in information & communication (50.5% vs 16.3%); construction (16.3% vs 18.2%); manufacture of food (15.2% vs 4%); real estate activities (9.4% vs 3.1%) and financial services (8% vs 6.9%).
GDP Annual Growth Rate in Seychelles averaged 3.58 percent from 2000 until 2020, reaching an all time high of 13.90 percent in the first quarter of 2007 and a record low of -17.20 percent in the second quarter of 2020. This page provides - Seychelles GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Seychelles GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020.
GDP Annual Growth Rate in Seychelles is expected to be -8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Seychelles to stand at 6.20 in 12 months time. In the long-term, the Seychelles GDP Annual Growth Rate is projected to trend around 7.00 percent in 2021 and 6.00 percent in 2022, according to our econometric models.