Seychelles' 2007 growth more than 5 per cent

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31 January 2008

VICTORIA, (Reuters) - Seychelles' economic growth was more than 5 percent in 2007 but may ease in 2008 due partly to high fuel prices, the International Monetary Fund (IMF) said in a statement.

'Economic growth continued to be robust in 2007, at over 5 percent, supported by strong foreign direct investment mainly in the tourism sector,' the statement seen by Reuters on Thursday said.

'Growth may ease somewhat in 2008, reflecting high international oil prices, an expected slowdown in global growth, and local capacity constraints,' the statement said after an IMF mission visited the 115-island archipelago.

Tourism is a top currency earner for the Indian Ocean nation of 81,000 people who—while burdened with heavy debt—earn some of the highest incomes in Africa.

Over a year ago, the IMF forecast growth in 2006 at 4.5 percent. The statement did not give an estimate for expansion in 2008.

The institution said inflation would remain high in 2008 without giving a figure.

'Inflation is likely to remain elevated in the near term, as one-off factors due to price adjustments feed through,' it said.

In December, Finance Minister Danny Faure announced a target 5 percent of GDP budget surplus for 2008 from 3 percent in 2007.

'The 2008 budget, which targets a sizeable primary surplus, breaks with the past and is an important step in the right direction,' the IMF statement said.

(Reporting by George Thande; Writing by Ed Harris)

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