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African Economic Outlook 2013

Structural Transformation and Natural Resources

image of African Economic Outlook 2013

The African Economic Outlook is the only annual report that monitors in detail the economic performance of 53 individual countries on the continent, using a strictly comparable analytical framework.

The focus of the 2013 edition if structural transformation and natural resources in Africa. This edition draws lessons from Africa and elsewhere on how to accelerate structural change and amplify the positive force of natural resources. The report also features and overview of Africa's performance and prospects, country notes and a rich statistical annex.

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Seychelles

OECD Development Centre

In 2012, the Seychelles’ real Gross Domestic Product (GDP) growth slowed further to an estimated 2.8%, from 5% in 2011. Despite this, the performance was positive considering the uncertain global environment on which Seychelles’ economy depends heavily. Reduced growth was due to a continued decline in foreign direct investment (FDI) inflows and the impact of increased food and fuel prices on macroeconomic fundamentals. The country also faced exchange rate instability, particularly in the first half of 2012. This led to a depreciation of the rupee and an increase in mid-year inflation to over 9%, the highest in over 4 years. Though end of year inflation reduced to 7.1%, it was significantly higher than in 2011. Despite the fact tourism revenue has fallen following the financial crisis, it is still the main driver of economic growth and showed some resilience in 2012. Tourism grew by about 8% in 2012 driven by an increase in arrivals, particularly from non-traditional markets. GDP is projected to increase slightly in 2013 to 3.2% as new tourist markets are further explored and the contribution of other sectors, such as fisheries and services, increases. Lower inflation is also expected to increase private sector activity and domestic demand, albeit marginally. GDP is expected to increase marginally to above 4% in 2014, as new markets are explored, consistency in economic policy is maintained, investment spending increased and an improvement in the business environment pursued.

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