Analysis by Region - Emerging Markets - Seychelles
Real GDP is estimated to have grown by a strong 10.1% in 2022, with the size of the economy reaching pre-coronavirus pandemic levels. The island nation's tourist arrivals have started to pick up, but are yet to reach pre-pandemic levels. Thankfully, tourist arrivals have proven to be resilient in the face of geopolitical tensions emanating from the Russia-Ukraine conflict. We anticipate that tourist arrival numbers will increase by 11.5% in 2023 and then strengthen more modestly from next year onwards. Downside risks to this forecast include the cost-of-living crisis in Europe – a major tourism source market.
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