Seychelles
Resource: http://www.eoearth.org/article/Seychelles
Natural Resources: fish, copra, cinnamon trees
The African nation of the Seychelles is an archipelago on over a hundred islands in the Indian Ocean, northeast of Madagascar, The exact number of islands is uncertain. The couintries constitution states 155, while other sources count 115 or 116. About 42 are "granitic islands", that is composed of granite. The most important Granitic Seychelles are Mahé (the largest Seychelles island and location of the capitol Victoria), Praslin, Silhouette, and La Digue. There are also and about 75 small "coralline islands", that is an an island composed in part of coral sand and detritus
Economy
Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. Sharp drops illustrated the vulnerability of the tourist sector in 1991-92 due largely to the Gulf War and once again following the 11 September 2001 terrorist attacks on the US. Economic growth slowed in 1998-2002 and fell in 2003-04, due to sluggish tourist and tuna sectors, but resumed in 2005-07. Real GDP grew by 5.8% in 2007, driven by tourism and a boom in tourism-related construction. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007.
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