Fitch Ratings - Seychelles' Credit Rating Remains At BB-: Seychelles Fitch economy tourism environment
According to the Ratings released on Friday,"Seychelles' tourism sector recorded a solid recovery in 2022, with tourist arrivals surging by 82 percent year-on-year and reaching 86.4 percent of 2019 levels."
However, despite continued visitor growth, Fitch expects"tourism receipts will decline by about 14 percent in 2023 and 7 percent in 2024, reaching 41.3 percent of GDP, given the expected tapering in arrivals of high-spending tourists from Russia and other countries. There is upside from a larger than expected fall in oil prices - translating into lower airfares - and shallower than projected recessions in major European economies.
It projects medium-term growth of about 4 percent and sees an upside mainly from investment, which has lagged in recent years due to execution challenges, rather than a boost to productivity or the labour force.
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