The Ratings, which came out on Friday, stated that tourist arrivals and tourism earnings increased by 5.7 percent and 5.8 percent respectively in 2023. (Gerard Larose)
Seychelles has maintained a credit rating of ‘BB-‘ with a positive outlook from Fitch Ratings with key drivers being relatively high-income levels, strong World Bank Governance Indicators, and a stabilisation of the tourism industry.
The Ratings, which came out on Friday, stated that tourist arrivals and tourism earnings increased by 5.7 percent and 5.8 percent respectively in 2023, reflecting a stabilisation after 82 percent and 59 percent increases in 2022.
“Europe remains the top source of tourists, 73 percent share in 2023, with Germany and Russia topping arrivals since the start of 2024. The average expenditure per tourist remains above the authorities’ target of $2,800,” added the Ratings.
According to the Ratings, the economy of Seychelles grew by 1.9 percent year-on-year…