The island nation of Seychelles's real GDP expanded by 3.5% in 2024, higher than our projection of 3.1%. We estimate that the stronger growth rate was driven by both household and government spending. Tourist arrivals still fall short of pre-pandemic levels, and the first quarter's performance was underwhelming. Tourism revenue is expected to remain under pressure in 2025. As increased competitiveness in the international tourism market puts pressure on the local industry, the local tourism department has stepped up efforts to promote Seychelles as a top tourist destination. We forecast real GDP to grow by 2.7% in 2025, while the IMF is more optimistic with a 4.3% growth projection for this year.
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