March 21, 2018 / 6:39 AM / a year ago

Seychelles' economy growth seen above 5.0 percent in 2017-IMF

KIGALI, March 21 (Reuters) - The Seychelles’ economy is estimated to have grown over 5.0 percent last year, up from a 4.5 percent growth in 2016, supported by buoyant tourism activity, strong output in the fishery industry and expanding credit to the private sector, the International Monetary Fund said.

“Macroeconomic performance continued to be strong in 2017. Economic growth is estimated to have exceeded 5.0 percent,” IMF mission chief Amadou Sy said in a statement issued on Tuesday.

It said inflation in the Indian Ocean country reached 3.5 percent by the end of 2017.

Inflation in the Seychelles rose to 4.88 percent year-on-year in February from 4.5 percent a month earlier.

IMF said Seychelles’ economy outlook for 2018 remained positive but added it was still vulnerable to external factors that could affect tourism. (Reporting by Clement Uwiringiyimana; Editing by Sunil Nair)

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