Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ with a stable outlook in 2023. The ratings reflect the country’s solid tourism recovery, stable growth prospects, low inflation, and a stable economic framework.
The Seychelles tourism sector had a solid recovery in 2022, with tourist arrivals surging by 82{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} YoY, reaching 86.4{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} of 2019 levels.
However, Fitch warned that global economic uncertainty and competition from other high-end tourism destinations may lead to a slowdown in visitor growth to an estimated 5{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} in 2023-2024. Despite continued visitor growth, Fitch expects tourism receipts to decline by about 14{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} in 2023 and 7{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} in 2024, reaching 41.3{6d72af5cc0df92a30021dcf88b1ff8b8e0f150c7009da009046618995c74fae6} of GDP, given the expected tapering in arrivals of high-spending tourists from Russia and other countries.
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