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Economy of Seychelles vs Singapore compared: GDP & Debt

Updated on by Georank

The Seychelles has a GDP of $2.39B compared to $604B for Singapore, ranking 177/197 and 28/197 by economy size, respectively.

The Seychelles has $1.23B in government debt (51.5% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Seychelles vs Singapore GDP by year

Seychelles
Singapore
1x
Year GDP, current $
Seychelles Singapore
2025 $2,387,022,853 $603,869,516,999
2024 $2,228,608,684 $572,877,260,178
2023 $2,171,547,935 $511,181,761,244
2022 $1,999,888,599 $514,252,535,239
2021 $1,487,173,795 $441,110,903,525
2020 $1,382,551,752 $351,226,533,656
2019 $1,868,690,097 $376,827,390,962
2018 $1,784,313,927 $377,976,367,877
2017 $1,675,370,641 $344,795,119,214
2016 $1,568,513,348 $320,759,207,439
2015 $1,432,403,352 $307,998,545,269
2014 $1,387,577,870 $314,863,580,758
2013 $1,333,160,407 $307,576,360,585
2012 $1,089,407,839 $295,092,888,077
2011 $1,058,918,707 $279,356,499,090
2010 $981,616,542 $239,807,980,591
2009 $850,901,620 $194,150,283,772
2008 $979,597,394 $193,617,323,539
2007 $1,077,308,814 $180,941,701,358
2006 $1,081,441,283 $148,627,286,361
2005 $977,899,382 $127,807,848,728
2004 $893,012,218 $115,033,593,101
2003 $750,847,230 $97,646,401,096
2002 $742,134,838 $92,538,372,870
2001 $662,064,156 $89,793,790,670
2000 $654,212,394 $96,076,539,926
1999 $662,838,615 $86,286,849,755
1998 $647,287,376 $85,728,207,782
1997 $598,966,982 $100,123,787,215
1996 $535,250,347 $96,293,086,513
1995 $540,733,048 $87,812,540,788
1994 $517,570,058 $73,688,724,431
1993 $504,230,621 $60,603,815,716
1992 $461,409,399 $52,131,320,033
1991 $398,307,170 $45,466,164,978
1990 $392,163,561 $36,144,336,769
1989 $324,333,367 $30,465,364,739
1988 $301,985,618 $25,371,462,488
1987 $265,212,957 $20,919,215,578
1986 $221,147,061 $18,586,746,057
1985 $179,691,483 $19,156,532,746
1984 $160,992,921 $19,749,361,098
1983 $156,098,237 $17,784,112,150
1982 $157,211,790 $16,084,252,378
1981 $163,750,728 $14,175,228,844
1980 $156,783,830 $11,896,256,783
1979 $127,261,099 $9,296,921,724
1978 $85,552,366 $7,517,176,355
1977 $64,526,401 $6,618,585,074
1976 $49,278,982 $6,327,077,974
1975 $47,803,146 $5,633,673,930
1974 $43,134,496 $5,221,534,956
1973 $36,896,280 $3,696,213,333
1972 $30,645,123 $2,721,440,981
1971 $21,965,951 $2,263,785,444
1970 $18,432,032 $1,920,574,150
1969 $16,452,028 $1,659,893,768
1968 $16,074,028 $1,425,706,091
1967 $16,632,032 $1,238,035,816
1966 $16,443,034 $1,096,425,608
1965 $15,603,032 $974,644,096
1964 $15,393,032 $894,153,311
1963 $13,923,029 $917,608,012
1962 $12,642,026 $826,239,212
1961 $11,592,024 $764,629,788
1960 $12,012,025 $704,751,700

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

GDP per capita in Seychelles vs Singapore by year

Seychelles
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Seychelles Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $19,449 - $98,814 -
2024 $18,365 $33,239 $94,897 $150,689
2023 $18,131 $31,781 $86,383 $143,786
2022 $16,683 $29,973 $91,228 $143,095
2021 $14,983 $29,980 $80,885 $132,617
2020 $14,041 $31,056 $61,773 $101,518
2019 $19,142 $34,219 $66,069 $105,335
2018 $18,440 $32,091 $67,033 $103,963
2017 $17,480 $30,675 $61,436 $95,744
2016 $16,567 $28,811 $57,204 $89,902
2015 $15,333 $25,435 $55,646 $87,156
2014 $15,188 $24,985 $57,565 $84,555
2013 $14,821 $22,487 $56,967 $83,088
2012 $12,337 $22,264 $55,548 $82,108
2011 $12,110 $21,781 $53,891 $80,052
2010 $10,935 $18,982 $47,237 $75,401
2009 $9,747 $18,453 $38,927 $66,213
2008 $11,265 $18,881 $40,009 $67,735
2007 $12,669 $19,473 $39,433 $68,805
2006 $12,783 $17,503 $33,768 $64,061
2005 $11,802 $15,846 $29,961 $58,822
2004 $10,828 $14,160 $27,608 $54,384
2003 $9,070 $14,142 $23,730 $48,778
2002 $8,864 $14,570 $22,160 $45,083
2001 $8,153 $14,615 $21,700 $43,109
2000 $8,064 $14,638 $23,853 $43,781
1999 $8,243 $13,853 $21,797 $39,949
1998 $8,210 $13,675 $21,829 $37,560
1997 $7,747 $13,458 $26,376 $39,286
1996 $7,004 $11,931 $26,233 $36,873
1995 $7,181 $10,809 $24,915 $35,090
1994 $6,975 $10,692 $21,552 $33,058
1993 $6,979 $11,020 $18,290 $30,062
1992 $6,520 $10,243 $16,136 $27,022
1991 $5,655 $9,387 $14,502 $25,530
1990 $5,642 $8,955 $11,862 $23,815
1989 $4,689 - $10,395 -
1988 $4,392 - $8,914 -
1987 $3,872 - $7,539 -
1986 $3,368 - $6,800 -
1985 $2,754 - $7,002 -
1984 $2,488 - $7,228 -
1983 $2,426 - $6,633 -
1982 $2,441 - $6,078 -
1981 $2,557 - $5,597 -
1980 $2,478 - $4,928 -
1979 $2,030 - $3,901 -
1978 $1,377 - $3,194 -
1977 $1,044 - $2,846 -
1976 $814 - $2,759 -
1975 $806 - $2,490 -
1974 $745 - $2,342 -
1973 $649 - $1,685 -
1972 $547 - $1,264 -
1971 $402 - $1,071 -
1970 $344 - $926 -
1969 $314 - $813 -
1968 $314 - $709 -
1967 $333 - $626 -
1966 $338 - $567 -
1965 $328 - $517 -
1964 $332 - $486 -
1963 $308 - $511 -
1962 $287 - $472 -
1961 $270.3 - $449 -
1960 $288.1 - $428 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

The Seychelles' GDP per capita is $19,449, ranking 64/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), the Seychelles ranks 67th at $33,239, while Singapore ranks 2nd at $150,689.

Economic indicators

Seychelles Singapore
Gross domestic product
$2.39B
2025
$604B
2025
GDP rank
177/197
2025
28/197
2025
GDP growth
5.8%
2024-2025
5.03%
2024-2025
GDP per capita
$19,449
2025
$98,814
2025
GDP per capita rank
64/197
2025
7/197
2025
GDP per capita, PPP
$33,239
2024
$150,689
2024
GDP per capita PPP rank
67/197
2024
2/197
2024
Government debt
$1.23B
2025
$1.03T
2025
Debt-to-GDP ratio
51.5%
2025
171.3%
2025
Government debt per person
$10,019
2025
$169,228
2025
Government debt per person rank
59/185
2025
1/185
2025
Average annual personal income after taxes
$11,537
2026
$51,296
2026
Market capitalization of domestic companies
$646M
2025
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires n/a
55
2026
Income share by richest 10%
23.9%
2018
n/a
Income share by poorest 10%
2.6%
2018
n/a
Government expenditure, % of GDP
32.7%
2025
15.5%
2025
Consumer prices inflation
0.3%
2024-2025
0.9%
2024-2025
Central bank interest rate
1.75%
2024
n/a
Unemployment rate
2.59%
2024
3.26%
2025
Population
125859
6167445

Spending and national debt comparison by year

Seychelles
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Seychelles Singapore
Government spending Government debt Government spending Government debt
2025 32.7% 51.5% 15.5% 171.3%
2024 33% 56.1% 14.3% 166%
2023 33.1% 55.1% 14.6% 170.4%
2022 31.6% 60.6% 14.9% 153.3%
2021 38.8% 71% 15.4% 139.9%
2020 46.7% 77.4% 24% 147.1%
2019 31.7% 48.9% 14% 127.7%
2018 33% 51.3% 13.9% 109.2%
2017 34.3% 56.7% 13.6% 107.3%
2016 34.5% 64.3% 15.2% 105.9%
2015 31.5% 75.4% 14.4% 102.1%
2014 33.4% 70.4% 12.6% 97.7%
2013 37.8% 68.2% 10.9% 98.2%
2012 38.6% 80.1% 9.83% 106.7%
2011 36.4% 82.5% 9.66% 103.1%
2010 34.6% 82.2% 10.2% 98.7%
2009 32.1% 106.1% 15.9% 101.7%
2008 27% 192.1% 14% 97.9%
2007 41.9% 144% 9.01% 87.8%
2006 43.6% 135.1% 12.3% 86.5%
2005 39% 144.1% 12.4% 92.7%
2004 39.9% 163.2% 14.1% 95.7%
2003 44.6% 177% 15.6% 99.1%
2002 56.3% 195.9% 15.9% 96.3%
2001 46.8% 199.8% 18.2% 94.5%
2000 55.4% 177.8% 16.1% 82.3%
1999 56.1% 159.8% 15.9% 85.3%
1998 60.7% 161.2% 18.1% 84.6%
1997 54.7% 143% 14.5% 70.8%
1996 59.1% 146.7% 18.1% 71.3%
1995 53.1% 133.5% 13.8% 69.8%
1994 63.6% 123.5% 11.7% 70.7%
1993 60.4% 82.2% 14.5% 71.2%
1992 50.7% 79.9% 14.5% 79%
1991 52.1% 89.2% 15.9% 76.4%
1990 46.1% 80.4% 15.1% 73.5%
1989 51.7% 39.9% - -
1988 46.7% 41.3% - -
1987 49.7% 37% - -
1986 58% 31.5% - -
1985 53% 26.5% - -
1984 50.5% 15.3% - -
1983 47.9% 12.4% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

In 2025, the Seychelles' government spending was $781M, accounting for 32.7% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 51.5% in the Seychelles and 171.3% in Singapore, ranking 102/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Seychelles

Singapore
1x
Year Deficit/surplus, % of GDP
Seychelles Singapore
2025 -0.99% 4.16%
2024 -0.68% 3.79%
2023 -1.15% 3.42%
2022 -0.77% 1.2%
2021 -5.76% 1.11%
2020 -15.7% -6.68%
2019 0.42% 3.76%
2018 -0.8% 3.67%
2017 -1.67% 5.23%
2016 0.02% 3.24%
2015 1.39% 2.86%
2014 2.87% 4.6%
2013 0.33% 5.96%
2012 2.93% 7.34%
2011 3.36% 7.96%
2010 0.52% 5.68%
2009 4.84% -0.09%
2008 7.88% 3.59%
2007 -9.93% 7.12%
2006 -2.54% 2.16%
2005 0.42% 2.56%
2004 0.44% 2.06%
2003 3.4% 0.68%
2002 -16.3% 2.23%
2001 -8.93% 1.2%
2000 -14.7% 4.59%
1999 -10.3% 5.2%
1998 -16.7% 2.41%
1997 -5.91% 5.66%
1996 -9.69% 1.98%
1995 -2.58% 4.8%
1994 -6.95% 7.9%
1993 -3.62% 4.36%
1992 6.44% 2.7%
1991 3.15% 0.68%
1990 11.9% 1.97%
1989 8.26% -
1988 11.8% -
1987 2.77% -
1986 -10.1% -
1985 -4.86% -
1984 -6.09% -
1983 -3.13% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

In 2025, the Seychelles' government deficit, the difference between spending and revenue, was $23.5M, equivalent to 0.99% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 36 years, the Seychelles recorded a fiscal deficit in 20 of those years, while Singapore ran a deficit in 2 years. On average, the Seychelles posted an annual deficit equal to 2.37% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Seychelles

Singapore
1x
Year Consumer prices inflation
Seychelles Singapore
2025 0.3% 0.9%
2024 0.31% 2.39%
2023 -1.04% 4.83%
2022 2.63% 6.13%
2021 9.77% 2.32%
2020 1.2% -0.17%
2019 1.81% 0.57%
2018 3.7% 0.44%
2017 2.86% 0.58%
2016 -1.02% -0.53%
2015 4.04% -0.52%
2014 1.39% 1.03%
2013 4.34% 2.36%
2012 7.11% 4.58%
2011 2.56% 5.25%
2010 -2.4% 2.83%
2009 31.8% 0.59%
2008 37% 6.64%
2007 5.32% 2.11%
2006 -0.35% 0.97%
2005 0.91% 0.43%
2004 3.86% 1.66%
2003 3.3% 0.51%
2002 0.18% -0.39%
2001 5.97% 1%
2000 6.27% 1.36%
1999 6.35% 0.02%
1998 2.58% -0.27%
1997 0.62% 2%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

Over the past 29 years, the Seychelles has recorded an average annual inflation rate of 4.87%, compared with 1.71% in Singapore. In 2025, inflation was 0.3% in the Seychelles and 0.9% in Singapore.

Top exports between countries

Seychelles
Export category Export value
Machinery & equipment $572K
Processed food, beverages & tobacco $115K
Metals $84K
Animal & marine products $20K
Wood & paper products $7K
Singapore
Export category Export value
Machinery & equipment $4.6M
Processed food, beverages & tobacco $3.8M
Miscellaneous $3.54M
Textiles & consumer goods $1.54M
Chemicals & pharma $1.42M
Metals $1.01M
Raw materials & minerals $923K
Wood & paper products $310K
Raw agricultural goods $220K
Animal & marine products $218K

Balance of trade

Seychelles Singapore
Current account balance
-$166M
2024
$101B
2025
Current account balance ranking
90/190
2024
8/190
2025
Current account balance, % of GDP
-7.46%
2024
+16.7%
2025
Goods imports
$1.38B
2024
$475B
2025
Goods exports
$595M
2024
$652B
2025
Service imports
$1B
2024
$385B
2025
Service exports
$1.71B
2024
$422B
2025
Imports of goods and services, % of GDP
92.7%
2025
142.5%
2025
Exports of goods and services, % of GDP
79.6%
2025
177.9%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Seychelles Singapore
Economic freedom 66.5 84.4
Economic freedom ranking 60/197 1/197
Property rights 82.6 89.2
Government integrity 71.7 86.1
Judicial effectiveness 61.7 58.3
Tax burden 77.3 89.5
Government spending 68 93.4
Fiscal health 92.2 80
Business freedom 71.3 90.6
Labor freedom 52 77
Monetary freedom 79.8 83.5
Trade freedom 81.2 95
Investment freedom 30 90
Financial freedom 30 80

Economic freedom comparison by year

Seychelles
Singapore
1x
Year Economic freedom index
Seychelles Singapore
2026 66.5 84.4
2025 66.4 84.1
2024 60.4 83.5
2023 59.5 83.9
2022 61.1 84.4
2021 66.3 89.7
2020 64.3 89.4
2019 61.4 89.4
2018 61.6 88.8
2017 61.8 88.6
2016 62.2 87.8
2015 57.5 89.4
2014 56.2 89.4
2013 54.9 88
2012 53 87.5
2011 51.2 87.2
2010 47.9 86.1
2009 47.8 87.1
2008 - 87.3
2007 - 87.1
2006 - 88
2005 - 88.6
2004 - 88.9
2003 - 88.2
2002 - 87.4
2001 - 87.8
2000 - 87.7
1999 - 86.9
1998 - 87
1997 - 87.3
1996 - 86.5
1995 - 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

The Economic Freedom Index for the Seychelles is 66.5, ranking 60/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Seychelles Singapore
Services, % of GDP
67.9%
2025
71.6%
2025
Industry, % of GDP
14.3%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
2.61%
2025
0.02%
2025
GNI, Atlas method
$2.36B
2025
$500B
2025
GNI per capita, PPP
$34,930
2025
$135,750
2025
Total reserves including gold
$774M
2024
$432B
2025
Total reserves ranking
146/177
2024
11/177
2025
Net foreign direct investment
-$268M
2024
-$64.9B
2025
Net inflows of foreign direct investment
$226M
2024
$135B
2024
Net outflows of foreign direct investment
-$41.4M
2024
$63.6B
2024
Poverty at national poverty lines
25.3%
2018
n/a
Gross capital formation, % of GDP
18.7%
2025
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/seychelles/singapore | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-07-08)
  6. TradeMap (2020–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.