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Economy of Seychelles vs Vanuatu compared: GDP & Debt

Updated on by Georank

The Seychelles has a GDP of $2.39B compared to $1.35B for Vanuatu, ranking 177/197 and 185/197 by economy size, respectively.

The Seychelles has $1.23B in government debt (51.5% of GDP), compared to $554M (40.9% of GDP) in Vanuatu.

Seychelles vs Vanuatu GDP by year

Seychelles
Vanuatu
1x
Year GDP, current $
Seychelles Vanuatu
2025 $2,387,022,853 $1,353,658,841
2024 $2,228,608,684 $1,297,956,615
2023 $2,171,547,935 $1,188,137,265
2022 $1,999,888,599 $1,151,863,790
2021 $1,487,173,795 $1,093,826,089
2020 $1,382,551,752 $1,017,403,363
2019 $1,868,690,097 $1,061,547,513
2018 $1,784,313,927 $1,034,402,941
2017 $1,675,370,641 $998,536,155
2016 $1,568,513,348 $908,725,513
2015 $1,432,403,352 $855,360,240
2014 $1,387,577,870 $879,185,478
2013 $1,333,160,407 $863,347,172
2012 $1,089,407,839 $747,839,698
2011 $1,058,918,707 $770,153,588
2010 $981,616,542 $670,712,980
2009 $850,901,620 $592,622,319
2008 $979,597,394 $590,748,429
2007 $1,077,308,814 $516,392,923
2006 $1,081,441,283 $439,358,587
2005 $977,899,382 $394,962,433
2004 $893,012,218 $364,996,869
2003 $750,847,230 $314,471,413
2002 $742,134,838 $262,596,536
2001 $662,064,156 $257,926,882
2000 $654,212,394 $272,014,628
1999 $662,838,615 $268,006,973
1998 $647,287,376 $262,293,411
1997 $598,966,982 $272,771,209
1996 $535,250,347 $261,370,044
1995 $540,733,048 $249,333,250
1994 $517,570,058 $233,701,301
1993 $504,230,621 $200,491,853
1992 $461,409,399 $209,088,825
1991 $398,307,170 $201,334,169
1990 $392,163,561 $168,879,207
1989 $324,333,367 $154,013,202
1988 $301,985,618 $158,351,368
1987 $265,212,957 $139,464,174
1986 $221,147,061 $126,498,935
1985 $179,691,483 $131,856,421
1984 $160,992,921 $144,482,515
1983 $156,098,237 $117,389,554
1982 $157,211,790 $114,501,913
1981 $163,750,728 $113,781,796
1980 $156,783,830 $121,185,498
1979 $127,261,099 $119,258,835
1978 $85,552,366 -
1977 $64,526,401 -
1976 $49,278,982 -
1975 $47,803,146 -
1974 $43,134,496 -
1973 $36,896,280 -
1972 $30,645,123 -
1971 $21,965,951 -
1970 $18,432,032 -
1969 $16,452,028 -
1968 $16,074,028 -
1967 $16,632,032 -
1966 $16,443,034 -
1965 $15,603,032 -
1964 $15,393,032 -
1963 $13,923,029 -
1962 $12,642,026 -
1961 $11,592,024 -
1960 $12,012,025 -

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

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

GDP per capita in Seychelles vs Vanuatu by year

Seychelles
GDP per capita

GDP per capita, PPP
Vanuatu
GDP per capita

GDP per capita, PPP
1x
Year Current $
Seychelles Vanuatu
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $19,449 - $4,039 -
2024 $18,365 $33,239 $3,960 $3,606
2023 $18,131 $31,781 $3,708 $3,568
2022 $16,683 $29,973 $3,680 $3,453
2021 $14,983 $29,980 $3,576 $3,136
2020 $14,041 $31,056 $3,404 $3,118
2019 $19,142 $34,219 $3,636 $3,315
2018 $18,440 $32,091 $3,626 $3,233
2017 $17,480 $30,675 $3,585 $3,146
2016 $16,567 $28,811 $3,340 $3,030
2015 $15,333 $25,435 $3,214 $2,966
2014 $15,188 $24,985 $3,378 $2,890
2013 $14,821 $22,487 $3,393 $2,832
2012 $12,337 $22,264 $3,005 $2,834
2011 $12,110 $21,781 $3,163 $2,816
2010 $10,935 $18,982 $2,815 $2,733
2009 $9,747 $18,453 $2,546 $2,730
2008 $11,265 $18,881 $2,604 $2,701
2007 $12,669 $19,473 $2,334 $2,573
2006 $12,783 $17,503 $2,035 $2,496
2005 $11,802 $15,846 $1,874 $2,287
2004 $10,828 $14,160 $1,774 $2,157
2003 $9,070 $14,142 $1,567 $2,070
2002 $8,864 $14,570 $1,341 $1,995
2001 $8,153 $14,615 $1,350 $2,125
2000 $8,064 $14,638 $1,460 $2,206
1999 $8,243 $13,853 $1,472 $2,084
1998 $8,210 $13,675 $1,471 $2,091
1997 $7,747 $13,458 $1,562 $2,087
1996 $7,004 $11,931 $1,529 $1,998
1995 $7,181 $10,809 $1,492 $1,961
1994 $6,975 $10,692 $1,431 $1,946
1993 $6,979 $11,020 $1,257 $1,789
1992 $6,520 $10,243 $1,344 $1,777
1991 $5,655 $9,387 $1,326 $1,737
1990 $5,642 $8,955 $1,141 $1,670
1989 $4,689 - $1,067 -
1988 $4,392 - $1,125 -
1987 $3,872 - $1,017 -
1986 $3,368 - $946 -
1985 $2,754 - $1,012 -
1984 $2,488 - $1,137 -
1983 $2,426 - $947 -
1982 $2,441 - $946 -
1981 $2,557 - $962 -
1980 $2,478 - $1,048 -
1979 $2,030 - $1,055 -
1978 $1,377 - - -
1977 $1,044 - - -
1976 $814 - - -
1975 $806 - - -
1974 $745 - - -
1973 $649 - - -
1972 $547 - - -
1971 $402 - - -
1970 $344 - - -
1969 $314 - - -
1968 $314 - - -
1967 $333 - - -
1966 $338 - - -
1965 $328 - - -
1964 $332 - - -
1963 $308 - - -
1962 $287 - - -
1961 $270.3 - - -
1960 $288.1 - - -

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

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

The Seychelles' GDP per capita is $19,449, ranking 64/197, compared to $4,039 in Vanuatu, ranking 133/197. Adjusted for purchasing power (GDP per capita PPP), the Seychelles ranks 67th at $33,239, while Vanuatu ranks 170th at $3,606.

Economic indicators

Seychelles Vanuatu
Gross domestic product
$2.39B
2025
$1.35B
2025
GDP rank
177/197
2025
185/197
2025
GDP growth
5.8%
2024-2025
3.05%
2024-2025
GDP per capita
$19,449
2025
$4,039
2025
GDP per capita rank
64/197
2025
133/197
2025
GDP per capita, PPP
$33,239
2024
$3,606
2024
GDP per capita PPP rank
67/197
2024
170/197
2024
Government debt
$1.23B
2025
$554M
2025
Debt-to-GDP ratio
51.5%
2025
40.9%
2025
Government debt per person
$10,019
2025
$1,654
2025
Government debt per person rank
59/185
2025
125/185
2025
Average annual personal income after taxes
$11,537
2026
$2,801
2026
Market capitalization of domestic companies
$646M
2025
n/a
Income share by richest 10%
23.9%
2018
24.7%
2019
Income share by poorest 10%
2.6%
2018
3%
2019
Government expenditure, % of GDP
32.7%
2025
35.5%
2025
Consumer prices inflation
0.3%
2024-2025
0.66%
2024-2025
Central bank interest rate
1.75%
2024
n/a
Unemployment rate
2.59%
2024
1.41%
2025
Population
125859
346488

Spending and national debt comparison by year

Seychelles
Spending

Debt
Vanuatu
Spending

Debt
1x
Year % of GDP
Seychelles Vanuatu
Government spending Government debt Government spending Government debt
2025 32.7% 51.5% 35.5% 40.9%
2024 33% 56.1% 33.1% 39.1%
2023 33.1% 55.1% 38.9% 39.2%
2022 31.6% 60.6% 38.5% 39.2%
2021 38.8% 71% 38.6% 42.2%
2020 46.7% 77.4% 38.8% 42.9%
2019 31.7% 48.9% 35.1% 39.8%
2018 33% 51.3% 29.4% 40%
2017 34.3% 56.7% 32.7% 46.4%
2016 34.5% 64.3% 31.2% 37.6%
2015 31.5% 75.4% 38.1% 32.2%
2014 33.4% 70.4% 20.5% 17.8%
2013 37.8% 68.2% 20.1% 16.4%
2012 38.6% 80.1% 22.1% 17.4%
2011 36.4% 82.5% 22.7% 19.3%
2010 34.6% 82.2% 25.6% 18.3%
2009 32.1% 106.1% 24.9% 19.1%
2008 27% 192.1% 25.1% 19.2%
2007 41.9% 144% 20.3% 17.6%
2006 43.6% 135.1% 18.2% 20%
2005 39% 144.1% 16.5% 23.8%
2004 39.9% 163.2% 16.7% 27.5%
2003 44.6% 177% 17% 34.6%
2002 56.3% 195.9% 20.2% 35.1%
2001 46.8% 199.8% 20.2% 33.5%
2000 55.4% 177.8% 23% 32.6%
1999 56.1% 159.8% 21.6% 27.7%
1998 60.7% 161.2% 25.2% 25.4%
1997 54.7% 143% 20.1% 20.7%
1996 59.1% 146.7% 22.1% 20.8%
1995 53.1% 133.5% 25.3% 21.8%
1994 63.6% 123.5% 22% 19.5%
1993 60.4% 82.2% 23.7% 18.3%
1992 50.7% 79.9% 28.8% 19%
1991 52.1% 89.2% 30% 14.4%
1990 46.1% 80.4% - -
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/vanuatu | CC BY

In 2025, the Seychelles' government spending was $781M, accounting for 32.7% of its GDP, while Vanuatu spent $480M, or 35.5% of GDP.

Debt-to-GDP ratio is 51.5% in the Seychelles and 40.9% in Vanuatu, ranking 102/185 and 131/185, respectively.

Government deficit by year

Deficit/surplus
Seychelles

Vanuatu
1x
Year Deficit/surplus, % of GDP
Seychelles Vanuatu
2025 -0.99% -3.88%
2024 -0.68% -2.46%
2023 -1.15% -0.78%
2022 -0.77% -5.96%
2021 -5.76% 2.07%
2020 -15.7% -1.74%
2019 0.42% 2.48%
2018 -0.8% 5.53%
2017 -1.67% -1.06%
2016 0.02% -0.64%
2015 1.39% -8.13%
2014 2.87% 1.26%
2013 0.33% -0.22%
2012 2.93% -1.54%
2011 3.36% -1.98%
2010 0.52% -2.38%
2009 4.84% -0.76%
2008 7.88% -0.04%
2007 -9.93% 0.25%
2006 -2.54% 0.44%
2005 0.42% 1.68%
2004 0.44% 0.72%
2003 3.4% -1.22%
2002 -16.3% -3.29%
2001 -8.93% -3.01%
2000 -14.7% -5.67%
1999 -10.3% -0.5%
1998 -16.7% -6.01%
1997 -5.91% -0.46%
1996 -9.69% -1.61%
1995 -2.58% -2.34%
1994 -6.95% -1.35%
1993 -3.62% -3.32%
1992 6.44% -2.1%
1991 3.15% -2.54%
1990 11.9% -
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/vanuatu | 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 Vanuatu's deficit of $52.6M, or 3.88% of GDP.

Over the past 35 years, the Seychelles recorded a fiscal deficit in 20 of those years, while Vanuatu ran a deficit in 27 years. On average, the Seychelles posted an annual deficit equal to 2.78% of GDP, compared to deficit of 1.44% of GDP for Vanuatu.

Inflation comparison by year

Inflation
Seychelles

Vanuatu
1x
Year Consumer prices inflation
Seychelles Vanuatu
2025 0.3% 0.66%
2024 0.31% 1.14%
2023 -1.04% 11.2%
2022 2.63% 6.68%
2021 9.77% 2.34%
2020 1.2% 5.33%
2019 1.81% 2.76%
2018 3.7% 2.33%
2017 2.86% 3.08%
2016 -1.02% 0.84%
2015 4.04% 2.48%
2014 1.39% 0.8%
2013 4.34% 1.46%
2012 7.11% 1.35%
2011 2.56% 0.87%
2010 -2.4% 2.76%
2009 31.8% 4.3%
2008 37% 4.84%
2007 5.32% 3.94%
2006 -0.35% 2.04%
2005 0.91% 1.2%
2004 3.86% 1.42%
2003 3.3% 3.02%
2002 0.18% 1.96%
2001 5.97% 3.58%
2000 6.27% 2.54%
1999 6.35% 2%
1998 2.58% 3.28%
1997 0.62% 2.83%

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

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

Over the past 29 years, the Seychelles has recorded an average annual inflation rate of 4.87%, compared with 2.86% in Vanuatu. In 2025, inflation was 0.3% in the Seychelles and 0.66% in Vanuatu.

Balance of trade

Seychelles Vanuatu
Current account balance
-$166M
2024
-$127M
2022
Current account balance ranking
90/190
2024
83/190
2022
Current account balance, % of GDP
-7.46%
2024
-11.1%
2022
Goods imports
$1.38B
2024
$350M
2022
Goods exports
$595M
2024
$73.6M
2022
Service imports
$1B
2024
$230M
2022
Service exports
$1.71B
2024
$78.5M
2022
Imports of goods and services, % of GDP
92.7%
2025
48%
2024
Exports of goods and services, % of GDP
79.6%
2025
25.3%
2024

Economic freedom indices

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

Seychelles Vanuatu
Economic freedom 66.5 61.1
Economic freedom ranking 60/197 92/197
Property rights 82.6 62.1
Government integrity 71.7 48.3
Judicial effectiveness 61.7 67.9
Tax burden 77.3 96.9
Government spending 68 48.1
Fiscal health 92.2 78.8
Business freedom 71.3 50.3
Labor freedom 52 41
Monetary freedom 79.8 72.1
Trade freedom 81.2 62
Investment freedom 30 65
Financial freedom 30 40

Economic freedom comparison by year

Seychelles
Vanuatu
1x
Year Economic freedom index
Seychelles Vanuatu
2026 66.5 61.1
2025 66.4 61.8
2024 60.4 62.2
2023 59.5 62.1
2022 61.1 62.9
2021 66.3 60.5
2020 64.3 60.7
2019 61.4 56.4
2018 61.6 69.5
2017 61.8 67.4
2016 62.2 60.8
2015 57.5 61.1
2014 56.2 59.5
2013 54.9 56.6
2012 53 56.6
2011 51.2 56.7
2010 47.9 56.4
2009 47.8 58.4

Data sources: The Heritage Foundation | Economic Freedom Index (2009–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for the Seychelles is 66.5, ranking 60/197, compared to 61.1 for Vanuatu, ranking 92/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Seychelles Vanuatu
Services, % of GDP
67.9%
2025
56.8%
2024
Industry, % of GDP
14.3%
2025
10.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.61%
2025
26.6%
2024
GNI, Atlas method
$2.36B
2025
$1.48B
2025
GNI per capita, PPP
$34,930
2025
$4,970
2025
Total reserves including gold
$774M
2024
$615M
2024
Total reserves ranking
146/177
2024
152/177
2024
Net foreign direct investment
-$268M
2024
-$9.21M
2022
Net inflows of foreign direct investment
$226M
2024
$28.9M
2024
Net outflows of foreign direct investment
-$41.4M
2024
$2.79M
2024
Servicing debt to the IMF, % of GNI n/a
1.88%
2024
Poverty at national poverty lines
25.3%
2018
15.9%
2020
Gross capital formation, % of GDP
18.7%
2025
26.1%
2024

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/vanuatu | CC BY

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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 (2009–2026, 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. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.