Page "Economy of Seychelles" Paragraph 18

The global recession and piracy in the Indian Ocean hit Seychelles hard in 2009, with the GDP projected to contract by 7. 5 percent.

However the government exceeded its fiscal targets, with a primary surplus of 13. 4 % of GDP in the first nine months of 2009 according to the IMF.

They report expenditure has been tightly controlled and revenue has held up well despite the difficult economic environment.