asic Economy. In a land-based plantation economy, copra and in some periods cinnamon and vanilla were the main exports. In 1960, about a third of the economically active population worked on plantations, and about 20 percent in the public sector. After the opening of the international airport in 1971, tourism became important. Segmentation of the economy into the tourism and plantation sectors developed. Wages were much higher in the tourism sector. There was little scope for expansion of the plantation economy or for increases in wages, since the wage-paying potential was fixed by international prices of plantation crops. The plantation sector declined, and agriculture now accounts for about 4 percent of the gross domestic product (GDP) and less than 10 percent of the workforce. Although Seychelles copra is of very high quality, it is likely that the plantation sector will disappear completely. Tourism now employs 30 percent of the labor force and accounts for 13 percent of GDP and 60 percent of foreign exchange earnings. Although the country is now classified as an upper-middle-income economy by the World Bank, it has retained an unequal income distribution, and in 1992, about 7 percent of the population was considered poor. The Seychelles Rupee (SRS) is the national currency. There is approximately 5 SRS to the USD.
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