Seychelles sees GDP growth up, debt reduction on track - budget

VICTORIA Tue Dec 10, 2013 4:25am EST

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VICTORIA Dec 10 (Reuters) - The economy of Seychelles will grow by a faster-than-expected 3.5 percent this year before accelerating to 4 percent in 2015, the country's finance minister said on Tuesday.

The Indian Ocean archipelago's public debt will fall to 69 percent of gross domestic product by the end of 2013, leaving it on track to meet its long-term debt objectives, Finance Minister Pierre Laporte said in his 2014 budget presentation.

Seychelles has implemented a raft of reforms since late 2008 when it defaulted on a Eurobond repayment amid an acute balance of payments crisis that left it close to bankruptcy. Its budget is expected to show a primary surplus in 2014. (Reporting by George Thande; Writing by Richard Lough; Editing by Edmund Blair)

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