small scale manufacturing, particularly agro-processing and import substitution. Agriculture (including artisanal and forestry), once the backbone of the economy, now accounts for around 3% of the GDP. Public sector The public sector, comprising the government and state-owned enterprises, dominates the economy in terms of employment and gross revenue, employing two-thirds of the labor force. Public consumption absorbs over one-third of the GDP. Vulnerability to external shocks The Seychelles economy is extremely vulnerable to external shocks. Not only does it depend on tourism, but it imports over 90% of its total primary and secondary production inputs. Any decline in tourism quickly translates into a fall in GDP, a decline in foreign exchange receipts, and budgetary difficulties. Economic growth Growth slowed in 1998–2001, due to sluggish tourist and tuna sectors. Also, tight controls on exchange rates and the scarcity of foreign exchange have impaired short-term economic prospects. The black market value of the Seychellois rupee is anywhere from two thirds to one half the official exchange rate. The next few years were also slow due to the worldwide economic downturn and the fear of flying brought on by the terrorism on September 11, 2001. More recently though, tourism has roared back at a record pace setting successive records in 2006 and again in 2007 for number of visitors. The increased availability of flights to and from the archipelago due in part to new entrants Emirates and Qatar airlines is also beginning to show. New five star properties and the devaluation of the currency by nearly 33% by the Seychelles Government is having a positive influence on the tourism sector as well. Both at official exchange rates and at purchasing power parity (PPP), Seychelles remains the richest territory in Africa in terms of GDP per capita (US$9,440.095 at real exchange rates and US$17,560.062 at PPP 2008 estimate), Because of economic contraction (the economy declined by about 2% in 2004 and 2005 and lost another 1.4% in 2006 according to the International Monetary Fund) the country was moving downwards in terms of per capita income. However, the economy bounced back in 2007, growing by 5.3% due in part to record tourism numbers and the booming building and offshore industries. The IMF forecast further growth in 2008 with continuing increase in the GDP per capita. In October 2008, as tourism and fishing revenue began slowing, the Seychelles defaulted on a $230 million debt. The International