Saint Helena Economy - 2006

Economy - overview:
The economy depends largely on financial assistance from the UK, which amounted to about $5 million in 1997 or almost one-half of annual budgetary revenues. The local population earns income from fishing, raising livestock, and sales of handicrafts. Because there are few jobs, 25% of the work force has left to seek employment on Ascension Island, on the Falklands, and in the UK.

GDP (purchasing power parity):
$18 million (1998 est.)

GDP (official exchange rate):
NA

GDP - real growth rate:
NA%

GDP - per capita (PPP):
$2,500 (1998 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Labor force:
3,500
note: 1,200 work offshore (1998 est.)

Labor force - by occupation:
agriculture: 6%
industry: 48%
services: 46% (1987 est.)

Unemployment rate:
14% (1998 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3.2% (1997 est.)

Budget:
revenues: $11.2 million
expenditures: $11 million; including capital expenditures of $NA (FY92/93)

Agriculture - products:
coffee, corn, potatoes, vegetables; timber; fish, lobster (on Tristan da Cunha)

Industries:
construction, crafts (furniture, lacework, fancy woodwork), fishing, philatelic sales

Industrial production growth rate:
NA%

Electricity - production:
5 million kWh (2003)

Electricity - consumption:
4.65 million kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
0 bbl/day (2003 est.)

Oil - consumption:
100 bbl/day (2003 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Exports:
$19 million f.o.b. (2004 est.)

Exports - commodities:
fish (frozen, canned, and salt-dried skipjack, tuna), coffee, handicrafts

Exports - partners:
Tanzania 30.1%, US 23.6%, Japan 10.3%, UK 7%, Spain 6.2% (2004)

Imports:
$45 million c.i.f. (2004 est.)

Imports - commodities:
food, beverages, tobacco, fuel oils, animal feed, building materials, motor vehicles and parts, machinery and parts

Imports - partners:
UK 35.6%, US 17.5%, South Africa 17.5%, Tanzania 10.4%, Australia 5.5%, Spain 4.1% (2004)

Debt - external:
$NA

Economic aid - recipient:
$12.6 million (1995); note - $5.3 million from UK (1997)

Currency (code):
Saint Helenian pound (SHP)

Exchange rates:
Saint Helenian pounds per US dollar - 0.55 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001)
note: the Saint Helenian pound is on par with the British pound