Saint Helena Economy Profile 2008

Economy - overview

The economy depends largely on financial assistance from the UK, which will amount to about $27 million in FY06/07 or almost 70% 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%

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.)

Labor force

2,486
note: 1,200 work offshore (1998 est.)

Labor force - by occupation

agriculture: 6%
industry: 48%
services: 46% (1987 est.)

Unemployment rate

14% (1998 est.)

Budget

revenues: $13.09 million
expenditures: $32.16 million
note: revenue data reflect locally raised revenues only; the budget deficit is resolved by grant aid from the United Kingdom (FY06/07 est.)

Industries

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

Industrial production growth rate

NA%

Electricity - production

8 million kWh (2005)

Electricity - consumption

7.44 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

70 bbl/day (2005 est.)

Oil - imports

64.07 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

coffee, corn, potatoes, vegetables; timber; fish, lobster (on Tristan da Cunha); livestock

Exports

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

Exports - commodities

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

Exports - partners

Tanzania 37.7%, US 17.4%, Japan 15.2%, UK 8.4%, Nigeria 4.8%, Spain 4.5% (2006)

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 53.5%, South Africa 14.3%, Spain 10.3%, Tanzania 8.5%, US 4.6% (2006)

Debt - external

$NA

Economic aid - recipient

$29.56 million obtained in a grant from the United Kingdom (FY06/07)

Currency (code)

Saint Helenian pound (SHP)

Exchange rates

Saint Helenian pounds per US dollar - 0.4993 (2007), 0.5434 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Saint Helenian pound is on par with the British pound

Fiscal year

1 April - 31 March