Saint Helena Economy - 2005

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 - real growth rate:
NA

GDP - per capita:
purchasing power parity - $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 and fishing 6%, industry (mainly construction) 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:
corn, potatoes, vegetables; timber; fish, crawfish (on Tristan da Cunha)

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

Industrial production growth rate:
NA

Electricity - production:
5 million kWh (2002)

Electricity - consumption:
4.65 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
200 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$17 million f.o.b. (2002)

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

Exports - partners:
US 27.1%, Tanzania 24.5%, Indonesia 9.6%, Japan 8.8%, UK 6.2%, Spain 5.1% (2004)

Imports:
$42 million c.i.f. (2002)

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

Imports - partners:
UK 35.1%, US 18.5%, South Africa 18.4%, Tanzania 8.5%, Australia 5.7%, Spain 4.3% (2004)

Debt - external:
NA (1996)

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 - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000)
note: the Saint Helenian pound is on par with the British pound