Saint Helena Economy 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%

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.)

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: $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.)

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

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 - exports:
0 bbl/day (2004)

Oil - imports:
64.07 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.)

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 - partners:
UK 53.5%, South Africa 14.3%, Spain 10.3%, Tanzania 8.5%, US 4.6% (2006)

Economic aid - recipient:
$29.56 million obtained in a grant from the United Kingdom (FY06/07)

Debt - external:
$NA

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