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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.
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GDP:
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purchasing power parity - $18 million (1998 est.)
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GDP - real growth rate:
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NA
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GDP - per capita:
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purchasing power parity - $2,500 (1998 est.)
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GDP - composition by sector:
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agriculture: NA
industry: NA
services: NA
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Labor force:
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3,500
note: 1,200 work offshore (1998 est.)
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Labor force - by occupation:
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agriculture and fishing 6%, industry (mainly construction) 48%, services 46% (1987 est.)
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Unemployment rate:
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14% (1998 est.)
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Population below poverty line:
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NA
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Household income or consumption by percentage share:
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lowest 10%: NA
highest 10%: NA
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Inflation rate (consumer prices):
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3.2% (1997 est.)
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Budget:
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revenues: $11.2 million
expenditures: $11 million, including capital expenditures of NA (FY92/93)
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Agriculture - products:
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corn, potatoes, vegetables; timber; fish, crawfish (on Tristan da Cunha)
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Industries:
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construction, crafts (furniture, lacework, fancy woodwork), fishing
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Industrial production growth rate:
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NA
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Electricity - production:
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5 million kWh (2002)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
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Electricity - consumption:
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4.65 million kWh (2002)
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Electricity - exports:
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0 kWh (2002)
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Electricity - imports:
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0 kWh (2002)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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200 bbl/day (2001 est.)
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Oil - exports:
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NA
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Oil - imports:
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NA
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Exports:
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$17 million f.o.b. (2002)
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Exports - commodities:
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fish (frozen, canned, and salt-dried skipjack, tuna), coffee, handicrafts
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Exports - partners:
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US 27.1%, Tanzania 24.5%, Indonesia 9.6%, Japan 8.8%, UK 6.2%, Spain 5.1% (2004)
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Imports:
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$42 million c.i.f. (2002)
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Imports - commodities:
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food, beverages, tobacco, fuel oils, animal feed, building materials, motor vehicles and parts, machinery and parts
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Imports - partners:
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UK 35.1%, US 18.5%, South Africa 18.4%, Tanzania 8.5%, Australia 5.7%, Spain 4.3% (2004)
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Debt - external:
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NA (1996)
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Economic aid - recipient:
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$12.6 million (1995); note - $5.3 million from UK (1997)
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Currency (code):
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Saint Helenian pound (SHP)
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Currency code:
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SHP
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Exchange rates:
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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
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Fiscal year:
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1 April - 31 March
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