Saint Helena Economy - 2004

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, the raising of 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% (2002 est.)

Population below poverty line:
NA% (2002 est.)

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

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

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.)

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

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

Industrial production growth rate:
NA%

Electricity - production:
5 million kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
4.65 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

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

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

Oil - exports:
NA

Oil - imports:
NA

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

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

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

Exports - partners:
US 23.5%, Japan 17.6%, Tanzania 17.6%, Netherlands 11.8%, Indonesia 5.9%, Philippines 5.9%, Spain 5.9%, UK 5.9% (2002)

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 50%, South Africa 19%, Italy 11.9%, Tanzania 7.1%, US 4.8% (2002)

Debt - external:
$NA (1996)

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

Currency:
Saint Helenian pound (SHP)

Currency code:
SHP

Exchange rates:
Saint Helenian pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998),