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World > Africa > Saint Helena > Economy (Facts)

Saint Helena - Economy (Facts)
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 - real growth rate: NA
GDP (purchasing power parity): $18 million (1998 est.)
GDP (official exchange 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: $12.07 million
expenditures: $29.64 million; including capital expenditures of NA
note: revenue data reflect locally raised revenues only; the budget deficit is resolved by grant aid from the United Kingdom (FY92/93)
Industries: construction, crafts (furniture, lacework, fancy woodwork), fishing, philatelic sales
Industrial production growth rate: NA
Electricity - production: 7 million kWh (2004)
Electricity - consumption: 6.51 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 100 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 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: $27.25 million obtained in a grant from the United Kingdom (FY06/07)
Currency: St. Helena Pound (SHP)
Currency code: SHP
Exchange rates: Saint Helenian pounds per US dollar - 0.5434 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002)
note: the Saint Helenian pound is on par with the British pound
Fiscal year: 1 April - 31 March


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