Saint Helena - Economy

Geography - People - Economy - Government - Communications - Transportation - Military - Transnational Issues

Saint Helena is located islands in the South Atlantic Ocean, about midway between South America and Africa; Ascension Island lies 700 nm northwest of Saint Helena; Tristan da Cunha lies 2300 nm southwest of Saint Helena. The climate is . The terrain is .

Economy - overview

This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
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)

This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per- capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP- denominated GDP values for most of the wealthy industrialized countries are generally much smaller.
GDP (purchasing power parity) : $18 million (1998 est.)

GDP (official exchange rate)

This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at official exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artificially fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home- currency-denominated GDP changed.
GDP (official exchange rate) : $NA

GDP - real growth rate

This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent.
GDP - real growth rate : NA%

GDP - per capita (PPP)

This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
GDP - per capita (PPP) : $2,500 (1998 est.)

GDP

GDP - composition by sector - agriculture : NA%
GDP - composition by sector - industry : NA%
GDP - composition by sector - services : NA%

Labor force

This entry contains the total labor force figure.
Labor force - note : 1,200 work offshore (1998 est.)
Labor force - by occupation - agriculture : 6%
Labor force - by occupation - industry : 48%
Labor force - by occupation - services : 46% (1987 est.)

Unemployment rate

This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
Unemployment rate : 14% (1998 est.)

Population below poverty line

Population below poverty line : NA%

Household income or consumption by percentage share

Data on household income or consumption come from household surveys, the results adjusted for household size. Nations use different standards and procedures in collecting and adjusting the data. Surveys based on income will normally show a more unequal distribution than surveys based on consumption. The quality of surveys is improving with time, yet caution is still necessary in making inter-country comparisons.
Household income or consumption by percentage share - lowest 10% : NA%
Household income or consumption by percentage share - highest 10% : NA%

Budget

This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Budget - revenues : $13.09 million
Budget - expenditures : $32.16 million
Budget - note : revenue data reflect locally raised revenues only; the budget deficit is resolved by grant aid from the United Kingdom (FY06/07 est.)

Fiscal year

Fiscal year : 1 April - 31 March

Inflation rate (consumer prices)

This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
Inflation rate (consumer prices) : 3.2% (1997 est.)

Agriculture - products

This entry is an ordered listing of major crops and products starting with the most important.
Agriculture - products : coffee, corn, potatoes, vegetables; timber; fish, lobster (on Tristan da Cunha); livestock

Industries

This entry provides a rank ordering of industries starting with the largest by value of annual output.
Industries : construction, crafts (furniture, lacework, fancy woodwork), fishing, philatelic sales

Industrial production growth rate

This entry gives the annual percentage increase in industrial production (includes manufacturing, mining, and construction).
Industrial production growth rate : NA%

Electricity - production

This entry is the annual electricity generated expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
Electricity - production : 8 million kWh (2006 est.)

Electricity - consumption

This entry consists of total electricity generated annually plus imports and minus exports, expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
Electricity - consumption : 7.44 million kWh (2006 est.)

Electricity - exports

This entry is the total exported electricity in kilowatt-hours.
Electricity - exports : 0 kWh (2007 est.)

Electricity - imports

This entry is the total imported electricity in kilowatt-hours.
Electricity - imports : 0 kWh (2007 est.)

Electricity

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

Oil - production

This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
Oil - production : 0 bbl/day (2007 est.)

Oil - consumption

This entry is the total oil consumed in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
Oil - consumption : 60 bbl/day (2006 est.)

Oil - exports

This entry is the total oil exported in barrels per day (bbl/day), including both crude oil and oil products.
Oil - exports : 0 bbl/day (2005)

Oil - imports

This entry is the total oil imported in barrels per day (bbl/day), including both crude oil and oil products.
Oil - imports : 85.42 bbl/day (2005)

Oil - proved reserves

This entry is the stock of proved reserves of crude oil in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
Oil - proved reserves : 0 bbl (1 January 2006 est.)

Natural gas - production

This entry is the total natural gas produced in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.
Natural gas - production : 0 cu m (2007 est.)

Natural gas - consumption

This entry is the total natural gas consumed in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.
Natural gas - consumption : 0 cu m (2007 est.)

Natural gas - exports

This entry is the total natural gas exported in cubic meters (cu m).
Natural gas - exports : 0 cu m (2007 est.)

Natural gas - imports

This entry is the total natural gas imported in cubic meters (cu m).
Natural gas - imports : 0 cu m (2007 est.)

Natural gas - proved reserves

This entry is the stock of proved reserves of natural gas in cubic meters (cu m). Proved reserves are those quantities of natural gas, which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
Natural gas - proved reserves : 0 cu m (1 January 2006 est.)

Exports

This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Exports : $19 million f.o.b. (2004 est.)

Exports - commodities

This entry provides a listing of the highest- valued exported products; it sometimes includes the percent of total dollar value.
Exports - commodities : fish (frozen, canned, and salt-dried skipjack, tuna), coffee, handicrafts

Exports - partners

This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
Exports - partners : Tanzania 37.7%, US 17.4%, Japan 15.2%, UK 8.4%, Nigeria 4.8%, Spain 4.5% (2006)

Imports

This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Imports : $45 million c.i.f. (2004 est.)

Imports - commodities

This entry provides a listing of the highest- valued imported products; it sometimes includes the percent of total dollar value.
Imports - commodities : food, beverages, tobacco, fuel oils, animal feed, building materials, motor vehicles and parts, machinery and parts

Imports - partners

This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
Imports - partners : UK 53.5%, South Africa 14.3%, Spain 10.3%, Tanzania 8.5%, US 4.6% (2006)

Economic aid

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

Debt - external

This entry gives the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Debt - external : $NA

Currency (code)

Currency (code) : Saint Helenian pound (SHP)

Currency code

Currency code : SHP

Exchange rates

This entry provides the official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat. The International Organization for Standardization (ISO) 4217 alphabetic currency code for the national medium of exchange is presented in parenthesis.
Exchange rates - note : the Saint Helenian pound is on par with the British pound

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