Economy of Saint Helena

Economy of Saint Helena

The economy of Saint Helena depends largely on financial assistance from the UK, which amounted to about $5 million in 1998. Saint Helena's local population earns income from fishing, the raising of livestock, and sales of handicrafts. Because there are few jobs, a large proportion of the work force has left to seek employment overseas.

A campaign is currently underway (reported on BBC Radio 4, "Today" programme, 10 July 2004) to encourage emigration from the UK to Saint Helena to aid development of the economy. UK government announced intention in early 2005 to fund building of international airport on the island by 2010.

Saint Helena's gross domestic product (GDP) by purchasing power parity for the 1994/5 financial year was US$13.9 million, and this figure, per capita, was $2,000. The financial year in Saint Helena runs from 1 April to 31 March. St. Helena's budget had revenues of $11.2 million, with expenditures of $11 million in the financial year ending 1993.

Industry

Saint Helena possesses construction, craft (including furniture and lacework) and fishing industries.

Workforce

As of 1991, Saint Helena has a workforce of 2,416. A large proportion of the work force has, however, left to seek employment overseas. Of the workforce, 6% are employed in farming and fishing, 48% in industry (mainly construction) and the remaining 46% are employed in service industry. In 1996, the rate of unemployment was 18%.

Electricity

In 1998, Saint Helena's energy production was 6 GWh, matching its consumption, of which 90% was produced by fossil fuels and the remaining 10% by wind turbines.

Agriculture

The main agricultural products of Saint Helena are: maize, potatoes, vegetables; timber; fish, crawfish (on Tristan da Cunha)

Exports

In 1995, exports were at a value of $704,000, with commodities exported including: fish (frozen, canned, and salt-dried skipjack, tuna), coffee, handicrafts and Tungi Spirit. Export partners were South Africa and the United Kingdom.

Imports

$14.434 million of imports were made in 1995, imported commodities including: food, beverages, tobacco, fuel oils, animal feed, building materials, motor vehicles and parts, machinery and parts. Saint Helena's import partners, like its export partners, are South Africa and the UK.

Economic aid

Saint Helena received $12.6 million in aid in 1995, and in 1997, $5.3 million from the United Kingdom.

Currency

The local currency is the Saint Helenian Pound, which is equivalent to 100 pence, and is at a par with the British Pound. In January 2000, there were 0.6092 pounds per US$1. Current rates can be found from [http://www.SaintHelenaBank.com/exchrate.htm the Bank of St. Helena website] .

Banking services on St. Helena (and Ascension Island) are provided by the Bank of St. Helena, which delivers a full retail banking service to individuals and business in, and trading with, St. Helena.

External links

[http://www.SaintHelenaBank.com Bank of Saint Helena]


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