Economy - overviewThe economy depends largely on financial assistance from the UK, which amounted to about $27 million in FY06/07 or more than twice the level 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)$18 million (1998 est.) GDP (official exchange rate)$NA GDP - real growth rateNA% GDP - per capita (PPP)$2,500 (1998 est.) GDP - composition by sectoragriculture: NA% Population below poverty lineNA% Labor force2,486 Labor force - by occupationagriculture: 6% Unemployment rate14% (1998 est.) Household income or consumption by percentage sharelowest 10%: NA% Budgetrevenues: $12.33 million Inflation rate (consumer prices)3.2% (1997 est.) Industriesconstruction, crafts (furniture, lacework, fancy woodwork), fishing, philatelic sales Industrial production growth rateNA% Electricity - production8 million kWh (2006 est.) Electricity - production by sourcefossil fuel: 100% Electricity - consumption7.44 million kWh (2006 est.) Electricity - exports0 kWh (2007 est.) Electricity - imports0 kWh (2007 est.) Oil - production0 bbl/day (2007 est.) Oil - consumption60 bbl/day (2006 est.) Oil - imports85.42 bbl/day (2005) Oil - exports0 bbl/day (2005) Oil - proved reserves0 bbl (1 January 2006 est.) Natural gas - production0 cu m (2007 est.) Natural gas - consumption0 cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports0 cu m (2007 est.) Natural gas - proved reserves0 cu m (1 January 2006 est.) Agriculture - productscoffee, corn, potatoes, vegetables; timber; fish, lobster (on Tristan da Cunha); livestock Exports$19 million (2004 est.) Exports - commoditiesfish (frozen, canned, and salt-dried skipjack, tuna), coffee, handicrafts Imports$45 million (2004 est.) Imports - commoditiesfood, beverages, tobacco, fuel oils, animal feed, building materials, motor vehicles and parts, machinery and parts Debt - external$NA Economic aid - recipient$27.84 million obtained in a grant from the United Kingdom (FY06/07) Currency (code)Saint Helenian pound (SHP) Currency (code)SHP Exchange ratesSaint Helenian pounds (SHP) per US dollar - 0.5302 (2008), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004) Fiscal year1 April - 31 March |
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Source: CIA World Factbook |