The economy of Saint Helena is based on export income from coffee, tourism,

fishing Fishing is the activity of trying to catch fish. Fish are often caught as wildlife from the natural environment, but may also be caught from stocked bodies of water such as ponds, canals, park wetlands and reservoirs. Fishing techniques inclu ...

, and sales of alcoholic liqueurs. Unemployment is very low in Saint Helena; the February 2016 Census stated that 76 people declared that they were unemployed (with 10 claiming unemployment benefit) compared to an economically active population of 2,539 and a total population of 4,534. Saint Helena is one of four countries which depend on financial assistance from the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

, which amounted to about £22.5 million in 2016–17. This supplements the £12.6 million raised from local tax revenues. The international airport has been open for private jets and Medivac services since 2016. A scheduled commercial air service began in October 2017. With a total investment of £285m the airport is the largest single investment ever made in the island. Until 2016, the only way to reach the island was by boat. The last working Royal Mail Ship made its final voyage serving St Helena in 2018. Saint Helena's

gross domestic product Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...

(GDP) for the 2018–19 financial year was £38.5 million and GDP per capita was £7,392 and GNP per capita was £8,230. In 2019, there was an annual rate of inflation of 3.3% and a median employment income was £8,410. The major private sector employers of the islands are Solomons and Co and Thorpes, both providing services in almost all sectors. The government's economic development priorities are developing a sustainable tourism industry and reducing dependency on imports.

Industry

Saint Helena has several sectors in its economy: fisheries, agriculture (including coffee), construction, retail, and accommodation and food service industries.

Workforce

In 2016, Saint Helena had a workforce of 2,539. Many St Helenians take up jobs in Ascension Island, the Falklands and the UK.

Electricity

75% of St Helena's power currently comes from 6 diesel generators, but the island is working towards a

100% renewable energy 100% renewable energy means getting all energy from renewable resources. The endeavor to use 100% renewable energy for electricity, heating, cooling and transport is motivated by climate change, pollution and other environmental issues ...

target. There are currently 12 wind turbines grouped on the Deadwood Plain in Longwood, which generate approximately 20% of the island's needs and several photovoltaic arrays which provide the balance. The rifle range solar farm in Half Tree Hollow currently has the largest output of the solar systems with 500 kWh.

Agriculture

The main agricultural products of Saint Helena are:

coffee Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world. Seeds of ...

fish Fish are aquatic, craniate, gill-bearing animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish as well as various extinct related groups. Approximately 95% of ...

(predominantly tuna),

potato The potato is a starchy food, a tuber of the plant ''Solanum tuberosum'' and is a root vegetable native to the Americas. The plant is a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern Unit ...

es,

vegetable Vegetables are parts of plants that are consumed by humans or other animals as food. The original meaning is still commonly used and is applied to plants collectively to refer to all edible plant matter, including the flowers, fruits, stems, ...

timber Lumber is wood that has been processed into dimensional lumber, including beams and planks or boards, a stage in the process of wood production. Lumber is mainly used for construction framing, as well as finishing (floors, wall panels, w ...

Tourism

Since the opening of the airport to regular commercial air traffic in 2017, the tourism sector has seen growth. There were 1,350 tourists visiting the island in 2017 and 2,485 in 2019, an increase of over 80% with almost all of the visitors arriving by air. There has been a corresponding steady increase of tourist rooms and other tourism-related infrastructure. Tourism is the largest export sector, valued at 5 to 6 million a year. In 2020, the international closures resulting from

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

halted tourism at end of the high season.

Exports

The 2019–20 customs data shows the following exports: *Fisheries (83% of export economy) *Coffee (17% of export economy) Ship jetty in Ruperts

In 2019, export of products totalled £354,000.

Imports

Food and other goods are imported from Cape Town, South Africa and the UK (via Ascension). Shipping is run by AW Ship Management Ltd. Packages can be sent via Rich James International or by Royal H.M. Mail (by Royal Mail anything under 2kg will go by air). Wharf services are provided by Solomons. The trade deficit is significant. In 2019–20 St Helena imported £19.8m in goods, mostly purchased from South Africa (46%) and the United Kingdom (41%).

Currency

The local currency is the

Saint Helena pound The pound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituent parts of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha. It is fixed at parity with sterling, and so both cur ...

, which is at a par with the

British Pound Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, an ...

. The government issues its own coins and banknotes. British pounds are accepted in Saint Helena. Banking services on Saint Helena are provided by the Bank of St. Helena, which delivers a retail banking service to individuals and business in, and trading with, Saint Helena. There is no ATM on the island, so cash must be withdrawn from the Bank of Saint Helena cashiers in Jamestown (Monday-Saturday) or at Customs at the wharf (Thursday-Friday). Trials of local debit cards by the bank of Saint Helena began in 2016.

History

In 1957 the price of land on the island was thought to be between £10 and £15 an acre. Eggs were 3 shillings a dozen and bread was 6d for a 1 1/2lb loaf. {{cite web , title=Advice to Europeans in 1957 , url=https://sthelenablog.files.wordpress.com/2020/03/advice-to-europeans-st-h-1956.pdf , website=St Helena Blog , access-date=6 March 2020

References

External links

Bank of Saint Helena
Economy of Saint Helena,