![Saint Helena Airport terminal building](https://upload.wikimedia.org/wikipedia/commons/4/4e/Saint_Helena_Airport_terminal_building.jpg)
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
Saint Helena () is a British overseas territory located in the South Atlantic Ocean. It is a remote volcanic tropical island west of the coast of south-western Africa, and east of Rio de Janeiro in South America. It is one of three constitu ...
; 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 continental mainland. It comprises England, Scotland, Wales and North ...
, which amounted to about £22.5 million in 2016–17. This supplements the £12.6 million raised from local tax revenues.
The
international airport
An international airport is an airport with customs and border control facilities enabling passengers to travel between countries around the world. International airports are usually larger than domestic airports and they must feature longer ...
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 money, monetary Measurement in economics, 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 subjec ...
(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
Sustainable tourism is a concept that covers the complete tourism experience, including concern for economic, social and environmental issues as well as attention to improving tourists' experiences and addressing the needs of host communities. Su ...
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
Ascension Island is an isolated volcanic island, 7°56′ south of the Equator in the South Atlantic Ocean. It is about from the coast of Africa and from the coast of South America. It is governed as part of the British Overseas Territory o ...
, the
Falklands
The Falkland Islands (; es, Islas Malvinas, link=no ) is an archipelago in the South Atlantic Ocean on the Patagonian Shelf. The principal islands are about east of South America's southern Patagonian coast and about from Cape Dubouzet ...
and the UK.
Electricity
![WES turbines on Deadwood Plain](https://upload.wikimedia.org/wikipedia/commons/e/ea/WES_turbines_on_Deadwood_Plain.jpg)
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 stimulant, stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world.
S ...
,
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 li ...
(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, ...
s;
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, wi ...
.
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 identif ...
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](https://upload.wikimedia.org/wikipedia/commons/2/25/Ship_jetty_in_Ruperts.jpg)
In 2019, export of products totalled £354,000.
Imports
![Beach at Ruperts Bay](https://upload.wikimedia.org/wikipedia/commons/2/25/Beach_at_Ruperts_Bay.jpg)
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, and t ...
. 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
The Bank of St Helena is a government-owned bank based in the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha. It operates branches on St Helena and Ascension Island. The Government of St. Helena owns 100% of the bank ...
, which delivers a
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
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]
See also
*
Saint Helena Airport
Saint Helena Airport is an international airport on Saint Helena, a remote island in the south Atlantic Ocean, in the British Overseas Territory of Saint Helena, Ascension, and Tristan da Cunha.
The construction of the runway was finishe ...
References
External links
Bank of Saint Helena
Economy of Saint Helena,