8 September 2021
The Statistics Office has today released estimates of Gross Domestic Product (GDP) and Gross National Income (GNI) for the 2019/20 financial year, together with revisions for some earlier years. GDP is a measure of the total value of all the goods and services produced on St Helena, and for 2019/20 it is estimated to have been £39.0 million, or £8,540 per person. GNI, a measure of the total income of all economic units resident on St Helena, is estimated to have been £37.6 million, or £8,250 per person.
When price inflation is taken into account, total GDP is estimated to have fallen by 3.4% compared to the previous year, but when population changes are also taken into account, GDP per capita fell by only 0.7%. There were two major contributors to the fall in GDP, the end of construction activity of the Bulk Fuel facility in Ruperts, and a drop of around £0.9m in tax revenue from imports of fuel, alcohol and tobacco recorded in the St Helena Government Financial Statements for 2019/20.
Apart from Government and Public Administration, which accounted for 43.5% of GDP at basic prices in 2019/20, the largest sector in terms of total contribution to GDP is Finance, Insurance, Information and Communication (16.5%) and Wholesale and Retail Trade, including Repair of Vehicles and Motor Cycles (13.3%). Production activities, including Quarrying, Manufacturing, Electricity, Water, and Sanitation, contributed around 8.1% of GDP in basic prices in 2019/20, with Construction, Real Estate Activities (including rental properties), and Transportation and Storage (including the Airport) all around 4%.
The full Statistical Bulletin can be found on the St Helena Government website here: https://www.sainthelena.gov.sh/st-helena/statistics/statistics-reports-and-publications. Detailed data can be accessed in Excel format from the ‘GDP’ file at: https://www.sainthelena.gov.sh/st-helena/statistics/
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SHG
8 September 2021