31 March 2022
The Statistics Office has today released estimates of Gross Domestic Product (GDP) and Gross National Income (GNI) for the 2020/21 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 2020/21 it is estimated to have been £39.2 million, or £8,690 per person. GNI, a measure of the total income of all economic units resident on St Helena, is estimated to have been £39.7 million, or £8,770 per person.
When price inflation is taken into account, total GDP is estimated to have grown by 2.4% compared to the previous year, but when population changes are also taken into account, GDP per capita increased by 3.4%. The sector with the biggest percentage increase in the volume of goods and services produced in 2020/21 compared to the previous year was Government and Public Administration, which includes Health and Education Services. This was likely a result of the additional resources provided by the UK Government to support the Health Service and to make other arrangements in response to the COVID-19 pandemic, including the development of quarantine facilities. The volume of activity in the Construction sector also grew, by 8.4%, also likely due to the additional construction activity needed for the COVID-19 response, and also because of the increased investment through the Economic Development and Investment Programme (EDIP).
The sectors with the biggest percentage decrease in the volume of goods and services produced in 2020/21 compared to the previous year were Accommodation and Food Services (-39.9%), a direct result of the drop in international passenger traffic caused by COVID-19 restrictions, and Agriculture, Forestry and Fishing (-32.1%), likely a result of the closure of the St Helena Fisheries Corporation and the inability to process fish for export. But the Statistical Bulletin also notes that these are two of the smallest sectors, accounting for less than 3% of GDP.
The full Statistical Bulletin and a detailed data file for download in Excel format can be found on the St Helena Government website here: https://www.sainthelena.gov.sh/st-helena/statistics/the-economy.
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31 March 2022