27 July 2025
New estimates of economic activity on St Helena for 2023/24, and revisions to earlier years
This release presents new estimates of Gross Domestic Product (GDP) and Gross National Income (GNI) for 2023/24, and revisions to previously published estimates from 2017/18 onward.
The statistics and indicators presented in this Bulletin can be downloaded in Excel format here.
All estimates presented in this release should be considered provisional: GDP estimation is a complex task and developing appropriate methods and data sources is an ongoing program of work.
Gross Domestic Product
GDP is a key indicator of economic activity used around the world: on St Helena it measures the total value of all the goods and services produced on the island during a year. For 2023/24, GDP at ‘market prices’ (which is the measure usually used) is estimated to be £39.4 million. Compared to 2022/23, the volume of goods and services produced by the economy is estimated to have fallen by 3.7%, a decrease in GDP in real terms (i.e. adjusting for price inflation) of around £1.5 million (Table 1).
Table 1. Estimates of Gross Domestic Product, 2019/20 to 2023/24, £ million
| 19/20 | 20/21 | 21/22 | 22/23 | 23/24 | |
|---|---|---|---|---|---|
| Current basic prices | 37.2 | 39.0 | 37.9 | 39.5 | 39.2 |
| Current market prices | 38.4 | 40.4 | 39.5 | 39.8 | 39.4 |
| Constant 23/24 market prices | 41.8 | 43.4 | 41.8 | 40.9 | 39.4 |
| Annual GDP growth rate | -4.8% | 3.8% | -3.9% | -2.1% | -3.7% |
Over the last five years, from 2019/20 to 2023/24, GDP has fallen in real terms by 5.7%. But the total number of people on St Helena who contribute to GDP – both residents and visitors – on St Helena has also fallen, from an estimated average of 4,563 in 2019/20 to 4,277 in 2023/24 – a similar drop of 6.3%.
Adjusted for the size of the population, GDP was estimated to be £9,210 per person in 2023/24, or $11,570 (Table 2). In real terms, when inflation is taken into account, GDP per capita decreased slightly by 2.2% when compared to 2022/23. But over the last five years, GDP per capita has remained at a similar level, increasing very slightly from £9,170 to £9,210 (0.4%) between 2019/20 and 2023/24.
Table 2. Estimates of Gross Domestic Product per capita, 2019/20 to 2023/24
| 19/20 | 20/21 | 21/22 | 22/23 | 23/24 | |
|---|---|---|---|---|---|
| GDP per capita (£, current) | 8,400 | 8,930 | 8,940 | 9,180 | 9,210 |
| GDP per capita (£, constant 23/24 prices) | 9,170 | 9,590 | 9,440 | 9,420 | 9,210 |
| Annual GDP per capita growth rate | -2.1% | 4.6% | -1.6% | -0.2% | -2.2% |
| Estimate of average on-island population | 4,563 | 4,527 | 4,422 | 4,339 | 4,277 |
| GDP per capita ($, current) | 10,710 | 11,690 | 12,220 | 11,060 | 11,570 |
Breakdown of GDP by industrial activity
Table 3 shows the share of total value added by each major activity grouping (industrial activities are classified according to Revision 4 of the UN International Standard Industrial Classification, grouped to avoid disclosure of information about individual companies). Value added is the key component of GDP, and represents the total output of sole traders, businesses, government, and non-profit organisations, less the value of intermediate consumption (i.e. the value of goods and services used in the process of producing final goods or services). Note that there have been significant revisions to these estimates for previous years, as a result of better categorisation of value added to sectors, for Government activities and for some companies.
The largest sector in the economy in 2023/24 was Public Adminstration (18.1%), followed by Finance, Insurance, Information, and Communication (16.5%), and Health and Social Service Activities (15.5%). These three groups of activities account for just over a half of all value added in the economy (50.1%).
Table 3. Value Added by industrial activity, 2023/24
| Value added (£m) | Share (%) | |
|---|---|---|
| A: Agriculture, Forestry and Fishing | 0.82 | 2.1 |
| B, C, D, E: Quarrying, Manufacturing, Electricity, Water, and Sanitation | 3.15 | 8.0 |
| F: Construction | 2.13 | 5.4 |
| G: Wholesale and Retail Trade; Repair of Motor Vehicles | 4.58 | 11.7 |
| H: Transportation and Storage | 2.21 | 5.6 |
| I: Accommodation and Food Service Activities | 0.65 | 1.7 |
| J, K: Finance, Insurance, Information, Communication | 6.48 | 16.5 |
| L: Real Estate Activities | 1.94 | 5.0 |
| M, N, R, S: Other Activities and Services | 2.03 | 5.2 |
| O: Public Administration | 7.08 | 18.1 |
| P: Education | 2.06 | 5.3 |
| Q: Health and Social Service Activities | 6.07 | 15.5 |
| Total | 39.17 | 100.0 |
| Note: Government activities (mostly Public Administration, Education, Health and Social Service activities) are valued net of depreciation. Percentage shares may not add to 100% due to rounding. |
Gross National Income
A useful alternative measure to GDP is called Gross National Income (GNI), which values the economic activity of the Island’s residents, regardless of where that activity takes place. This is different to GDP, which is a measure of the total value of goods and services produced within the territorial boundaries of St Helena, regardless of whether that value is produced by its residents. GNI is derived from GDP by adding an estimate of the income earned abroad by residents and deducting an estimate of the income earned on St Helena by non-residents.
Table 4 shows the nominal levels of GNI and GNI per capita since 2019/20. St Helena’s estimated GNI per capita level is not yet high enough to have crossed the World Bank threshold that defines a ‘high income’ country. One important implication of this is that the financial support it receives from the United Kingdom and other official aid donors is classified as Official Development Assistance.
Table 4. Gross National Income, 2019/20 to 2023/24
| 19/20 | 20/21 | 21/22 | 22/23 | 23/24 | |
|---|---|---|---|---|---|
| Current market prices (£ million) | 37.4 | 40.0 | 38.7 | 39.0 | 38.2 |
| Per capita, current prices, £ | 8,210 | 8,850 | 8,760 | 8,980 | 8,930 |
| Per capita, current prices, $ | 10,460 | 11,570 | 11,970 | 10,820 | 11,220 |
| World Bank high income threshold $ | 12,535 | 12,695 | 13,205 | 13,845 | 14,005 |
Notes and Methodology
Revisions: GDP estimation and measurement methods are complex and development of St Helena’s National Accounts is an ongoing programme of work. All estimates published in this bulletin should be considered provisional and subject to future revision as additional data sources become available and further improvements are made to the methodology. This release includes several revisions, including improved methods for estimating the contribution of certain financial services, adjustments to the treatment of government subsidies to some state-owned enterprises, and the use of new data sources to estimate the different types of activities performed by government and by large enterprises. Revisions have been incorporated from 2017/18 onwards to ensure comparability over time. Table 5 provides a comparison of the revised estimates to those previously released, for total GDP at current market prices.
Table 5. Revisions to total GDP at current market prices, 2017/18 to 2022/23
| 17/18 | 18/19 | 19/20 | 20/21 | 21/22 | 22/23 | |
|---|---|---|---|---|---|---|
| Previous estimates, £ million | 36.2 | 39.2 | 38.0 | 39.4 | 39.0 | 39.3 |
| Revised estimates, £ million | 37.1 | 39.6 | 38.4 | 40.4 | 39.5 | 39.8 |
| Change (%) | 2.7 | 1.2 | 0.9 | 2.8 | 1.2 | 1.3 |
Approach: There are three basic methods of compiling total GDP: the expenditure, income, and production (or output) approaches. Prior to 2016, St Helena published estimates based on the expenditure approach, and in 2016 a figure for 2014/15 was published based on the income approach. This Bulletin presents estimates based on the production approach. As far as practicable in a small economy with limited resources for compiling GDP statistics, the methods used aim to follow the international guidance published in the 2008 System of National Accounts by the United Nations.
GDP at basic prices: Estimates at basic prices are derived as the sum of the gross value added of companies and government consumption expenditure, plus the incomes of sole traders, and an estimate of the rental value derived by households from the owner-occupation of their homes. The valuation of the output of government has been made on a net basis, excluding an estimate of asset depreciation (this is common in other small countries). Taxes on production are small and have not generally been included, so the value of GDP at basic prices is roughly equivalent to factor cost.
GDP at market prices: To be consistent with the guidelines issued by the United Nations, GDP at market prices is derived by adding total indirect taxes on products and production (including customs duties and service taxes) to total GDP at basic prices, and subtracting regular government subsidies to companies (these subsidies are included in the sectoral breakdown of GDP at basic prices).
Inflation adjustment: Estimates are presented in both nominal and real terms, referred to in this release as current prices and constant 2023/24 prices. Estimates in nominal terms will change due to both the effect of price changes and because of growth in the size of the economy. But changes in the size of the economy can only be measured using estimates expressed in real terms, adjusted for price inflation (i.e., using constant prices). Estimates in real terms have been calculated by applying the recommended method of using specific inflation estimates for each industrial grouping of economic activity, an improvement on past practice of using St Helena’s Retail Price Index.
Measurement issues: There are significant measurement difficulties in obtaining accurate source data for estimating GDP and related indicators for St Helena. Additionally the recommended measurement frameworks and concepts are not always well suited to measuring economic activity in small, aid-dependent economies. Estimates are very sensitive to timing issues and to recording or classification conventions, which while appropriate for larger economies may distort trends and levels in smaller countries. There are further measurement difficulties in calculating GNI; in particular, there are very limited data sources to estimate the income earned abroad by resident individuals and companies and the income earned on St Helena by non-resident individuals and companies.
Per capita estimates: For calculating per capita estimates of both GDP and GNI, the population total used is the average of the end of month on-Island population estimates for the period, as published on the St Helena Government website by the Statistics Office.
Currency conversion: For converting from St Helena Pounds (£) to United States Dollars ($) the average monthly spot rates published by the Bank of England have been used for each financial year.
Data sources: The primary sources that have been used to compile GDP and related measures include Income Tax returns, published company accounts, and population estimates published by the Statistics Office. Thanks are extended to all the companies and businesses that have responded to past Business Surveys, to the Income Tax Office for their cooperation and help in using the data from tax returns for this purpose, and to the Immigration Office for their help in using data on arrivals and departures to estimate the size of the population. Data confidentiality is maintained in accordance with the requirements of the 2000 Statistics Ordinance.
Technical advice and support: Compiling estimates of Gross Domestic Product and related National Accounts is a highly specialised task that has only been possible because of the technical advice and support provided by the Office of National Statistics (ONS) Methodology Advisory Service in the United Kingdom – thanks are especially due to Jim O’Donoghue and Robin Youll.
Have more questions or comments?
Please get in touch: we are Neil Fantom, Chief Statistician, Kelly Clingham and Justine Joshua, Senior Statistical Assistants, and Courtney O’Dean, Statistics Assistant. You can find us in person at the Statistics Office on the top floor of the Post Office Building, Jamestown. You can also contact us by telephone on 22138; if calling from overseas, the international dialling code for St Helena is 290. Our general office e-mail address is statistics@sainthelena.gov.sh, or you can email team members directly (the format is firstname.lastname@sainthelena.gov.sh).