Economy
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- Some of the data in this section has been sourced from the Government of St Helena Sustainable Development Plan.
The island had a monocrop economy until 1966, based on the cultivation and processing of New Zealand flax for rope and string. St Helena's economy is now very weak, and the island is almost entirely sustained by aid from the British government. The public sector dominates the economy, accounting for about half of gross domestic product (GDP). Inflation was running at 3.6% in 2005. There have been recent increases in the cost of fuel, power and all imported goods.
The Saint Helena tourist industry is heavily based on the promotion of Napoleon's imprisonment. A golf course also exists and the possibility for sportfishing tourism is great. Three hotels operate on the island but since the arrival of tourists is directly linked to the arrival and departure schedule of the RMS (Royal Mail Ship), occupancy levels are very low at about 10%. Some 1,180 short- and long-term visitors arrived on the island in 2005.
Saint Helena produces what is said to be the most expensive coffee in the world. It also produces and exports Tungi Spirit, made from the fruit of the prickly or cactus pears, Opuntia ficus-indica ("Tungi" is the local St Helenian name for the plant). Ascension Island, Tristan da Cunha and Saint Helena all issue their own postage stamps which provide a significant income.
Read more about this topic: Saint Helena
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)