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:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)