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South America and South Atlantic Islands
Tristan da Cunha (British Overseas territory) |
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Last reviewed - 16 July 2009 |
Country information
ECONOMY
The island is mostly self-sufficient, with an average income per capita of about $3,000 (although those who fish can earn a great deal). There is little unemployment - people work for either government or the fishing factory. The economy is based on crayfishing carried out by 2 ocean-going vessels owned by a South African company, Ovenstone Agencies, and by small powerboats run by Tristanians. Ovenstone holds the exclusive concession to fish for crayfish around the other islands in the Tristan group. The company has a shore based processing plant on Tristan, which is supplied by small powerboats which catch crayfish in the waters around the Island. Octopus is a useful by-catch.
Ad hoc licenses are issued from time to time for longline fishing. The maintenance of a long-term sustainable fishing resource is of primary importance.
