Introduction - Saint Pierre and Miquelon: |
Location - Saint Pierre and Miquelon: |
People - Saint Pierre and Miquelon: |
Government - Saint Pierre and Miquelon: |
Economy - Saint Pierre and Miquelon: |
Economy overview | The inhabitants have traditionally earned their livelihood by fishing and by servicing fishing fleets operating off the coast of Newfoundland. The economy has been declining, however, because of disputes with Canada over fishing quotas and a steady decline in the number of ships stopping at Saint Pierre. In 1992, an arbitration panel awarded the islands an exclusive economic zone of 12,348 sq km to settle a longstanding territorial dispute with Canada, although it represents only 25% of what France had sought. France heavily subsidizes the islands to the great betterment of living standards. The government hopes an expansion of tourism will boost economic prospects. Fish farming, crab fishing, and agriculture are being developed to diversify the local economy. Recent test drilling for oil may pave the way for development of the energy sector. |
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Gdp purchasing power parity | $48.3 million
note: supplemented by annual payments from France of about $60 million (2003 est.) |
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Gdp official exchange rate | NA |
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Gdp real growth rate | NA% |
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Gdp per capita ppp | $7,000 (2001 est.) |
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Gdp composition by sector | agriculture: NA%
industry: NA%
services: NA% |
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Labor force | 3,450 (2005) |
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Labor force by occupation | agriculture: 18%
industry: 41%
services: 41% (1996 est.) |
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Unemployment rate | 10.3% (1999) |
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Population below poverty line | NA% |
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Household income or consumption by percentage share | lowest 10%: NA%
highest 10%: NA% |
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Inflation rate consumer prices | 8.1% (2005) |
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Budget | revenues: $70 million
expenditures: $60 million; including capital expenditures of $24 million (1996 est.) |
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Agriculture products | vegetables; poultry, cattle, sheep, pigs; fish |
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Industries | fish processing and supply base for fishing fleets; tourism |
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Industrial production growth rate | NA% |
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Electricity production | 50 million kWh (2004) |
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Electricity consumption | 46.5 million kWh (2004) |
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Electricity exports | 0 kWh (2004) |
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Electricity imports | 0 kWh (2004) |
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Oil production | 0 bbl/day (2004 est.) |
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Oil consumption | 500 bbl/day (2004 est.) |
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Oil exports | NA bbl/day |
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Oil imports | NA bbl/day |
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Oil proved reserves | 0 bbl |
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Natural gas production | 0 cu m (2004 est.) |
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Natural gas consumption | 0 cu m (2004 est.) |
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Exports | $5.5 million f.o.b. (2005 est.) |
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Exports commodities | fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts |
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Exports partners | Spain 33.6%, Belgium 21.8%, India 18.3%, France 9.4%, US 7.5% (2006) |
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Imports | $68.2 million f.o.b. (2005 est.) |
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Imports commodities | meat, clothing, fuel, electrical equipment, machinery, building materials |
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Imports partners | France 51.3%, Canada 31.8%, Belgium 4.1% (2006) |
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Debt external | $NA |
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Economic aid recipient | approximately $60 million in annual grants from France |
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Currency code | euro (EUR) |
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Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
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Communications - Saint Pierre and Miquelon: |
Transportation - Saint Pierre and Miquelon: |
Military - Saint Pierre and Miquelon: |
This page was last updated on 16 September, 2007