Economy of Saint-Pierre and Miquelon
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The Economy of Saint Pierre and Miquelon possesses the feature that 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 km² to settle a longstanding territorial dispute with Canada, although it represents only 25% of what France had sought. The islands are heavily subsidized by France to the great betterment of living standards. The government hopes an expansion of tourism will boost economic prospects. Recent test drilling for oil may pave the way for development of the energy sector.
GDP: purchasing power parity - $48.3 million - supplemented by annual payments from France of about $60 million (2003 est.)
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $6,900 (2001 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Population below poverty line: NA%
Household income or consumption by percentage share:</b>
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 2.1% (1991-96 average)
Labor force: 3,261 (1999)
Labor force - by occupation: fishing 18%, industry (mainly fish-processing) 41%, services 41% (1996 est.)
Unemployment rate: 9.8% (1997)
Budget:
revenues: $70 million
expenditures: $60 million, including capital expenditures of $24 million (1996 est.)
Industries:fish processing and supply base for fishing fleets; tourism
Industrial production growth rate: NA%
Electricity - production: 42.03 GWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
Electricity - consumption: 39.08 GWh (2001)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Oil - production: 0 barrel/day (2001 est.)
Oil - consumption: 600 barrel/day (95 m³/d) 2001
Oil - exports: NA
Oil - imports: NA
Agriculture - products: vegetables; poultry, cattle, sheep, pigs; fish
Exports: $10 million f.o.b. (2002)
Exports - commodities: fish and fish products, mollusks and crustaceans, fox and mink pelts
Exports - partners: US 30%, Zambia 30%, Ecuador 20%, France 10% (2002)
Imports: $106 million f.o.b. (2002)
Imports - commodities: meat, clothing, fuel, electrical equipment, machinery, building materials
Imports - partners: Zambia 62.3%, France 21.7%, Canada 13.2% (2002)
Debt - external: $NA (2003 est.)
Economic aid - recipient: approximately $60 million in annual grants from France
Currency: 1 Euro (€) = 100 cent
Exchange rates: euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.0626 (2001), 1.08540 (2000), 0.93863 (1999)
Fiscal year:calendar year
- See also : Saint Pierre and Miquelon