Economy of 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. 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.

GDP: purchasing power parity - $74 million (1996 est.); supplemented by annual payments from France of about $65 million

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $11,000 (1996 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 2.1% (1991-96 average)

Labor force: 3,000 (1997)

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: 40 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 37 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: vegetables; poultry, cattle, sheep, pigs; fish

Exports: $5 million (f.o.b., 1997)

Exports - commodities: fish and fish products, mollusks and crustaceans, fox and mink pelts

Exports - partners: US, France, UK, Canada, Portugal

Imports: $66 million (c.i.f., 1997 est.)

Imports - commodities: meat, clothing, fuel, electrical equipment, machinery, building materials

Imports - partners: Canada, France, US, Netherlands, UK

Debt - external: $NA

Economic aid - recipient: approximately $65 million in annual grants from France

Currency: 1 Euro (€) = 100 cent

Exchange rates: uros per US dollar - 1.1324 (January 2002)

Fiscal year: calendar year

See also : Saint Pierre and Miquelon