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. Recent test drilling for oil may pave the way for development of the energy sector.
|
|
GDP
|
purchasing power parity - $48.33 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
|
|
Investment gross fixed
|
|
|
Population below poverty line
|
NA
|
|
Household income or consumption by percentage share
|
lowest 10%: NA
highest 10%: NA
|
|
Distribution of family income - Gini index
|
|
|
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.)
|
|
Public debt
|
|
|
Agriculture products
|
vegetables; poultry, cattle, sheep, pigs; fish
|
|
Industries
|
fish processing and supply base for fishing fleets; tourism
|
|
Industrial production growth rate
|
NA
|
|
Electricity production
|
42.03 million kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
|
|
Electricity consumption
|
39.08 million kWh (2001)
|
|
Electricity exports
|
0 kWh (2001)
|
|
Electricity imports
|
0 kWh (2001)
|
|
Oil production
|
0 bbl/day (2001 est.)
|
|
Oil consumption
|
600 bbl/day (2001 est.)
|
|
Oil exports
|
NA (2001)
|
|
Oil imports
|
NA (2001)
|
|
Oil proved reserves
|
|
|
Natural gas production
|
|
|
Natural gas consumption
|
|
|
Natural gas exports
|
|
|
Natural gas imports
|
|
|
Natural gas proved reserves
|
|
|
Current account balance
|
|
|
Exports
|
$10 million f.o.b. (2002)
|
|
Exports commodities
|
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
|
|
Exports partners
|
US 42.9%, Ecuador 28.6%, Canada 14.3%, France 14.3% (2003)
|
|
Imports
|
$106 million f.o.b. (2002)
|
|
Imports commodities
|
meat, clothing, fuel, electrical equipment, machinery, building materials
|
|
Imports partners
|
France 51%, Canada 31.4%, Italy 11.8% (2003)
|
|
Reserves of foreign exchange gold
|
|
|
Debt external
|
NA (2003 est.)
|
|
Economic aid recipient
|
approximately $60 million in annual grants from France
|
|
Currency
|
euro (EUR)
|
|
Currency code
|
EUR
|
|
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
|
Applied Language Solutions offer English to French Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Saint Pierre and Miquelon or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Saint Pierre and Miquelon or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Saint Pierre and Miquelon or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.