Saint Pierre and Miquelon Economy:
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):
$48.3 million supplemented by annual payments from France of about $60 million (2003 est.)
GDP — real growth rate:
NA
GDP per capita:
purchasing power parity: $7,000 (2001 est.)
GDP — composition by sector:
agriculture: NA
industry: NA
services: NA
Labor force:
3,261 (1999 est.)
Labor force — by occupation:
fishing: 18%, industry: 41% (mainly fish-processing), services: 41% (1996 est.)
Unemployment rate:
9.8% (1997 est.)
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)
Budget:
revenues: $70 million (1996 est.)
expenditures: $60 million including capital expenditures of $24 million (1996 est.)
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:
43.08 million kWh (2002 est.)
Electricity — consumption:
40.06 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
600 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$10 million (f.o.b., 2002 est.)
Exports — commodities:
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Exports — partners:
Belgium 41.3%, US 19.9%, Spain 14.9%, France 10%, Germany 4.1% (2004)
Imports:
$106 million (f.o.b. 2002 est.)
Imports — commodities:
meat, clothing, fuel, electrical equipment, machinery, building materials
Imports — partners:
France 37.6%, Canada 25.3%, Ireland 25.2%, Italy 5.1% (2004)
Debt — external:
NA
Economic aid — recipient:
approximately $60 million in annual grants from France
Currency:
euro (EUR)
Exchange rates:
euros per US$: 0.81 (2004 est.), 0.89 (2003 est.), 1.06 (2002 est.), 1.12 (2001 est.), 1.09 (2000 est.)
Fiscal year:
calendar year
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