Economy Of Saint Pierre and Miquelon - Saint Pierre and Miquelon Information

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Economy Of Saint Pierre and Miquelon
Saint Pierre and Miquelon Information - Country Guides

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

Introduction and Background to Saint Pierre and Miquelon | Geography Of Saint Pierre and Miquelon | People Of Saint Pierre and Miquelon | Government Of Saint Pierre and Miquelon | Communications Of Saint Pierre and Miquelon | Transportation Of Saint Pierre and Miquelon | Military Of Saint Pierre and Miquelon | Transnational Issues Of Saint Pierre and Miquelon

French Flag Map Of Saint Pierre and Miquelon

Economy Of Saint Pierre and MiquelonSaint Pierre and Miquelon Information - Country Guides

Economy Of Saint Pierre and Miquelon
Saint Pierre and Miquelon Information - Country Guides