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. France heavily subsidizes the islands to the great betterment of living standards.
The government hopes an expansion of tourism will boost economic prospects. Fish farming, crab fishing, and agriculture are being developed to diversify the local economy. Recent test drilling for oil may pave the way for development of the energy sector.
Economic Facts#
| GDP (purchasing power parity) | $215.3 million (2006 est.) note: supplemented by annual payments from France of about $60 million |
|---|---|
| GDP (official exchange rate) | $215.3 million (2006 est.) |
| GDP - real growth rate | NA% |
| GDP - per capita (PPP) | $34,900 (2006 est.) |
| GDP - composition, by sector of origin | agriculture: 2% industry: 15% services: 83% (2006 est.) |
| Agriculture - products | vegetables; poultry, cattle, sheep, pigs; fish |
| Industries | fish processing and supply base for fishing fleets; tourism |
| Industrial production growth rate | NA% |
| Labor force | 3,194 (2006) |
| Labor force - by occupation | agriculture: 18% industry: 41% services: 41% (1996 est.) |
| Unemployment rate | 9.9% (2008 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $70 million expenditures: $60 million (1996 est.) |
| Taxes and other revenues | 32.5% of GDP (1996 est.) |
| Budget surplus (+) or deficit (-) | 4.6% of GDP (1996 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 4.5% (2010) 8.1% (2005) |
| Exports | $6.641 million (2010 est.) $5.5 million (2005 est.) |
| Exports - commodities | fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts |
| Imports | $95.35 million (2010 est.) $68.2 million (2005 est.) |
| Imports - commodities | meat, clothing, fuel, electrical equipment, machinery, building materials |
| Debt - external | $NA |
| Exchange rates | euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.7752 (2012 est.) |