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 rateNA%
GDP - per capita (PPP)$34,900 (2006 est.)
GDP - composition, by sector of originagriculture: 2%
industry: 15%
services: 83% (2006 est.)
Agriculture - productsvegetables; poultry, cattle, sheep, pigs; fish
Industriesfish processing and supply base for fishing fleets; tourism
Industrial production growth rateNA%
Labor force3,194 (2006)
Labor force - by occupationagriculture: 18%
industry: 41%
services: 41% (1996 est.)
Unemployment rate9.9% (2008 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $70 million
expenditures: $60 million (1996 est.)
Taxes and other revenues32.5% of GDP (1996 est.)
Budget surplus (+) or deficit (-)4.6% of GDP (1996 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)4.5% (2010)
8.1% (2005)
Exports$6.641 million (2010 est.)
$5.5 million (2005 est.)
Exports - commoditiesfish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Imports$95.35 million (2010 est.)
$68.2 million (2005 est.)
Imports - commoditiesmeat, clothing, fuel, electrical equipment, machinery, building materials
Debt - external$NA
Exchange rateseuros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.7752 (2012 est.)