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World > North America > Saint Pierre and Miquelon > Economy (Facts)

Saint Pierre and Miquelon - Economy (Facts)
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. 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.
GDP - real growth rate: NA
GDP (purchasing power parity): $48.3 million
note: supplemented by annual payments from France of about $60 million (2003 est.)
GDP (official exchange rate): NA
GDP - per capita (PPP): $7,000 (2001 est.)
GDP - composition by sector: agriculture: NA
industry: NA
services: NA
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 8.1% (2005)
Labor force: 3,450 (2005)
Labor force - by occupation: agriculture: 18%
industry: 41%
services: 41% (1996 est.)
Unemployment rate: 10.3% (1999)
Budget: revenues: $70 million
expenditures: $60 million; including capital expenditures of $24 million (1996 est.)
Industries: fish processing and supply base for fishing fleets; tourism
Industrial production growth rate: NA
Electricity - production: 50 million kWh (2004)
Electricity - consumption: 46.5 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 500 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: vegetables; poultry, cattle, sheep, pigs; fish
Exports: $5.5 million f.o.b. (2005 est.)
Exports - commodities: fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Exports - partners: Spain 33.6%, Belgium 21.8%, India 18.3%, France 9.4%, US 7.5% (2006)
Imports: $68.2 million f.o.b. (2005 est.)
Imports - commodities: meat, clothing, fuel, electrical equipment, machinery, building materials
Imports - partners: France 51.3%, Canada 31.8%, Belgium 4.1% (2006)
Debt - external: NA
Economic aid - recipient: approximately $60 million in annual grants from France
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


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