Saint Pierre and Miquelon:
Economy

Other pages in this profile of Saint Pierre and Miquelon:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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 (purchasing power parity)	Definition - World rank and map $48.3 million note: supplemented by annual payments from France of about $60 million (2003 est.)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map NA%
GDP - per capita	Definition - World rank and map $7,000 (2001 est.)
GDP - composition by sector	Definition agriculture: NA% industry: NA% services: NA%
Labor force	Definition 3,450 (2005)
Labor force - by occupation	Definition agriculture: 18% industry: 41% services: 41% (1996 est.)
Unemployment rate	Definition - World rank and map 10.3% (1999)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 8.1% (2005)
Budget	Definition revenues: $70 million expenditures: $60 million (1996 est.)
Agriculture - products	Definition vegetables; poultry, cattle, sheep, pigs; fish
Industries	Definition fish processing and supply base for fishing fleets; tourism
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 50 million kWh (2005)
Electricity - consumption	Definition - World rank and map 46.5 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 6,601.4 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 550 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 78.1 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 541.6 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Exports	Definition - World rank and map $5.5 million f.o.b. (2005 est.)
Exports - commodities	Definition fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Exports - partners	Definition Spain 33.6%, Belgium 21.8%, India 18.3%, France 9.4%, US 7.5% (2006)
Imports	Definition - World rank and map $68.2 million f.o.b. (2005 est.)
Imports - commodities	Definition meat, clothing, fuel, electrical equipment, machinery, building materials
Imports - partners	Definition France 51.3%, Canada 31.8%, Belgium 4.1% (2006)
Debt - external	Definition - World rank and map $NA
Economic aid - recipient	Definition approximately $60 million in annual grants from France
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Saint Pierre and Miquelon: Economy

Saint Pierre and Miquelon:
Economy