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Saint Pierre and Miquelon:
Economy

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Saint Pierre and Miquelon Page


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


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