Saint Pierre and Miquelon flag

The Economy of Saint Pierre and Miquelon

French Economy

Saint Pierre and Miquelon's map

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:

GDP - real growth rate: NA%

GDP - per capita:

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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 (1996 est.)

Industries: fish processing and supply base for fishing fleets; tourism

Industrial production growth rate: NA%

Electricity - production: 53 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 49.29 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 560 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 556.8 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 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:

Imports: $68.2 million f.o.b. (2005 est.)

Imports - commodities: meat, clothing, fuel, electrical equipment, machinery, building materials

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6734 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: