Saint Pierre and Miquelon Economy Profile 2013

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 (purchasing power parity)

$48.3 million (2003 est.)
note: supplemented by annual payments from France of about $60 million

GDP (official exchange rate)

$NA

GDP - real growth 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%

Labor force

3,450 (2005)

Labor force - by occupation

agriculture: 18%
industry: 41%
services: 41% (1996 est.)

Unemployment rate

10.3% (1999)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $70 million
expenditures: $60 million (1996 est.)

Inflation rate (consumer prices)

8.1% (2005)

Agriculture - products

vegetables; poultry, cattle, sheep, pigs; fish

Industries

fish processing and supply base for fishing fleets; tourism

Industrial production growth rate

NA%

Exports

$5.5 million (2005 est.)

Exports - commodities

fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts

Imports

$68.2 million (2005 est.)

Imports - commodities

meat, clothing, fuel, electrical equipment, machinery, building materials

Debt - external

$NA

Exchange rates

euros (EUR) per US dollar -
0.7838 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)

Fiscal year

calendar year