Martinique Economy Profile 2006

Economy - overview

The economy is based on sugarcane, bananas, tourism, and light industry. Agriculture accounts for about 6% of GDP and the small industrial sector for 11%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism, which employs more than 11,000 people, has become more important than agricultural exports as a source of foreign exchange.

GDP (purchasing power parity)

$6.117 billion (2003 est.)

GDP (official exchange rate)

NA

GDP - real growth rate

NA%

GDP - per capita (PPP)

$14,400 (2003 est.)

GDP - composition by sector

agriculture: 6%
industry: 11%
services: 83% (1997 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

3.9% (1990)

Labor force

165,900 (1998)

Labor force - by occupation

agriculture: 10%
industry: 17%
services: 73% (1997)

Unemployment rate

27.2% (1998)

Budget

revenues: $317.5 million
expenditures: $317.5 million; including capital expenditures of $140 million (1996)

Industries

construction, rum, cement, oil refining, sugar, tourism

Industrial production growth rate

NA%

Electricity - production

1.205 billion kWh (2003)

Electricity - consumption

1.12 billion kWh (2003)

Electricity - exports

0 kWh (2003)

Electricity - imports

0 kWh (2003)

Oil - production

0 bbl/day (2003 est.)

Oil - consumption

13,800 bbl/day (2003 est.)

Oil - exports

NA bbl/day

Oil - imports

NA bbl/day

Natural gas - production

0 cu m (2003 est.)

Natural gas - consumption

0 cu m (2003 est.)

Agriculture - products

pineapples, avocados, bananas, flowers, vegetables, sugarcane

Exports

$404.2 million f.o.b. (2002)

Exports - commodities

refined petroleum products, bananas, rum, pineapples

Exports - partners

France 45%, Guadeloupe 28% (2004)

Imports

$2.307 billion c.i.f. (2002)

Imports - commodities

petroleum products, crude oil, foodstuffs, construction materials, vehicles, clothing and other consumer goods

Imports - partners

France 62%, Venezuela 6%, Germany 4%, Italy 4%, US 3% (2004)

Debt - external

$180 million (1994)

Economic aid - recipient

$NA; note - substantial annual aid from France (1998)

Currency (code)

euro (EUR)

Exchange rates

euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

Fiscal year

calendar year