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Saint Martin Economy Profile

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Economy - overview

The economy of Saint Martin centers on tourism with 85% of the labor force engaged in this sector. Over one million visitors come to the island each year with most arriving through the Princess Juliana International Airport in Sint Maarten. The financial sector is also important to Saint Martin’s economy as it facilitates financial mediation for its thriving tourism sector. No significant agriculture and limited local fishing means that almost all food must be imported. Energy resources and manufactured goods are also imported, primarily from Mexico and the US. Saint Martin is reported to have one of the highest per capita income in the Caribbean. As with the rest of the Caribbean, Saint Martin’s financial sector is having to deal with losing correspondent banking relationships.

In September 2017, Hurricane Irma destroyed 95% of the French side of Saint Martin. Along the coastline of Marigot, the nerve center of the economy, the storm wiped out restaurants, shops, banks and open-air markets impacting more than 36,000 inhabitants.

GDP (purchasing power parity)
$561.5 million (2005 est.)
GDP (official exchange rate)
$561.5 million (2005 est.)
GDP - per capita (PPP)
$19,300 (2005 est.)
GDP - composition by sector
agriculture: 1% (2000)
industry: 15% (2000)
services: 84% (2000)
Labor force
17,300 (2008 est.)
Labor force - by occupation
85 directly or indirectly employed in tourist industry
Industries
tourism, light industry and manufacturing, heavy industry
Imports - commodities
crude petroleum, food, manufactured items
Exchange rates
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

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