Saint Pierre and Miquelon: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$215.3 million (2006 est.)
note: supplemented by annual payments from France of about $60 million
GDP - real growth rateNA%
GDP - per capita (PPP)$34,900 (2006 est.)
GDP - composition, by sector of originagriculture: 2%
industry: 15%
services: 83% (2006 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 18%
industry: 41%
services: 41% (1996)
Exports - commoditiesfish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Agriculture - productsvegetables; poultry, cattle, sheep, pigs; fish
Budgetrevenues: $70 million
expenditures: $60 million (1996)
Imports - commoditiesmeat, clothing, fuel, electrical equipment, machinery, building materials
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$6.641 million (2010 est.)
$5.5 million (2005 est.)
Debt - external$NA
Fiscal yearcalendar year
Imports$95.35 million (2010 est.)
$68.2 million (2005 est.)
Industrial production growth rateNA%
Industriesfish processing and supply base for fishing fleets; tourism
Inflation rate (consumer prices)4.5% (2010)
8.1% (2005)
Labor force3,194 (2006)
Unemployment rate9.9% (2008 est.)
GDP (official exchange rate)$215.3 million (2006 est.)
Taxes and other revenues32.5% of GDP (1996)
Budget surplus (+) or deficit (-)4.6% of GDP (1996)