Saint Pierre and Miquelon Economy - 2005

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. The islands are heavily subsidized by France to the great betterment of living standards. The government hopes an expansion of tourism will boost economic prospects. Recent test drilling for oil may pave the way for development of the energy sector.

GDP:
purchasing power parity - $48.3 million - supplemented by annual payments from France of about $60 million (2003 est.)

GDP - real growth rate:
NA%

GDP - per capita:
purchasing power parity - $7,000 (2001 est.)

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

Labor force:
3,261 (1999)

Labor force - by occupation:
fishing 18%, industry (mainly fish-processing) 41%, services 41% (1996 est.)

Unemployment rate:
9.8% (1997)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
2.1% (1991-96 average)

Budget:
revenues: $70 million
expenditures: $60 million, including capital expenditures of $24 million (1996 est.)

Agriculture - products:
vegetables; poultry, cattle, sheep, pigs; fish

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

Industrial production growth rate:
NA%

Electricity - production:
43.08 million kWh (2002)

Electricity - consumption:
40.06 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
600 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$10 million f.o.b. (2002)

Exports - commodities:
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts

Exports - partners:
Belgium 29.7%, Ecuador 27%, US 17.2%, Spain 10.4%, France 7.2% (2004)

Imports:
$106 million f.o.b. (2002)

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

Imports - partners:
France 33.8%, Ireland 28%, Canada 22.7%, Italy 11.6% (2004)

Debt - external:
$NA

Economic aid - recipient:
approximately $60 million in annual grants from France

Currency (code):
euro (EUR)

Exchange rates:
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)