Saint Pierre and Miquelon Economy 2008

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

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%

Labor force:
3,450 (2005)

Labor force - by occupation:
agriculture: 18%
industry: 41%
services: 41% (1996 est.)

Unemployment rate:
10.3% (1999)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
8.1% (2005)

Budget:
revenues: $70 million
expenditures: $60 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:
50 million kWh (2005)

Electricity - consumption:
46.5 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
550 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
541.6 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$5.5 million f.o.b. (2005 est.)

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

Exports - partners:
Spain 33.6%, Belgium 21.8%, India 18.3%, France 9.4%, US 7.5% (2006)

Imports:
$68.2 million f.o.b. (2005 est.)

Imports - partners:
France 51.3%, Canada 31.8%, Belgium 4.1% (2006)

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

Debt - external:
$NA

Currency (code):
euro (EUR)

Exchange rates:
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)