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Saint Pierre and Miquelon Economy
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 - $48.33 million - supplemented by annual payments from France of about $60 million (2003 est.)
GDP - real growth rate:
NA
GDP - per capita:
purchasing power parity - $6,900 (2001 est.)
GDP - composition by sector:
agriculture: NA
industry: NA
services: NA
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)
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)
Budget:
revenues: $70 million
expenditures: $60 million, including capital expenditures of $24 million (1996 est.)
Industries:
fish processing and supply base for fishing fleets; tourism
Industrial production growth rate:
NA
Electricity - production:
42.03 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
39.08 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
vegetables; poultry, cattle, sheep, pigs; fish
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:
Zambia 35.7%, US 24.4%, Ecuador 19.7%, France 7.3%, Canada 5.6% (2003)
Imports:
$106 million f.o.b. (2002)
Imports - commodities:
meat, clothing, fuel, electrical equipment, machinery, building materials
Imports - partners:
Zambia 61.5%, France 20%, Canada 12.3%, Italy 4.6% (2003 est.)
Debt - external:
NA (2003 est.)
Economic aid - recipient:
approximately $60 million in annual grants from France
Currency:
euro (EUR)
Currency code:
EUR
Exchange rates:
euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.0626 (2001), 1.08540 (2000), 0.93863 (1999)
Fiscal year:
calendar year
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