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 - $74 million (1996 est.); supplemented by annual payments from France of about $60 million

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $11,000 (1996 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 3,000 (1997)

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 41 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 38.13 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $12 million (f.o.b., 1999)

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

Exports - partners US 43%, Egypt 14%, Japan 11%, Colombia 8% (1999)

Imports $55 million (f.o.b., 1999)

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

Imports - partners France 44%, Canada 40% (1999)

Debt - external $NA

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

Currency euro (EUR); French franc (FRF)

Currency code EUR; FRF

Exchange rates euros per US dollar - 1.06594 (January 2001), 1.08540 (2000), 0.93863 (1999); French francs per US dollar - 5.8995 (1998), 5.8367 (1997)

Fiscal year calendar year

NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Pierre and Miquelon Economy 2002 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon Economy 2002 should be addressed to the CIA.