Page last updated on February 5, 2013
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 (2003 est.)
country comparison to the world: 224
note:
supplemented by annual payments from France of about $60 million
[see also: GDP country ranks ]
GDP (official exchange rate):
$NA
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
NA%
[see also: GDP - real growth rate country ranks ]
GDP - per capita:
$7,000 (2001 est.)
country comparison to the world: 137
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: NA%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
NA%
services:
NA%
Labor force:
3,450 (2005)
country comparison to the world: 224
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 18%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
41%
services:
41% (1996 est.)
Unemployment rate:
10.3% (1999)
country comparison to the world: 111
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Budget:
revenues: $70 million
[see also: Budget revenues country ranks ]
expenditures:
$60 million (1996 est.)
Inflation rate (consumer prices):
8.1% (2005)
country comparison to the world: 179
[see also: Inflation rate (consumer prices) country ranks ]
Agriculture - products:
vegetables; poultry, cattle, sheep, pigs; fish
Industries:
fish processing and supply base for fishing fleets; tourism
Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]
Exports:
$5.5 million (2005 est.)
country comparison to the world: 216
[see also: Exports country ranks ]
Exports - commodities:
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Imports:
$68.2 million (2005 est.)
country comparison to the world: 216
[see also: Imports country ranks ]
Imports - commodities:
meat, clothing, fuel, electrical equipment, machinery, building materials
Debt - external:
$NA
[see also: Debt - external country ranks ]
Exchange rates:
euros (EUR) per US dollar -
0.7838 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Fiscal year:
calendar year
NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Pierre and Miquelon Economy 2013 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon Economy 2013 should be addressed to the CIA.
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This page was last modified 11-Mar-13
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