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Saint Pierre and Miquelon Economy 1996

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 the number of ships stopping at Saint Pierre has dropped steadily over the years. In March 1989, an agreement between France and Canada set fish quotas for Saint Pierre's trawlers fishing in Canadian and Canadian-claimed waters for three years. The agreement settles a longstanding dispute that had virtually brought fish exports to a halt. The islands are heavily subsidized by France. Imports come primarily from Canada and France.

National product:

GDP - purchasing power parity - $66 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$10,000 (1993 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

9.6% (1990)

Budget:

revenues:

$18.3 million

expenditures:

$18.3 million, including capital expenditures of $5.5 million (1989 est.)

Exports:

$30 million (f.o.b., 1991 est.)

commodities:

fish and fish products, fox and mink pelts

partners:

US 58%, France 17%, UK 11%, Canada, Portugal (1990)

Imports:

$82 million (c.i.f., 1991 est.)

commodities:

meat, clothing, fuel, electrical equipment, machinery, building materials

partners:

Canada, France, US, Netherlands, UK

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

10,000 kW

production:

50 million kWh

consumption per capita:

6,013 kWh (1993)

Industries:

fish processing and supply base for fishing fleets; tourism

Agriculture:

vegetables, cattle, sheep, pigs for local consumption; fish catch of 20,500 metric tons (1989)

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $500 million

Currency:

1 French franc (F) = 100 centimes

Exchange rates:

French francs (F) per US$1 - 5.2943 (January 1995), 5.520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990)

Fiscal year:

calendar year

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