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    Martinique Economy - 1989

      Overview: The economy is based on sugarcane, bananas, tourism, and light industry. Agriculture accounts for about 7% of GDP and the small industrial sector for 10%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, however, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism has become more important than agricultural exports as a source of foreign exchange. The majority of the work force is employed in the service sector and in administration. In 1984 the annual per capita income was relatively high at $3,650. During 1985 the unemployment rate was between 25% and 30% and was particularly severe among younger workers.

      GDP: $1.3 billion, per capita $3,650; real growth rate NA% (1984)

      Inflation rate (consumer prices): 3.4% (1986)

      Unemployment rate: 25-30% (1985)

      Budget: revenues NA; expenditures $215 million, including capital expenditures of NA (1981)

      Exports: $145 million (f.o.b., 1985); @m5commodities--refined petroleum products, bananas, rum, pineapples; @m5partners--France 54%, Guadeloupe 36% (1984)

      Imports: $683 million (c.i.f., 1985); @m5commodities--petroleum products, foodstuffs, construction materials, vehicles, clothing and other consumer goods; @m5partners--France 54% (1984)

      External debt: $NA

      Industrial production: growth rate NA%

      Electricity: 108,000 kW capacity; 330 million kWh produced, 1,000 kWh per capita (1988)

      Industries: construction, rum, cement, oil refining, sugar, tourism

      Agriculture: bananas, pineapples, vegetables, flowers, sugarcane for rum

      Aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-81) $3.1 billion

      Currency: French franc (plural--francs); 1 French franc (F) = 100 centimes

      Exchange rates: French francs (F) per US$1--6.2503 (January 1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Martinique on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Martinique Economy 1989 information contained here. All suggestions for corrections of any errors about Martinique Economy 1989 should be addressed to the CIA.

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