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    Saint Pierre and Miquelon Economy - 1991

      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.

      GDP: $50 million, per capita $7,900; real growth rate NA% (1990 est.)

      Inflation rate (consumer prices): NA%

      Unemployment rate: 8.3% (1988)

      Budget: revenues $18.3 million; expenditures $18.3 million, including capital expenditures of $5.5 million (1989)

      Exports: $24.1 million (f.o.b., 1988); commodities--fish and fish products, fox and mink pelts; partners--US 58%, France 17%, UK 11%, Canada, Portugal

      Imports: $61.6 million (c.i.f., 1988); commodities--meat, clothing, fuel, electrical equipment, machinery, building materials; partners--Canada, France, US, Netherlands, UK

      External debt: $NA

      Industrial production: growth rate NA%

      Electricity: 10,000 kW capacity; 25 million kWh produced, 3,970 kWh per capita (1989)

      Industries: fish processing and supply base for fishing fleets; tourism

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

      Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $493 million

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

      Exchange rates: French francs (F) per US$1--5.1307 (January 1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Pierre and Miquelon Economy 1991 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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