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    Saint Pierre and Miquelon Economy - 2003

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

      GDP - per capita: purchasing power parity - $11,000 (1996 est.)

      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: 3,261 (1999)

      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: 42.03 million kWh (2001)

      Electricity - production by source: fossil fuel: 100%
      hydro: 0%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption: 39.08 million kWh (2001)

      Electricity - exports: 0 kWh (2001)

      Electricity - imports: 0 kWh (2001)

      Oil - production: 0 bbl/day (2001 est.)

      Oil - consumption: 600 bbl/day (2001 est.)

      Oil - exports: NA (2001)

      Oil - imports: NA (2001)

      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)

      Currency code: EUR

      Exchange rates: euros per US dollar - 1.0626 1.0626 (2001), 1.08540 (2000), 0.93863 (1999)

      Fiscal year: calendar year

      NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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