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    Saint Pierre and Miquelon Index 2006

    Saint Pierre and Miquelon Main Index

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    Saint Pierre and Miquelon Economy - 2006

      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):
      $48.3 million
      note: supplemented by annual payments from France of about $60 million (2003 est.)

      GDP (official exchange rate):

      GDP - real growth rate:

      GDP - per capita (PPP):
      $7,000 (2001 est.)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Labor force:
      3,261 (1999)

      Labor force - by occupation:
      agriculture: 18%
      industry: 41%
      services: 41% (1996 est.)

      Unemployment rate:
      9.8% (1997)

      Population below poverty line:

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      2.1% (1991-96 average)

      revenues: $70 million
      expenditures: $60 million; including capital expenditures of $24 million (1996 est.)

      Agriculture - products:
      vegetables; poultry, cattle, sheep, pigs; fish

      fish processing and supply base for fishing fleets; tourism

      Industrial production growth rate:

      Electricity - production:
      44.15 million kWh (2003)

      Electricity - consumption:
      41.06 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003 est.)

      Oil - consumption:
      480 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      $7 million f.o.b. (2004 est.)

      Exports - commodities:
      fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts

      Exports - partners:
      Belgium 41.3%, US 19.9%, Spain 14.9%, France 10%, Germany 4.1% (2004)

      $70 million f.o.b. (2004 est.)

      Imports - commodities:
      meat, clothing, fuel, electrical equipment, machinery, building materials

      Imports - partners:
      France 37.6%, Canada 25.3%, Ireland 25.2%, Italy 5.1% (2004)

      Debt - external:

      Economic aid - recipient:
      approximately $60 million in annual grants from France

      Currency (code):
      euro (EUR)

      Exchange rates:
      euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

      Fiscal year:
      calendar year

      NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Pierre and Miquelon Economy 2006 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)