Economy - overview:
The economy of Saint Martin centers on tourism with 85% of the labor force engaged in this sector. Over one million visitors come to the island each year with most arriving through the Princess Juliana International Airport in Sint Maarten. The financial sector is also important to Saint Martin’s economy as it facilitates financial mediation for its thriving tourism sector. No significant agriculture and limited local fishing means that almost all food must be imported. Energy resources and manufactured goods are also imported, primarily from Mexico and the US. Saint Martin is reported to have one of the highest per capita income in the Caribbean. As with the rest of the Caribbean, Saint Martin’s financial sector is having to deal with losing correspondent banking relationships.
In September 2017, Hurricane Irma destroyed 95% of the French side of Saint Martin. Along the coastline of Marigot, the nerve center of the economy, the storm wiped out restaurants, shops, banks and open-air markets impacting more than 36,000 inhabitants.
GDP (purchasing power parity):
$561.5 million
(2005 est.)
country comparison to the world (CIA rank, may be based on non-current data):
212
[see also: GDP country ranks ]
GDP (official exchange rate):
$561.5 million
(2005 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - per capita (PPP):
$19,300
(2005 est.)
country comparison to the world (CIA rank, may be based on non-current data):
92
[see also: GDP - per capita country ranks ]
GDP - composition, by sector of origin:
agriculture: 1%
(2000)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15%
(2000)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 84%
(2000)
[see also: GDP - composition, by sector of origin - services country ranks ]
Industries:
tourism, light industry and manufacturing, heavy industry
Labor force:
17,300
(2008 est.)
country comparison to the world (CIA rank, may be based on non-current data):
214
[see also: Labor force country ranks ]
Labor force - by occupation:
85 directly or indirectly employed in tourist industry
Imports - commodities:
crude petroleum, food, manufactured items
Exchange rates:
euros (EUR) per US dollar -
0.885
(2017 est.)
0.903
(2016 est.)
0.9214
(2015 est.)
0.885
(2014 est.)
0.7634
(2013 est.)
