Saint Pierre and Miquelon Economy - 2021

GEOGRAPHICAL NAMES 

Economic 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. The services sector accounted for 86% of GDP in 2010, the last year data is available for. Government employment accounts for than 46% of the GDP, and 78% of the population is working age.

The government hopes an expansion of tourism will boost economic prospects. Fish farming, crab fishing, and agriculture are being developed to diversify the local economy. Recent test drilling for oil may pave the way for development of the energy sector. Trade is the second largest sector in terms of value added created, where it contributes significantly to economic activity. The extractive industries and energy sector is the third largest sector of activity in the archipelago, attributable in part to the construction of a new thermal power plant in 2015.

Real GDP growth rate

N/A

Inflation rate (consumer prices)

1.5% (2015)

4.5% (2010)

Real GDP (purchasing power parity)

$261.3 million (2015 est.)

$215.3 million (2006 est.)

note: supplemented by annual payments from France of about $60 million

GDP (official exchange rate)

$261.3 million (2015 est.)

Real GDP per capita

$46,200 (2006 est.)

$34,900 (2005)

GDP - composition, by sector of origin

agriculture: 2% (2006 est.)

industry: 15% (2006 est.)

services: 83% (2006 est.)

Agricultural products

vegetables; poultry, cattle, sheep, pigs; fish

Industries

fish processing and supply base for fishing fleets; tourism

Industrial production growth rate

N/A

Labor force

4,429 (2015)

Labor force - by occupation

agriculture: 18%

industry: 41%

services: 41% (1996 est.)

Unemployment rate

8.7% (2015 est.)

9.9% (2008 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 70 million (1996 est.)

expenditures: 60 million (1996 est.)

Taxes and other revenues

26.8% (of GDP) (1996 est.)

Budget surplus (+) or deficit (-)

3.8% (of GDP) (1996 est.)

Fiscal year

calendar year

Exports

$6.641 million (2010 est.)

$5.5 million (2005 est.)

Exports - partners

Canada 79%, France 8%, Belgium 6% (2019)

Exports - commodities

crustaceans, fish, medical instruments, electrical parts, pasta (2019)

Imports

$95.35 million (2010 est.)

$68.2 million (2005 est.)

Imports - partners

France 69%, Canada 22% (2019)

Imports - commodities

food preparation, packaged medicines, low-voltage protection equipment, cars, computers, iron structures (2019)

Debt - external

N/A

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.)

NOTE: The information regarding Saint Pierre and Miquelon on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Saint Pierre and Miquelon 2021 information contained here. All suggestions for corrections of any errors about Saint Pierre and Miquelon 2021 should be addressed to the CIA or the source cited on each page.