The economy of Saint Pierre and Miquelon, due to the islands' location, has been dependent on fishing and servicing fishing fleets operating off the coast of Newfoundland. The economy has been declining, however, due to disputes with Canada over fishing quotas and a decline in the number of ships stopping at the islands. In 1992 an arbitration panel awarded the islands an exclusive economic zone of 12,348 square kilometres (4,768 sq mi) to settle a longstanding territorial dispute with Canada, although it represents only 25 percent of what France had sought. The islands are heavily subsidized by France, which benefits the standard of living. The government hopes an expansion of tourism will boost economic prospects, and test drilling for oil may pave the way development of the energy sector.
GDP: purchasing power parity $48.3 million, supplemented by annual payments from France of about $60 million (2003 estimate)
- GDP per capita: purchasing power parity $6,900 (2001 estimate)
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 estimate)
- Unemployment rate: 9.8% (1997)
- Budget
- Revenue: $70 million
- Expenditures: $60 million, including capital expenditures of $24 million (1996 estimate)
- Industries: fish processing and supplies for fishing fleets; tourism
Electricity production: 42.03 GWh (2001)
- Electricity production, by source
- Fossil fuels: 100%
- Hydro: 0%
- Nuclear: 0%
- Other: 0% (2001)
Electric consumption: 39.08 GWh (2001)
- Oil production: 0 barrels/day (2001 estimate)
- Oil consumption: 600-barrel (95 m3)/day 2001
Agricultural products: vegetables; poultry, cattle, sheep, pigs, fish
Exports: $10 million FOB (2002)
- Commodities: Fish and fish products, mollusks and crustaceans, fox and mink pelts
- Partners: United States 30%, Zambia 30%, Ecuador 20%, France 10% (2002)
Imports: $106 million FOB (2002)
- Commodities: Meat, clothing, fuel, electrical equipment, machinery, building materials
- Partners: Zambia 62.3%, France 21.7%, Canada 13.2% (2002)
Economic aid (recipient): approximately $60 million in annual grants from France
Currency: €1 = 100 cents, $ = 100 cents
- Exchange rates: euros per US dollar – 0.886 (2003), 1.0626 (2002), 1.0626 (2001), 1.08540 (2000), 0.93863 (1999)
- Fiscal year: calendar year
Famous quotes containing the words economy of, economy and/or saint:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Good morrow, friends. Saint Valentine is past;
Begin these woodbirds but to couple now?”
—William Shakespeare (1564–1616)