Saint Pierre and Miquelon

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Introduction - Saint Pierre and Miquelon:
Location - Saint Pierre and Miquelon:
People - Saint Pierre and Miquelon:
Government - Saint Pierre and Miquelon:
Economy - Saint Pierre and Miquelon:

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. France heavily subsidizes the islands to the great betterment of living standards. 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.

Gdp purchasing power parity

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

Gdp official exchange rate

NA

Gdp real growth rate

NA%

Gdp per capita ppp

$7,000 (2001 est.)

Gdp composition by sector

agriculture: NA%
industry: NA%
services: NA%

Labor force

3,450 (2005)

Labor force by occupation

agriculture: 18%
industry: 41%
services: 41% (1996 est.)

Unemployment rate

10.3% (1999)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

8.1% (2005)

Budget

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

Agriculture products

vegetables; poultry, cattle, sheep, pigs; fish

Industries

fish processing and supply base for fishing fleets; tourism

Industrial production growth rate

NA%

Electricity production

50 million kWh (2004)

Electricity consumption

46.5 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004 est.)

Oil consumption

500 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Exports

$5.5 million f.o.b. (2005 est.)

Exports commodities

fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts

Exports partners

Spain 33.6%, Belgium 21.8%, India 18.3%, France 9.4%, US 7.5% (2006)

Imports

$68.2 million f.o.b. (2005 est.)

Imports commodities

meat, clothing, fuel, electrical equipment, machinery, building materials

Imports partners

France 51.3%, Canada 31.8%, Belgium 4.1% (2006)

Debt external

$NA

Economic aid recipient

approximately $60 million in annual grants from France

Currency code

euro (EUR)

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Saint Pierre and Miquelon:
Transportation - Saint Pierre and Miquelon:
Military - Saint Pierre and Miquelon:
This page was last updated on 16 September, 2007
Source: CIA >>>


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Saint Pierre and Miquelon



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Saint Pierre and Miquelon



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Saint Pierre and Miquelon




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