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Saint Pierre and Miquelon Economy |
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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 - supplemented by annual payments from france of about $60 million (2003 est.)
Inflation rate: 2.1% (1991-96 average)
Labor force
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3.261 (1999)
Industries: fish processing and supply base for fishing fleets; tourism |
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 Saint Pierre and Miquelon More Facts |
Electricity - production:
44.15 million kwh (2003)
Oil - production: 0 bbl/day (2003 est.)
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Saint Pierre and Miquelon More Facts |
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Exports:
$7 million f.o.b. (2004 est.)
Imports
: $70 million f.o.b. (2004 est.)
Currency (code)
: euro (eur)
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