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Economy of Saint Pierre and Miquelon

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.[1] 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.

Economy of Saint Pierre and Miquelon
Sainte-Pierre aerial.jpg
CurrencyEuro, Canadian Dollar
Calendar year
Statistics
GDPIncrease$261.3 million (2015 est. PPP)
GDP per capita
Increase$46,200 (2006 est.)
GDP by sector
agriculture: 2%; industry: 15%; services: 83% (2006 est.)
Positive decrease1.5% (2015 est.)
Labour force
4,429 (2015 est.)
Labour force by occupation
agriculture: 18%; industry: 41%; services: 41% (1996 est.)
UnemploymentPositive decrease8.7% (2015 est.)
External
ExportsIncrease6.641 million (2010 est.)
Export goods
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
ImportsIncrease95.35 million (2010 est.)
Import goods
meat, clothing, fuel, electrical equipment, machinery, building materials
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

See alsoEdit

ReferencesEdit

  1. ^ Robert Aldrich, John Connell (1992). France's Overseas Frontier: Départements Et Territoires D'outre-mer. Cambridge University Press. p. 59. ISBN 0-521-39061-3.