Economy of Saint Pierre and Miquelon

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Photo across water on cloudy day, with wind turbines in background near small town
10 wind turbines providing power to town of Miquelon (May 15, 2008)

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.

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

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)

Imports: $106 million FOB (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

References[edit]

  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. 
  2. ^ According to the World Wind Power Database in 2008, 10 Vergnet GEV 15/60 turbines provide a total nameplate capacity of 600 kW and an estimated annual output of 1 GWh.