Economy of Saint Pierre and Miquelon

Economy of Saint Pierre and Miquelon

Currency	Euro
Fiscal year	Calendar year
Statistics
GDP	$215.3 million (2006 est. PPP)
GDP growth	NA%
GDP per capita	$34,900 (2006 est.)
GDP by sector	agriculture: 2%; industry: 15%; services: 83% (2006 est.)
Inflation (CPI)	4.5% (2010 est.)
Labour force	3.194 (2006 est.)
Labour force by occupation	agriculture: 18%; industry: 41%; services: 41% (1996 est.)
Unemployment	9.9% (2008 est.)
External
Exports	6.641 million (2010 est.)
Export goods	fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
Imports	95.35 million (2010 est.)
Import goods	meat, clothing, fuel, electrical equipment, machinery, building materials
All values, unless otherwise stated, are in US dollars.

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.

References

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.