ECONOMY
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 - $48.33 million - supplemented by annual
payments from France of about $60 million (2003 est.)
GDP - real growth rate:
NA
GDP - per capita:
purchasing power parity - $6,900 (2001 est.)
GDP - composition by sector:
agriculture: NA
industry: NA
services: NA
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
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 est.)
Unemployment rate:
9.8% (1997)
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:
42.03 million kWh (2001)
Electricity - consumption:
39.08 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Exports:
$10 million f.o.b. (2002)
Exports - commodities:
fish and fish products, soybeans, animal feed, mollusks and crustaceans,
fox and mink pelts
Exports - partners:
US 42.9%, Ecuador 28.6%, Canada 14.3%, France 14.3% (2003)
Imports:
$106 million f.o.b. (2002)
Imports - commodities:
meat, clothing, fuel, electrical equipment, machinery, building
materials
Imports - partners:
France 51%, Canada 31.4%, Italy 11.8% (2003)
Debt - external:
NA (2003 est.)
Economic aid - recipient:
approximately $60 million in annual grants from France
Currency:
euro (EUR)
Currency code:
EUR
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
