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 - $74 million - supplemented by annual
payments from France of about $60 million (1996 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $11,000 (1996 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.)
Industries:
fish processing and supply base for fishing fleets; tourism
Industrial production growth rate:
NA%
Electricity - production:
42.03 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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)
Agriculture - products:
vegetables; poultry, cattle, sheep, pigs; fish
Exports:
$12 million f.o.b. (1999)
Exports - commodities:
fish and fish products, soybeans, animal feed, mollusks and
crustaceans, fox and mink pelts
Exports - partners:
US 33.3%, Zambia 30.3%, Ecuador 16.2%, France 5.1%, Canada 4%,
Spain 4% (2002)
Imports:
$55 million f.o.b. (1999)
Imports - commodities:
meat, clothing, fuel, electrical equipment, machinery, building
materials
Imports - partners:
Zambia 61.5%, France 21.8%, Canada 13% (2002)
Debt - external:
$NA
Economic aid - recipient:
approximately $60 million in annual grants from France
Currency:
euro (EUR)
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 1.0626 (2001), 1.08540 (2000), 0.93863
(1999)
Fiscal year:
calendar year