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Saint Pierre and Miquelon (territorial collectivity of France) 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 the number of ships stopping at Saint Pierre has dropped steadily over the years. 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. Imports come primarily from Canada and France.

    GDP: purchasing power parity—$74 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): NA%

    Labor force: 3,000 (1996)

    Labor force—by occupation: NA

    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: 39 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 39 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: vegetables; cattle, sheep, pigs; fish

    Exports: $1.2 million (f.o.b., 1996)

    Exports—commodities: fish and fish products, fox and mink pelts

    Exports—partners: US 58%, France 17%, UK 11%, Canada, Portugal (1990)

    Imports: $60.5 million (c.i.f., 1996)

    Imports—commodities: meat, clothing, fuel, electrical equipment, machinery, building materials

    Imports—partners: Canada, France, US, Netherlands, UK

    Debt—external: $NA

    Economic aid—recipient: $NA

    Currency: 1 French franc (F) = 100 centimes

    Exchange rates: French francs (F) per US$1—5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995), 5.5520 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
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