these three
heraldic arms represent settlement by colonists from the Basque
Country (top), Brittany, and Normandy; the flag of France is used
for official occasions

Economy
Saint Pierre and Miquelon

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. France heavily
subsidizes the islands to the great betterment of living standards.
The government hopes an expansion of tourism will boost economic
prospects. Fish farming, crab fishing, and agriculture are being
developed to diversify the local economy. Recent test drilling for
oil may pave the way for development of the energy sector.

GDP (purchasing power parity):

$48.3 million
note: supplemented by annual payments from France of about $60
million (2003 est.)

GDP (official exchange rate):

$NA

GDP - real growth rate:

NA%

GDP - per capita (PPP):

$7,000 (2001 est.)

GDP - composition by sector:

agriculture: NA%
industry: NA%
services: NA%

Labor force:

3,450 (2005)

Labor force - by occupation:

agriculture: 18%
industry: 41%
services: 41% (1996 est.)

Unemployment rate:

10.3% (1999)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget:

revenues: $70 million
expenditures: $60 million (1996 est.)

Fiscal year:

calendar year

Inflation rate (consumer prices):

8.1% (2005)

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:

53 million kWh (2006 est.)

Electricity - consumption:

49.29 million kWh (2006 est.)

Electricity - exports:

0 kWh (2007 est.)

Electricity - imports:

0 kWh (2007 est.)

Electricity - production by source:

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Oil - production:

0 bbl/day