Saint Pierre and Miquelon Economy

Is Saint Pierre and Miquelon a rich country?

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. The services sector accounted for 86% of GDP in 2010, the last year data is available for. Government employment accounts for than 46% of the GDP, and 78% of the population is working age.

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. Trade is the second largest sector in terms of value added created, where it contributes significantly to economic activity. The extractive industries and energy sector is the third largest sector of activity in the archipelago, attributable in part to the construction of a new thermal power plant in 2015.

Saint Pierre and Miquelon Economy Data

What is the GDP of Saint Pierre and Miquelon?

GDP - Gross Domestic Product (PPP) $215,300,000 (USD)
GDP - note supplemented by annual payments from France of about $60 million
GDP - official exchange rate $215,300,000 (USD)
GDP - real growth rate note NA
GDP Per Capita $34,900.00 (USD)
GDP by Sector- agriculture 2%
GDP by Sector- Industry 15%
GDP by Sector- services 83%
Inflation Rate 8.1%
Labor Force 3,450
Labor Force By Occupation- agriculture 18%
Labor Force By Occupation- industry 41%
Labor Force By Occupation- services 41%
Unemployment Rate 10.3%
Fiscal Year calendar year
Annual Budget $70,000,000 (USD)
Budget Surplus or Deficit - percent of GDP 4.6%
Taxes and other revenues - percent of GDP 32.5%
Major Industries fish processing and supply base for fishing fleets; tourism
Agriculture Products vegetables; poultry, cattle, sheep, pigs; fish
Currency Code euro (EUR)

Labor Force by Occupation- As reported by Saint Pierre and Miquelon

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