Saint Pierre and Miquelon Economy
Is Saint Pierre and Miquelon a wealthy 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?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $261,300,000 (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 |
| Exchange Rate per US Dollar | euro (EUR) |