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

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)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

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

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.)

Oil - production:
0 bbl/day (2007 est.)

Oil - consumption:
560 bbl/day (2006 est.)

Oil - exports:
0 bbl/day (2005)

Oil - imports:
556.8 bbl/day (2005)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

Natural gas - production:
0 cu m (2007 est.)

Natural gas - consumption:
0 cu m (2007 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$5.5 million f.o.b. (2005 est.)

Exports - commodities:
fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts

Imports:
$68.2 million f.o.b. (2005 est.)

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

Debt - external:
$NA

Exchange rates:
euros (EUR) per US dollar - 0.6734 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)