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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.
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$48.3 million (2003 est.)
country comparison to the world: 222
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$NA
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NA%
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$7,000 (2001 est.)
country comparison to the world: 126
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agriculture: NA%
industry:
NA%
services:
NA%
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3,450 (2005)
country comparison to the world: 220
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agriculture: 18%
industry:
41%
services:
41% (1996 est.)
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10.3% (1999)
country comparison to the world: 118
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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revenues: $70 million
expenditures:
$60 million (1996 est.)
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8.1% (2005)
country comparison to the world: 183
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vegetables; poultry, cattle, sheep, pigs; fish
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fish processing and supply base for fishing fleets; tourism
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NA%
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53 million kWh (2007 est.)
country comparison to the world: 197
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49.29 million kWh (2007 est.)
country comparison to the world: 198
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2009 est.)
country comparison to the world: 136
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1,000 bbl/day (2009 est.)
country comparison to the world: 196
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0 bbl/day (2007 est.)
country comparison to the world: 178
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564 bbl/day (2007 est.)
country comparison to the world: 196
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0 bbl (1 January 2009 est.)
country comparison to the world: 129
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0 cu m (2008 est.)
country comparison to the world: 136
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0 cu m (2008 est.)
country comparison to the world: 156
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0 cu m (2008 est.)
country comparison to the world: 134
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0 cu m (2008 est.)
country comparison to the world: 139
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0 cu m (1 January 2009 est.)
country comparison to the world: 139
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$5.5 million (2005 est.)
country comparison to the world: 215
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fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts
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$68.2 million (2005 est.)
country comparison to the world: 213
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meat, clothing, fuel, electrical equipment, machinery, building materials
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$NA
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euros (EUR) per US dollar - 0.7338 (2009), 0.6734 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)
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