| 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. 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. |
| GDP (purchasing power parity) | $261.3 million (2015 est.) $215.3 million (2006 est.) note: supplemented by annual payments from France of about $60 million |
| GDP (official exchange rate) | $261.3 million (2015 est.) |
| GDP - real growth rate | NA |
| GDP - per capita (PPP) | $46,200 (2006 est.) $34,900 (2005) |
| GDP - composition by sector | agriculture: 2% (2006 est.) industry: 15% (2006 est.) services: 83% (2006 est.) |
| Population below poverty line | NA |
| Labor force | 4,429 (2015) |
| Labor force - by occupation | agriculture: 18% industry: 41% services: 41% (1996 est.) |
| Unemployment rate | 8.7% (2015 est.) 9.9% (2008 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 70 million (1996 est.) expenditures: 60 million (1996 est.) |
| Taxes and other revenues | 26.8% (of GDP) (1996 est.) |
| Budget surplus (+) or deficit (-) | 3.8% (of GDP) (1996 est.) |
| Inflation rate (consumer prices) | 1.5% (2015) 4.5% (2010) |
| Agriculture - products | vegetables; poultry, cattle, sheep, pigs; fish |
| Industries | fish processing and supply base for fishing fleets; tourism |
| Industrial production growth rate | NA |
| Exports | $6.641 million (2010 est.) $5.5 million (2005 est.) |
| Exports - commodities | crustaceans, fish, medical instruments, electrical parts, pasta (2019) |
| Exports - partners | Canada 79%, France 8%, Belgium 6% (2019) |
| Imports | $95.35 million (2010 est.) $68.2 million (2005 est.) |
| Imports - commodities | food preparation, packaged medicines, low-voltage protection equipment, cars, computers, iron structures (2019) |
| Imports - partners | France 69%, Canada 22% (2019) |
| Debt - external | NA |
| Exchange rates | euros (EUR) per US dollar - 0.885 (2017 est.) 0.903 (2016 est.) 0.9214 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
