ite background with an ermine pattern; the third part has a red
background with two stylized yellow lions outlined in black, one on top
of the other; the flag of France is used for official occasions

Economy Saint Pierre and Miquelon

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. The islands are heavily subsidized
by France to the great betterment of living standards. The government
hopes an expansion of tourism will boost economic prospects. Recent test
drilling for oil may pave the way for development of the energy sector.

GDP: purchasing power parity - $74 million (1996 est.); supplemented
by annual payments from France of about $60 million

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $11,000 (1996 est.)

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2.1% (1991-96 average)

Labor force: 3,000 (1997)

Labor force - by occupation: fishing 18%, industry (mainly
fish-processing) 41%, services 41% (1996 est.)

Unemployment rate: 9.8% (1997)

Budget: revenues: $70 million expenditures: $60 million, including
capital expenditures of $24 million (1996 est.)

Industries: fish processing and supply base for fishing fleets; tourism

Industrial production growth rate: NA%

Electricity - production: 41 million kWh (2000)

Electricity - production by source: fossil fuel: 100% hydro: 0% other: 0%
(2000) nuclear: 0%

Electricity - consumption: 38.13 million kWh (2000)

Electricity - exports: 0 kWh (2000)

Electricity - imports: 0 kWh (2000)

Agriculture - products: vegetables; poultry, cattle, sheep, pigs; fish

Exports: $12 million (f.o.b., 1999)

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

Exports - partners: US 43%