The economy of Saint Pierre and Miquelon, due to the islands' location, has been dependent on fishing and servicing fishing fleets operating off the coast of Newfoundland. The economy has been declining, however, due to disputes with Canada over fishing quotas and a decline in the number of ships stopping at the islands. In 1992 an arbitration panel awarded the islands an exclusive economic zone of 12,348 square kilometres (4,768 sq mi) to settle a longstanding territorial dispute with Canada, although it represents only 25 percent of what France had sought. The islands are heavily subsidized by France, which benefits the standard of living. The government hopes an expansion of tourism will boost economic prospects, and test drilling for oil may pave the way development of the energy sector.
|Economy of Saint Pierre and Miquelon|
|Currency||Euro, Canadian Dollar|
|GDP||$261.3 million (2015 est. PPP)|
GDP per capita
|$46,200 (2006 est.)|
GDP by sector
|agriculture: 2%; industry: 15%; services: 83% (2006 est.)|
|1.5% (2015 est.)|
|4,429 (2015 est.)|
Labour force by occupation
|agriculture: 18%; industry: 41%; services: 41% (1996 est.)|
|Unemployment||8.7% (2015 est.)|
|Exports||6.641 million (2010 est.)|
|fish and fish products, soybeans, animal feed, mollusks and crustaceans, fox and mink pelts|
|Imports||95.35 million (2010 est.)|
|meat, clothing, fuel, electrical equipment, machinery, building materials|
The History of Saint Pierre and Miquelon is one of early settlement by Europeans taking advantage of the rich fishing grounds near Saint-Pierre and Miquelon, and is characterized by periods of conflict between the French and British.
There is evidence of prehistoric native inhabitants on the islands, but there is no record of native inhabitants at the time of European exploration. Europeans began to regularly visit from the early 16th century and their settlements are some of the oldest in the Americas. At first the Basque fishermen only visited the islands seasonally during the fishing season, by the mid-17th century there were permanent French residents on the islands.
From the end of the 17th century, British attacks led to the French settlers abandoning the islands, and the British took possession from 1713 to 1763. The French then reclaimed them and settlers returned to live peacefully for 15 years. French support of the American Revolution led to a British attack and the deportation of the French settlers. Possession of Saint Pierre and Miquelon passed back and forth between France and Great Britain for the next 38 years, as the islands suffered attacks by both countries, voluntary or forced removal of the island's residents, and upheaval associated with the French Revolution.
France finally reclaimed the islands after Napoleon's second abdication in 1815, and there followed 70 years of prosperity for the French fishing industry and residents. However, political and economic changes led to a slow decline of the fishing industry after the late 19th century. There was a short 13-year economic boom on the island associated with the period of Prohibition in the United States, when Saint Pierre and Miquelon were prominent bases for alcohol smuggling. This boom ended with the end of prohibition in 1933, and the economy sank into depression.
The islands were an overseas territory of the Nazi-controlled regime of Vichy France after the fall of France in World War II, and were liberated a year and a half later by Free French forces in 1941. After the war, the fishing industry continued to languish, and now fish stocks have fallen so low that fishing is severely restricted. Saint Pierre and Miquelon are now trying to diversify their economy into tourism and other areas.Index of Saint Pierre and Miquelon-related articles
The following is an alphabetical list of topics related to the French territorial collectivity of Saint Pierre and Miquelon.Outline of Saint Pierre and Miquelon
The following outline is provided as an overview of and topical guide to Saint Pierre and Miquelon:
The Territorial Collectivity of Saint Pierre and Miquelon (French: Collectivité territoriale de Saint-Pierre-et-Miquelon) is an overseas collectivity of France located in the North Atlantic Ocean about 30 kilometres (19 mi) south of the Canadian Island of Newfoundland. The collectivity comprises a group of small islands, the main ones being Saint Pierre and Miquelon.
The islands are part of France and the European Union but due to special immigration procedures, EU nationals who are not French citizens are not allowed to exercise free movement and business establishment in the archipelago.The archipelago is the only remnant of the former colonial territory of New France that remains under French control.Saint Pierre and Miquelon franc
The Saint Pierre and Miquelon franc was the currency of Saint Pierre and Miquelon during a short time.