The economy of
Saint Pierre and Miquelon
Saint Pierre and Miquelon (), officially the Territorial Collectivity of Saint-Pierre and Miquelon (french: link=no, Collectivité territoriale de Saint-Pierre et Miquelon ), is a self-governing territorial overseas collectivity of France in t ...
, due to the islands' location, has been dependent on fishing and servicing fishing fleets operating off the coast of
Newfoundland
Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...
. The
economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with th ...
has been declining, however, due to disputes with
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
over-fishing quotas and a decline in the number of
ships
A ship is a large watercraft that travels the world's oceans and other sufficiently deep waterways, carrying cargo or passengers, or in support of specialized missions, such as defense, research, and fishing. Ships are generally distinguished ...
stopping at the islands.
In 1992 an arbitration panel awarded the islands an
exclusive economic zone of to settle a longstanding territorial dispute with Canada, although it represents only 25 percent of what
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
had sought. The islands are heavily subsidized by France, which benefits the standard of living. The government hopes an expansion of
tourism
Tourism is travel for pleasure or business; also the theory and practice of touring (disambiguation), touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tour (disambiguation), tours. Th ...
will boost economic prospects, and test drilling for oil may pave the way development of the energy sector.
See also
*
Economy of France
:*
List of French regions and overseas collectivities by GDP
This article lists French regions and overseas collectivities by gross domestic product (GDP).
Introduction
INSEE and affiliate statistical offices in the overseas collectivities produce estimates of GDP in France's 13 regions and 5 overseas c ...
References
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