Officially called the Territorial Collectivity of Saint-Pierre and Miquelon, it is a French overseas territory that has its own government. It is in the northwest Atlantic Ocean, close to the Canadian province of Newfoundland and Labrador. Saint Pierre and Miquelon, an archipelago of eight islands, is the only piece of New France that is still around today. The people who live there are French citizens, and the collectivité chooses its own representative to the National Assembly and takes part in elections for senators and the president. As of the March 2016 census, there were 6,008 people living there on 242 km2 (93 sq mi) of land. People have always lived off of fishing and providing services to the fishing fleets that work off the coast of Newfoundland. The climate and the small amount of land make it hard to do things like farming and raising animals (weather conditions are severe, confining the growing season to a few weeks, and the soil contains significant peat and clay and is mainly infertile). Since 1992, the economy has been in a steep decline. This is because fish stocks have been depleted due to overfishing, fishing areas have been cut down, and the Canadian government has banned all cod fishing.
Economic activities in Saint Pierre and Miquelon
The rise in unemployment has been stopped by giving businesses and people money to help them retrain. In 1999, when the airport was being built, it kept the building industry and public works going. Fish farming, crab fishing, and farming are all being worked on to make the local economy more diverse. Its future depends on fishing, tourism, and aquaculture. Oil and gas deposits are being looked for so they can be used. Tourism is helped by the fact that similar tourist areas in Canada are close by. In the business sector, things like distribution, public service, care, small-scale wholesale, retail, and crafts stand out.
Market demand
Due to weather risks, there is a lot of seasonality in the job market. In the past, people stopped doing any outdoor work (building, farming, etc.) between December and April. In 1999, 12.8% of people were out of work, and a third of those who did have jobs working in the public sector. The islanders’ traditional job, deep-sea fishing, came to an end, making it harder for them to find work. In 1990, the unemployment rate was lower, at 9.5%. In 2010, unemployment dropped from 7.7% to 7.1%. In 2009, unemployment was 7.7%. Exports don’t make up much of the GDP (5.1%), but imports do (49.1%). About 70% of what the islands need comes through Nova Scotia from Canada or other parts of France.
The euro is the only currency that can be used here. People also accept and use the Canadian dollar. Since 1978, the “Institut d’émission des départements d’outre-mer” (IEDOM), a French public institution, has had an office in Saint Pierre. It is in charge of issuing money in the overseas territories that use the euro on behalf of the Bank of France. Between April 1, 1978, and February 3, 1986, the islands used French stamps that had nothing to do with Saint Pierre and Miquelon. Since 1885, the islands have had their own logos.
You may also find these articles helpful
Market entry to Saba
Leading industries in the Netherlands
Leading industries in Poland
