Editing Saint Pierre and Miquelon (section)

==Economy==
[[File:Saint-Pierre harbor.jpg|thumb|Fishing boats in Saint-Pierre harbour]]
{{Infobox economy
| country = Saint Pierre and Miquelon
| image = Sainte-Pierre aerial.jpg
| width = 
| currency = [[Euro]], [[Canadian Dollar]]
| year = Calendar year
| gdp = {{increase}}$261.3 million (2015 est. PPP)
| growth = 
| per capita = {{increase}}$46,200 (2006 est.)
| sectors = [[agriculture]]: 2%; [[Industrial sector|industry]]: 15%; [[Service (economics)|services]]: 83% (2006 est.)
| inflation = {{decreasePositive}}1.5% (2015 est.)
| labor = 4,429 (2015 est.)
| occupations = agriculture: 18%; industry: 41%; services: 41% (1996 est.)
| unemployment = {{decreasePositive}}2.9% (2023 est.)
| exports = {{increase}}6.641 million (2010 est.)
| export-goods = fish and fish products, [[soybeans]], animal feed, [[mollusks]] and [[crustaceans]], [[fox]] and mink pelts
| imports = {{increase}}95.35 million (2010 est.)
| import-goods = meat, [[clothing]], [[fuel]], electrical equipment, [[machinery]], building materials
| cianame = saint-pierre-and-miquelon
}}

The economy of the islands, due to their location, has been dependent on fishing and servicing fishing fleets operating off the coast of [[Newfoundland (island)|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.<ref>{{cite book |title=France's Overseas Frontier: Départements Et Territoires D'outre-mer |author=Robert Aldrich, John Connell |pages=59 |year=1992 |publisher=Cambridge University Press |isbn=0-521-39061-3 }}</ref> In 1992 an arbitration panel awarded the islands an [[exclusive economic zone]] of {{convert|12348|km2|sqmi}} 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 for development of the energy sector.

===Agriculture===
The climate and the small amount of available land militate against activities such as farming and livestock raising (weather conditions are severe, confining the [[growing season]] to a few weeks, and the soil contains significant [[peat]] and [[clay]] and is largely infertile).<ref name="om-eco">[http://www.outre-mer.gouv.fr/?economie-saint-pierre-et-miquelon.html Economie – L'Outre-Mer] {{webarchive |url=https://web.archive.org/web/20120522153035/http://www.outre-mer.gouv.fr/?economie-saint-pierre-et-miquelon.html |date=22 May 2012 }}</ref> Since 1992 the economy has been in steep decline, following the depletion of fish stocks due to [[overfishing]], the limitation of fishing areas and the ban imposed on all cod fishing by the Canadian Government.<ref name="bbc-cod">{{cite news |last=Law |first=Bill |url=http://news.bbc.co.uk/2/hi/programmes/crossing_continents/4781886.stm |title=French islands bid for oil-rich sea |publisher=BBC News |date=8 March 2006 |access-date=8 February 2013 |archive-url=https://web.archive.org/web/20121203143935/http://news.bbc.co.uk/2/hi/programmes/crossing_continents/4781886.stm |archive-date=3 December 2012 |url-status=live }}</ref>

===Unemployment===
The labour market is characterized by high [[seasonality]], due to climatic hazards. Traditionally, the inhabitants suspended all outdoor activities (construction, agriculture, etc.)
between December and April.<ref name="ann-2010-3">{{cite web |url=http://www.iedom.fr/IMG/pdf/ra2010_st-pierre-et-miquelon.pdf |title=Rapport annuel 2010 IEDOM Saint-Pierre-et-Miquelon |page=29 |access-date=8 February 2013 |archive-url=https://web.archive.org/web/20120127043404/http://www.iedom.fr/IMG/pdf/ra2010_st-pierre-et-miquelon.pdf |archive-date=27 January 2012 |url-status=live }}</ref> In 1999, the unemployment rate was 12.8%, and a third of the employed worked in the public sector. The employment situation was worsened by the complete cessation of deep-sea fishing, the traditional occupation of the islanders, as the unemployment rate in 1990 was lower at 9.5%.<ref name="1999-insee-731"/> The unemployment for 2010 shows a decrease from 2009, from 7.7% to 7.1%.<ref name="ann-2010-3"/> Exports are very low (5.1% of GDP) while imports are significant (49.1% of GDP).<ref name="pib-v-32">{{cite web |url=http://www.iedom.fr/IMG/pdf/cerom4_spm.pdf |title=Evaluation du PIB 2004 de Saint-Pierre-et-Miquelon – janvier 2007 |page=32 |access-date=8 February 2013 |url-status=dead |archive-url=https://www.webcitation.org/6EIX6F6dk?url=http://www.iedom.fr/IMG/pdf/cerom4_spm.pdf |archive-date=9 February 2013 }}</ref> In 2023, the unemployment rate in Saint-Pierre-et-Miquelon was 2.9%.<ref>{{Cite web |last=IEDOM |date=2024-02-12 |title=La lettre de l'IEDOM - Saint-Pierre-et-Miquelon - Janvier 2024 |url=https://www.iedom.fr/La-lettre-de-l-IEDOM-Saint-Pierre-et-Miquelon-Janvier-2024 |access-date=2025-04-13 |website=IEDOM}}</ref> About 70% of the islands' supplies are imported from Canada or from other parts of France via [[Nova Scotia]].<ref name="brit-1"/>

===Diversification===
The rise in unemployment has been countered by state financial aid for the retraining of businesses and individuals. The construction of the airport in 1999 helped sustain activity in the construction industry and public works.<ref name="rece-2006"/> Fish farming, crab fishing and agriculture are being developed to diversify the local economy.<ref name="cia"/> The future of Saint Pierre and Miquelon rests on tourism, fisheries and [[aquaculture]].{{citation needed|date=October 2017}} Explorations are under way to exploit deposits of oil and gas.<ref name="rece-2006"/> Tourism benefits from the proximity to similar tourist areas of Canada. Distribution, public service, care, minor wholesale, retail and crafts are notable in the [[business sector]].<ref name="om-eco"/>

===Tourism===
Tourism is increasingly important and the territory capitalises on its image as "''France in North America''".<ref>{{cite web |title=St Pierre and Miquelon profile |url=https://www.bbc.com/news/world-us-canada-17142538 |website=BBC News |access-date=25 July 2024 |date=23 February 2012 |archive-date=7 July 2024 |archive-url=https://web.archive.org/web/20240707130624/https://www.bbc.com/news/world-us-canada-17142538 |url-status=live }}</ref>

There are, as of mid-2024, six hotels on Saint-Pierre<ref>{{cite web |title=Hotels |url=https://en.spm-tourisme.fr/stay/sleep/hotels-en/ |website=Tourism Saint-Pierre and Miquelon |access-date=25 July 2024 |archive-date=25 July 2024 |archive-url=https://web.archive.org/web/20240725151635/https://en.spm-tourisme.fr/stay/sleep/hotels-en/ |url-status=live }}</ref> as well as B&Bs and [[Airbnb]] rentals on both main islands.

There are, as of mid-2024, 13 restaurants and bistros on Saint-Pierre and one on [[Île aux Marins]], and the islands' tourism bureau promotes their authentic French cuisine as well as other cuisines.<ref>{{cite web |title=Restaurants |url=https://en.spm-tourisme.fr/stay/savour-en/restaurants-en/ |website=Tourism Saint-Pierre and Miquelon |access-date=25 July 2024 |archive-date=25 July 2024 |archive-url=https://web.archive.org/web/20240725151634/https://en.spm-tourisme.fr/stay/savour-en/restaurants-en/ |url-status=live }}</ref>

===Currency===
{{See also|Saint Pierre and Miquelon franc}}
<gallery mode=packed heights=150 style="text-align:left;">
Saint Pierre and Miquelon 20 Francs banknote.jpg|20-CFA-franc banknote
SPM001.JPG|A 1948 Aluminum Franc coin
Stamp-St Pierre 1891 25Fr overprint.jpg|1891 [[Postage stamps and postal history of Saint Pierre and Miquelon|postage stamp]]
</gallery>
[[File:Partial price list Saint Pierre to Île aux Marins ferry.jpg|thumb|Price list for a ferry, July 2024. A 3-euro ticket may be paid with 5 CAD, 11–13% higher than at the [[interbank foreign exchange market|interbank]] rate during that month, where 1 euro equaled between 1.47 and 1.50 CAD.]]
The [[euro]] is the official currency in Saint Pierre and Miquelon.<ref>{{cite web |url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1999:030:0029:0030:EN:PDF |title=Council decision of 31 December 1998 concerning the monetary arrangements in the French territorial communities of Saint-Pierre-et-Miquelon and Mayotte |date=31 December 1998 |access-date=30 May 2010 |archive-url=https://web.archive.org/web/20090728054017/http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1999:030:0029:0030:EN:PDF |archive-date=28 July 2009 |url-status=live }}</ref>

Before 1890, Mexican [[dubloon]]s and [[Canadian dollar]]s both circulated on the islands. Starting in 1889, these were supplemented with local franc banknotes from the [[Banque des Îles Saint-Pierre-et-Miquelon]] until the end of World War One.<ref name=la1ere/>

In 1945 the island started using the [[CFA franc]], which otherwise was used by the French colonies in Africa. CFA banknotes issued by the [[Caisse Centrale de la France d'Outre-Mer]] stamped with the text "Saint Pierre et Miquelon".<ref name=la1ere/>

In 1973, these were replaced with the ("regular") new French franc, which had been in use in Metropolitan France since 1960, equal to 100 pre-1960 French francs.<ref name=la1ere>{{cite web |title=L'histoire des billets à Saint-Pierre et Miquelon |url=https://la1ere.francetvinfo.fr/saintpierremiquelon/histoire-billets-saint-pierre-miquelon-665741.html |website=Saint-Pierre et Miquelon la 1ère |access-date=25 July 2024 |language=fr-FR |date=30 December 2018 |archive-date=25 July 2024 |archive-url=https://web.archive.org/web/20240725163338/https://la1ere.francetvinfo.fr/saintpierremiquelon/histoire-billets-saint-pierre-miquelon-665741.html |url-status=live }}</ref> <!-- (no source for this) During the [[Second World War]], a full set of banknotes was introduced for the islands. Coins were issued for the islands in 1948. Local banknotes were used until 1965, when the islands began using French currency along with Canadian currency.--> The [[Institut d'Émission des Départements d'Outre-Mer]] (IEDOM), the French public institution responsible for issuing currency in the overseas territories that used the French franc and later the euro on behalf of the [[Bank of France]], has had an agency in Saint Pierre since 1978.<ref name="iedom-sp">{{cite web |url=http://www.iedom.fr/saint-pierre-et-miquelon/ |title=Saint-Pierre-et-Miquelon |publisher=IEDOM |access-date=8 February 2013 |archive-url=https://web.archive.org/web/20130129125850/http://www.iedom.fr/saint-pierre-et-miquelon/ |archive-date=29 January 2013 |url-status=live }}</ref><ref name=la1ere/>

Most businesses accept [[Canadian dollar]]s (CAD), at a rate below the interbank exchange rate; prices in euros and change would be given in that currency.<ref>{{cite web |title=Travel tips: Saint-Pierre and Miquelon |url=https://canadiangeographic.ca/articles/travel-tips-saint-pierre-and-miquelon/ |website=Canadian Geographic |access-date=25 July 2024 |archive-date=25 July 2024 |archive-url=https://web.archive.org/web/20240725163338/https://canadiangeographic.ca/articles/travel-tips-saint-pierre-and-miquelon/ |url-status=live }}</ref><ref>{{cite web |title=Top Tips for a Visit to Saint-Pierre and Miquelon |url=https://www.newfoundlandlabrador.com/trip-ideas/travel-stories/top-tips-for-a-visit-to-saint-pierre-and-miquelon#:~:text=While%20the%20official%20currency%20is,out%20a%20few%20simple%20phrases. |website=Newfoundland and Labrador Tourism |access-date=25 July 2024 |archive-date=25 July 2024 |archive-url=https://web.archive.org/web/20240725163339/https://www.newfoundlandlabrador.com/trip-ideas/travel-stories/top-tips-for-a-visit-to-saint-pierre-and-miquelon#:~:text=While%20the%20official%20currency%20is,out%20a%20few%20simple%20phrases. |url-status=live }}</ref>

===Stamps===
{{Main|Postage stamps and postal history of Saint Pierre and Miquelon}}
The islands have issued [[Postage stamps and postal history of St. Pierre and Miquelon|their own stamps]] from 1885 to the present, except for a period between 1 April 1978 and 3 February 1986 when French stamps not specific to Saint Pierre and Miquelon were used.<ref>{{cite web |title=St. Pierre et Miquelon |url=http://www.stanleygibbons.com/mc/search_results.asp?page=results&subcountry=769&pRow=999&xFilter=0&country=573 |url-status=dead |work=Online Catalogue |publisher=[[Stanley Gibbons]] |access-date=1 December 2007 |archive-url=https://web.archive.org/web/20080208193035/http://www.stanleygibbons.com/mc/search_results.asp?page=results&subcountry=769&pRow=999&xFilter=0&country=573 |archive-date=8 February 2008 }}</ref>