Flag description: a yellow sailing ship facing the hoist side rides on a dark blue background with a black wave line under the ship; on the hoist side, a vertical band is divided into three parts: the top part is red with a green diagonal cross extending to the corners overlaid by a white cross dividing the square into four sections; the middle part has a white 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
Saint Pierre and Miquelon Economy
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.
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%