Economy of Martinique

Economy - overview: The economy is based on sugarcane, bananas, tourism, and light industry. Agriculture accounts for about 6% of GDP and the small industrial sector for 11%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism has become more important than agricultural exports as a source of foreign exchange. The majority of the work force is employed in the service sector and in administration.

GDP: purchasing power parity - $4.24 billion (1996 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $10,700 (1996 est.)

GDP - composition by sector:
agriculture: 6%
industry: 11%
services: 83% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 3.9% (1990)

Labor force: 170,000 (1997)

Labor force - by occupation: agriculture 10%, industry 17%, services 73% (1997)

Unemployment rate: 24% (1997)

Budget:
revenues: $900 million
expenditures: $2.5 billion, including capital expenditures of $140 million (1996)

Industries: construction, rum, cement, oil refining, sugar, tourism

Industrial production growth rate: NA%

Electricity - production: 1.075 billion kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: pineapples, avocados, bananas, flowers, vegetables, sugarcane

Exports: $250 million (f.o.b., 1997)

Exports - commodities: refined petroleum products, bananas, rum, pineapples

Exports - partners: France 45%, Guadeloupe 28% (1997)

Imports: $2 billion (c.i.f., 1997)

Imports - commodities: petroleum products, crude oil, foodstuffs, construction materials, vehicles, clothing and other consumer goods

Imports - partners: France 62%, Venezuela 6%, Germany 4%, Italy 4%, US 3% (1997)

Debt - external: $180 million (1994)

Economic aid - recipient: $NA; note - substantial annual aid from France

Currency: 1 French franc (F) = 100 centimes

Exchange rates: euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); French francs (F) per US$1 - 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995)

Fiscal year: calendar year

See also : Martinique