Economy of Martinique

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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 - $4.39 billion (1997 est.)
GDP - per capita: purchasing power parity - $11,000 (1997 est.)
GDP - composition by sector:
agriculture: 6%
industry: 11%
services: 83% (1997 est.)
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: 27.2% (1998)
Budget:
revenues: $900 million
expenditures: $2.5 billion, including capital expenditures of $140 million (1996)
Industries: construction, rum, cement, oil refining, sugar, tourism
Electricity - production: 1.1 billion kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 1.023 billion kWh (1999)
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: substantial annual aid from France
Currency: euro (EUR)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Martinique > Map Economy