Economy of Martinique


The economy of Martinique is mostly based in the services sector. Agriculture accounts for about 6% of Martinique's 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.

Gross domestic product

GDP:
real exchange rate - US$9.61 billion
GDP - real growth rate:
2.8%
GDP - per capita:
real exchange rate - US$24,118
GDP - composition by sector:

agriculture:
6%

industry:
11%

services:
83%

Demographics

Population below poverty line:
NA%
Household income or consumption by percentage share:

lowest 10%:
NA%

highest 10%:
NA%
Labor force:
165 900
Labor force - by occupation:
agriculture 7%, industry 20%, services 73%
Unemployment rate:
12,9%
Budget:

revenues:
$900 million

expenditures:
$2.5 billion, including capital expenditures of $140 million

Industries

Industries:
construction, rum, cement, petroleum refining, sugar, tourism
Industrial production growth rate:
NA%

Infrastructure

Electricity - production:
1,205 GWh
Electricity - production by source:

fossil fuel:
100%

hydro:
0%

nuclear:
0%

other:
0%
Electricity - consumption:
1535430MHW
Electricity - exports:
0 kWh
Electricity - imports:
0 kWh

Agriculture

Agricultural products:
pineapples, avocados, bananas, flowers, vegetables, sugarcane
Exports:
US$957 million
Exports - commodities:
refined petroleum products, bananas, rum, pineapples
Exports - partners:
Mainland France 45%, Guadeloupe 28%
Imports:
US$3,098 billion
Imports - commodities:
petroleum products, crude oil, foodstuffs, construction materials, vehicles, clothing and other consumer goods
Imports - partners:
Mainland France 62%, Venezuela 6%, Germany 4%, Italy 4%, US 3%
Debt - external:
$180 million
Economic aid - recipient:
Martinique receives substantial annual aid from the French state.

Economics

Currency
1 euro = 100 cents
Exchange rates:
euros per US$1 – 0.9867, 0.9386 ; French francs per US$1 – 5.65, 5.8995, 5.8367, 5.1155, 4.9915
Fiscal year:
calendar year