Complete Financial Report of Saint-Pierre and Miquelon

Basic Information

• Country ISO Code: PM

• Official Language: French

• Language ISO Code: fr

• Current Official Currency: Euro

• Currency ISO Code: EUR

Historical and Current Currency of Saint-Pierre and Miquelon

1. Euro (EUR) – Current Official Currency

• ISO Code: EUR

• Symbols: €

• Singular Name: euro

• Plural Name: euros

• Monetary Subdivision: 1 euro = 100 cents

• Fraction Name (singular): cent

• Fraction Name (plural): cents

• Initial Production Date: 1999 (electronic currency), 2002 (physical coins and banknotes)

• Final Production Date: ongoing

• Initial Circulation Date in Saint-Pierre and Miquelon: 1999 for electronic transactions, 2002 for physical currency

• Final Circulation Date: currently in circulation

• Mint: Monnaie de Paris and other European mints

• Issuing Authority: European Central Bank (ECB) and Banque de France for local management

• Coin Denominations: 1, 2, 5, 10, 20, 50 cents; 1 and 2 euros

• Banknote Denominations: 5, 10, 20, 50, 100, 200, 500 euros

• Designs and Symbols:

  • Coins bear a common European reverse and a French national obverse featuring Marianne and oak leaves.

  • Banknotes depict architectural styles representing various periods of European history.

• Economic Historical Context:

  • Saint-Pierre and Miquelon previously used the French franc and the CFA franc.

  • Adoption of the euro facilitates trade with France and Europe, although the territory is not part of the European Union or Schengen Area.

  • The local economy relies mainly on fishing, tourism, and services, with strong dependence on France.

  • In 2023, average inflation was about 5%, down from 2022, due to lower energy prices and favorable exchange rates with the Canadian dollar.

• Current Status: active and sole legal tender in Saint-Pierre and Miquelon.

• Curiosities:

  • The population was approximately 5,819 in 2022, with a declining trend.

  • The tertiary sector accounts for 86.7% of employment, with a high activity rate (81.6% in 2020) and low unemployment (3.3% in 2022).

  • Median housing prices have risen significantly, especially in Saint-Pierre (+93% between 2010 and 2023).

Summary

Additional Information

• Economy: The local economy is characterized by fishing, tourism, and services, with strong reliance on France.

• Trade: The territory imports most goods, resulting in a significant trade deficit.

• Housing: Demand remains strong despite population decline, with rising prices and rents.

• Climate Adaptation: Relocation projects are underway for villages threatened by climate change.

This report is prepared in French, the official and most widely used language in Saint-Pierre and Miquelon, based on reliable and up-to-date sources.