Compliance Metrics for Financial Institutions in Saint Pierre and Miquelon

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Saint Pierre and Miquelon, a French overseas collectivity with a population of approximately 0.006 million people, has released its latest economic indicators for 2022. The data provides valuable insights into the country’s financial landscape, highlighting key trends and metrics that are crucial for compliance purposes.

Economic Indicators

GDP Growth Rate

According to the United Nations Conference on Trade and Development (UNCTAD), Saint Pierre and Miquelon’s GDP growth rate in 2022 was not disclosed. However, its total merchandise trade continued to decline, with a balance of -105 million US dollars.

Merchandise Trade

• Total merchandise trade: continued decline
• Balance: -105 million US dollars (a significant drop from 2015)
• Exports: decreased by 0.779 million US dollars
• Imports: rose to 114 million US dollars

Services Trade

• No data available on exports and imports
• Economic indicators paint a mixed picture, with real GDP growth at an annual rate of (%) and a current account balance of % of GDP.

Foreign Direct Investment (FDI)

• FDI inflows and outflows not disclosed
• Personal remittances as a percentage of GDP remained stable at (…) percent.

Trade Balance Indicators

• Trade balance: -105 million US dollars or % of GDP
• Normalized balance: (-) percent (takes into account the sum of imports and exports as a percentage of GDP)

Trade Openness

• Trade-to-GDP ratio: rose to (…) percent
• Share of information and communication technology (ICT) goods in total exports: remained stable at (…) percent
• Share of ICT goods in total imports: remained stable at (…) percent

Conclusion

While Saint Pierre and Miquelon faces significant challenges in its financial landscape, it remains committed to promoting economic growth and development through international trade and investment.