Economy of Martinique

The economy of the Martinique is based primarily on agriculture (canes with sugar, banana, pineapple), tourism and small mainly agro-alimentary industry.

History

Until the middle of the 20th century, the Martinique grows rich thanks to the production by cane sugar, but the latter loses of its importance with the production of sugar starting from Betterave. Nowadays, agriculture contributes only to 6% of GDP grace in particular to exports of Banane S and Rhum (produced starting from the cane with sugar), the Ananas being mainly used in the agro-alimentary one. The Tourism, with 11.000 employment, became more important than agriculture, the tertiary sector in general contributes to 83% of the GDP and industry with 11%.

In spite of a strong unemployment rate, the Martinique presents a strong growth, higher than the European average, which lets predict a more glorious future with its inhabitants. In spite of its distance, this small island is the window of the Europe on the American continent and an economic policy of exchange with its neighbors of the the Antilles is the exit to improve its overdrawn economy. Indeed, the inhabitants of Martinique can pride themselves to have all the infrastructures necessary (universities and poles of research, hospitals of point, 2nd port of the the Caribbean, means of communication modern…) For that, it is necessary to integrate all local instances, the such CARICOM (the Community caraïbéenne) in a more concrete way, but of real institutional problems arise because Martinique is only one French department, and not a state like its neighbors. However, Martinique leaves itself there rather well according to a report/ratio OMC (World Trade organization) which classifies it with the 32ème world rank on 180 countries.

Financial position

Its GDP is of 6,117 billion dollars is 14,400 dollars per capita what corresponds to 70% of the European average. Martinique thus remains a poor area of the Europe (calculated starting from Europe of the 15), but richest of the departments overseas. The unemployment rate of this small island of the the Antilles is of 27,2% of the active population (moy. main road of 9,9%; source INSEE, August 2005) is approximately 50,000 people. The trade balance is adverse with 12.8 billion dollars of imports for 2.500 billion dollars export. The island saw mainly assistances of the French state and European Union to make up for its structural lost time due to its insular character.

Characteristics

Its assets

The Martinique presents a demographic strong growth (14,14 naissances/1000 inhabitants), a population young, in good health and educated (rate of elimination of illiteracy: 97,7%). The second richest island of the Lesser Antilles after the Barbados, it has the 5th port and the 3rd airport of France (with regard to the large transport aircrafts and 8th in passenger traffic)

Its disadvantages

Its insular character, the population density (383 hab/km ²) and the topography of the island, limit the extension of agriculture.

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