Get To Know Martinique

 The Economy in Martinique


Martinique is a little France in the French Caribbean  Islands. Martinique is also an Outermost Region (OMR) of European Union and the currency in use is the Euro. Martinique had a total GDP of 8.4 billion euros in 2014. Its economy heavily depends on tourism, limited agriculture production, and grant aid from mainland France. The economy of Martinique incorporates an active population of 162,000 people. Industry represent slightly over four thousand jobs. 

Historically, Martinique's economy relied on agriculture, notably sugar and bananas, but by the beginning of the 21st century this sector had dwindled considerably. The agriculture accounts for about 6% of Martinique's GDP and the small industrial sector for 11%. Sugarcane is used mostly by the local distilleries for the production of Rum (rum is a liquor made by fermenting then distilling sugarcane molasses or sugarcane juice), perhaps the most famous export of Martinique.

 Banana export are also increasing, going mostly to France. Chlordecone, a pesticide used in the cultivation of bananas before a ban in 1993, has been found to have contaminated farming ground, rivers and fish and affected the health of islanders.

 

Fishing and agriculture has had to stop in affected areas, having a significant effect on the economy. The bulk of meat, vegetables and grain requirements must be imported. This contributes to a chronic trade deficit that requires large annual transfers to aid from mainland France. 

Tourism has also become more important than agriculture exports as a source of foreign exchange. Most visitors come from France, Canada, and the USA. Roughly 16% of the total businesses on the island (some 6,000 companies) provide tourist-related services. Tourism continues to grow at an impressive pace and is projected to become the base of the islands economy in the future.

Fun Fact; The island was called "Jouanacaera" or "Wanakaera" by the Caribs, which means "the island of iguanas".

  


Sources 

https://ggccaribbean.wpengine.com/

https://azmartinique.com/en/discover-martinique/economy

https://us.martinique.org/economy-numbers




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