Martinique

is an insular region of France located in the Lesser Antilles in the eastern Caribbean Sea, with a
land area of 1,128 square kilometres and a population of 385,551 inhabitants as of January
2013.[2] Like Guadeloupe, it is an overseas region of France, consisting of a single overseas
department. One of the Windward Islands, it is directly north of Saint Lucia, southeast of Greater
Antilles, northwest of Barbados, and south of Dominica.

As with the other overseas departments, Martinique is one of the eighteen regions of France and
an integral part of the République française As part of France, Martinique is part of the European
Union, and its currency is the euro. The official language is French, and virtually the entire
population also speaks Antillean Creole.

Economy

In 2003, Martinique had a total GDP of 5.496 billion euros. In 2000 its per capita GDP was 14,283
euros. In that year services constituted 82.2% of GDP, while industry represented 8.6% and
agriculture 3.5%. In 2002, the island exported 26 million euros-worth of goods, primarily fruit,
beverages and refined petroleum products. It imported 486 million euros-worth of goods,
including vehicles, furniture, medicine and raw petroleum (used in the island's refinery).

Historically, Martinique's economy relied on agriculture, but by the beginning of the 21st century
this sector had dwindled considerably. Sugar production has declined, with most of the sugarcane
now used for the production of rum. Banana exports are increasing, going mostly to mainland
France. The bulk of meat, vegetable and grain requirements must be imported. This contributes to
a chronic trade deficit that requires large annual transfers of aid from mainland France.

All goods entering Martinique are charged a variable "sea toll" which may reach 30% of the value
of the cargo and provides 40% of the island's total revenue. Additionally the government charges
an "annual due" of 1–2.5% and a value added tax of 2.2–8.5%.

Tourism

Tourism has become more important than agricultural exports as a source of foreign exchange. In
2000, the island hosted 500,000 tourists, and the tourism industry employed 7% of the total
workforce. Roughly 16% of the total businesses on the island (some 6,000 companies) provide
tourist-related services.

Other point Economy

Martinique has a typically Caribbean economy, depending heavily on a few agricultural products
and tourism and relying on outside sources, principally France, for aid. A large trade deficit and a
high rate of unemployment are major impediments to economic progress. Nevertheless, the island
enjoys one of the higher standards of living in the Caribbean, partly due to a wage scale linked to
that of metropolitan France.