The economy of Réunion has traditionally been based on agriculture. Sugarcane has been the primary crop for more than a century, and in some years it accounts for 85% of exports. The government has been[when?] pushing the development of a tourist industry to relieve high unemployment, which amounts[when?] to more than 40% of the labour force.
The gap in Réunion between the well-off and the poor is large and accounts for persistent social tensions.[1] The outbreak of severe rioting in February 1991 illustrated the seriousness of socio-economic tensions.[2]
In 2007 the GDP per capita of Réunion at nominal exchange rates, not at PPP, was €17,146 (US$23,501).[3] However, while this is exceptionally high compared with its neighbours in Madagascar and the African continent, it is only 57% of the 30,140 euros per capita GDP of metropolitan France in 2007.Reunion Island is one of the French departments with the highest poverty rate with 42% of the population living below the poverty line. [4] The total GDP of the island was US$18.8 billion in 2007.[3]
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Reunion 2016 Keynote: The Current Economic Crisis — Where Next?
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Other export products
- Essential oil (mainly vetyver and rose scent geranium)
- Bourbon vanilla
- Fish & seafood, mainly tuna, swordfish and Patagonian toothfish
Statistics
- Currency: 1 euro (sign: €; code: EUR) = 100 Cent
- Exchange rates: See: Euro exchange rate
- Fiscal year: calendar year
See also
- Economy of France in: French Guiana, French Polynesia, Guadeloupe, Martinique, Mayotte, New Caledonia, Réunion, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Wallis and Futuna
- Taxation in France
- Economic history of France
- Poverty in France
References
- ^ "Reunion profile". BBC News. July 11, 2011. Retrieved April 16, 2024.
- ^ "Three nights of riots in Reunion Island: Why "the Cauldron" is boiling over". The Observers - France 24. February 24, 2012. Retrieved April 16, 2024.
- ^ a b INSEE Réunion. "8.1 - ÉCONOMIE GÉNÉRALES" (PDF) (in French). Archived from the original (PDF) on Dec 17, 2008. Retrieved 2008-12-10.
- ^ Institut National de la Statistique et des Études Économiques. "Produits Intérieurs Bruts Régionaux en euros par habitant" (XLS) (in French). Retrieved 2008-12-10.
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This page was last edited on 16 April 2024, at 14:02