Martinique economy: Part and parcel of France.

The Caribbean Island of Martinique is one of the most beautiful and romantic of the Caribbean Islands and is part and parcel of France, the Mainland, that takes care of the Island in more ways than one.

Martinique enjoys several benefits vis a vis France, like free access to its markets, and those of the EU. Large infusions of economic aid, in cash and kind, from France have offset the adverse effects of the global economic recession, as well as the chronic problem of trade deficits.

Being a small entity with limited resources, Martinique has to import most of its requirements resulting in huge trade deficits. That is where the advantage of being part of the French Republic comes in handy.

Services constitute almost 80% of the GDP, while providing employment to 75% of the workforce. Industry contributes 11% of the GDP, while employing 17% of the workforce, and agriculture contributes about 6% of the GDP, employing 10% of the labor force.

Bananas are the most important agricultural produce. Other produce includes pineapples, avocados, vegetables, and sugarcane. Sugarcane production and sugar manufacture have declined in importance in recent years. Industries include rum manufacture, oil refining, sugar, tourism, and construction. Rum manufacture has replace sugar as an important economic activity.

By far tourism is the most important industry of Martinique today, and it offers several delights for the visitor. It is rated as a prime honeymoon destination, and an excellent place for scuba diving with its warm waters ideal for such a sport. Another star attraction are its beautiful and clean beaches.

Martinique exports rum, sugar, fruit mainly bananas and refined petroleum products, and imports crude oil, construction materials, vehicles, apparel and consumer goods. France of course is the major trading partner. Other include Venezuela, Germany, U.S.A., and EU.

Martinique has really nothing much to worry about economically, as it is a small place that France can easily take care of.