Economy of Réunion


Economy of Réunion

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 pushing the development of a tourist industry to relieve high unemployment, which amounts to more than 40% of the labor force.

The gap in Réunion between the well-off and the poor is extraordinary and accounts for the persistent social tensions. The white and Indian communities are substantially better off than other segments of the population, often approaching European standards, whereas minority groups suffer the poverty and unemployment typical of the poorer nations of the African continent. The outbreak of severe rioting in February 1991 illustrated the seriousness of socioeconomic tensions. However, this gap has been closing in the last 15 years.Fact|date=March 2008

In 2006 the GDP per capita of Réunion at real exchange rates, not at Purchasing power parity (PPP), was 16,244 euros (US$20,406).fr_icon cite web|url=http://www.insee.fr/fr/insee_regions/reunion/rfc/docs/ter2007_11_1_resultats_economiques.pdf|title=11.1 - RÉSULTATS ÉCONOMIQUES|author=INSEE Réunion|accessdate=2008-01-13] However, while this is exceptionally high compared with its neighbors in Mauritius, Madagascar and the African continent, it is only 57% of the 28,721 euros per capita GDP of metropolitan France in 2006. [fr_icon cite web|url=http://www.insee.fr/fr/ffc/docs_ffc/PIB_reg.xls|title=Produits Intérieurs Bruts Régionaux en euros par habitant|author=INSEE|accessdate=2008-01-13] The total GDP of the island was US$15.98 billion in 2006.

tatistics

*Currency: 1 Euro (currency sign: ; banking code: EUR) = 100 Cent
*Exchange rates: "See:" Euro exchange rate
*Fiscal year: calendar year

Notes


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