The economy of Réunion has traditionally been based on
agriculture
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people t ...
.
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
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the refere ...
, which amounts to more than 40% of the labour force.
The gap in
Réunion between the well-off and the poor is large and accounts for the persistent social tensions. The outbreak of severe rioting in February 1991 illustrated the seriousness of socio-economic tensions. However, this gap has been closing in the last 15 years.
In 2007 the
GDP per capita of Réunion at nominal exchange rates, not at
PPP, was €17,146 (US$23,501).
However, while this is exceptionally high compared with its neighbours in
Madagascar
Madagascar (; mg, Madagasikara, ), officially the Republic of Madagascar ( mg, Repoblikan'i Madagasikara, links=no, ; french: République de Madagascar), is an island country in the Indian Ocean, approximately off the coast of East Africa ...
and the African continent, it is only 57% of the 30,140 euros per capita GDP of
metropolitan France
Metropolitan France (french: France métropolitaine or ''la Métropole''), also known as European France (french: Territoire européen de la France) is the area of France which is geographically in Europe. This collective name for the European ...
in 2007.
The total GDP of the island was US$18.8 billion in 2007.
Other export products
*
Essential oil (mainly
vetyver and
rose scent geranium)
*
Bourbon vanilla
* Fish & seafood, mainly
tuna
A tuna is a saltwater fish that belongs to the tribe Thunnini, a subgrouping of the Scombridae ( mackerel) family. The Thunnini comprise 15 species across five genera, the sizes of which vary greatly, ranging from the bullet tuna (max len ...
,
swordfish and
Patagonian toothfish
The Patagonian toothfish (''Dissostichus eleginoides'') is a species of notothen found in cold waters () between depths of in the southern Atlantic, Pacific, and Indian Oceans and Southern Ocean on seamounts and continental shelves around most ...
Statistics
*Currency: 1
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
(
sign:
€
The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists ...
;
code: EUR) = 100 Cent
*Exchange rates: ''See:''
Euro exchange rate
*Fiscal year: calendar year
See also
* Economy of France in:
French Guiana
French Guiana ( or ; french: link=no, Guyane ; gcr, label=French Guianese Creole, Lagwiyann ) is an overseas department/region and single territorial collectivity of France on the northern Atlantic coast of South America in the Guianas. ...
,
French Polynesia,
Guadeloupe,
Martinique
Martinique ( , ; gcf, label=Martinican Creole, Matinik or ; Kalinago: or ) is an island and an overseas department/region and single territorial collectivity of France. An integral part of the French Republic, Martinique is located in ...
,
Mayotte
Mayotte (; french: Mayotte, ; Shimaore: ''Maore'', ; Kibushi: ''Maori'', ), officially the Department of Mayotte (french: Département de Mayotte), is an overseas department and region and single territorial collectivity of France. It is loca ...
,
New Caledonia, Réunion,
Saint Barthélemy
Saint Barthélemy (french: Saint-Barthélemy, ), officially the Collectivité territoriale de Saint-Barthélemy, is an overseas collectivity of France in the Caribbean. It is often abbreviated to St. Barth in French, and St. Barts in English ...
,
Saint Martin,
Saint Pierre and Miquelon
Saint Pierre and Miquelon (), officially the Territorial Collectivity of Saint-Pierre and Miquelon (french: link=no, Collectivité territoriale de Saint-Pierre et Miquelon ), is a self-governing territorial overseas collectivity of France in t ...
,
Wallis and Futuna
Wallis and Futuna, officially the Territory of the Wallis and Futuna Islands (; french: Wallis-et-Futuna or ', Fakauvea and Fakafutuna: '), is a French island collectivity in the South Pacific, situated between Tuvalu to the northwest, Fiji ...
*
Taxation in France
*
Economic history of France
Economic history of France since its late-18th century Revolution was tied to three major events and trends: the Napoleonic Era, the competition with Britain and its other neighbors in regards to 'industrialization', and the 'total wars' of the l ...
*
Poverty in France
Poverty in France has fallen by 60% over thirty years. Although it affected 15% of the population in 1970, in 2001 only 6.1% (or 3.7 million people) were below the poverty line (which, according to INSEE's criteria, is half of the median ...
Notes
{{Réunion-stub