12 Aug 2008

French Polynesia in recession

11:16 am on 12 August 2008

Figures released in Papeete show that French Polynesia's economy is in recession.

The statistics office says there has been a sharp downturn, with job offers down by 34 percent over the same period last year.

Unemployment is officially at 11.7 percent, with 27 percent of all 20-year-olds being out of work.

The office says the number of building permits is down 17 percent while tourism as a key industry has been hit by the effects of higher oil prices and the decline in the value of the US dollar.

It says the fishing industry and the black pearl industry are at a three-year low.