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Réunion is an overseas department and region of France located in the Indian Ocean. Its economy is closely integrated with mainland France and the European Union. As of my last knowledge update in September 2021, here are some key figures and information about the economy of Réunion:
Gross Domestic Product (GDP): In 2020, Réunion's GDP was approximately €21.8 billion EUR (euros).
Economic Structure: Réunion's economy is diverse and includes sectors such as agriculture, manufacturing, services, and tourism. The service sector is a significant contributor to the economy.
Agriculture: Agriculture is an important sector in Réunion. The island is known for the cultivation of sugarcane, which is a major agricultural product. Other crops, such as vanilla and tropical fruits, are also grown.
Manufacturing: The manufacturing sector includes the processing of sugarcane into sugar and the production of rum. There is also some light manufacturing on the island.
Services: The services sector, including trade, transportation, finance, and tourism, plays a vital role in Réunion's economy. Tourism, in particular, has been growing, with visitors attracted to the island's natural beauty and cultural heritage.
Tourism: Réunion is a popular tourist destination known for its stunning landscapes, including volcanoes, waterfalls, and hiking trails. Tourism contributes to the local economy through accommodations, restaurants, and various activities.
Infrastructure: Réunion has developed infrastructure, including a road network, airports, and ports, to support economic activities and transportation.
Currency: The currency used in Réunion is the Euro (EUR), as it is an integral part of France and the Eurozone.
Subsidies: Réunion benefits from subsidies and financial support from France and the European Union to promote economic development and stability.
Challenges: Réunion faces challenges such as high unemployment rates, income inequality, and a relatively high cost of living due to its remote location.
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