Montserrat flag

The Economy of Montserrat

Montserratian Economy

Montserrat's map

Economy - overview: Severe volcanic activity, which began in July 1995, has put a damper on this small, open economy. A catastrophic eruption in June 1997 closed the airports and seaports, causing further economic and social dislocation. Two-thirds of the 12,000 inhabitants fled the island. Some began to return in 1998, but lack of housing limited the number. The agriculture sector continued to be affected by the lack of suitable land for farming and the destruction of crops. Prospects for the economy depend largely on developments in relation to the volcanic activity and on public sector construction activity. The UK has launched a three-year $122.8 million aid program to help reconstruct the economy. Half of the island is expected to remain uninhabitable for another decade.

GDP:

GDP - real growth rate: -1% (2002 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.2% industry: 23.1% services: 75.7% (1999 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 4,521 note: lowered by flight of people from volcanic activity (2000 est.)

Labor force - by occupation:

Unemployment rate: 6% (1998 est.)

Budget: revenues: $31.4 million expenditures: $31.6 million (1997 est.)

Industries: tourism, rum, textiles, electronic appliances

Industrial production growth rate: NA%

Electricity - production: 22 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 20.46 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 505.5 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 482.6 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products

Exports: $700,000 (2001)

Exports - commodities: electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle

Exports - partners:

Imports: $17 million (2001)

Imports - commodities: machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials

Imports - partners:

Debt - external: $8.9 million (1997)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) note: fixed rate since 1976

Fiscal year: