| Economy | Montserrat |
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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 (purchasing power parity):
|
$29 million (2002 est.) |
GDP - per capita (PPP):
|
$3,400 (2002 est.) |
GDP (official exchange rate):
|
$NA |
GDP - real growth rate:
|
-1% (2002 est.) |
GDP - composition by sector:
|
agriculture: 1.2%
industry: 23.1%
services: 75.7% (1999 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.6% (2002 est.) |
Central bank discount rate:
|
6.5% (31 December 2007) |
Commercial bank prime lending rate:
|
10.4% (31 December 2007) |
Stock of money:
|
$17.9 million (31 December 2007) |
Stock of money - per capita:
|
3,512 USD per capita |
Stock of quasi money:
|
$43.9 million (31 December 2007) |
Stock of quasi money - per capita:
|
8,613 USD per capita |
Stock of domestic credit:
|
$5.537 million (31 December 2007) |
Stock of domestic credit - per capita:
|
1,087 USD per capita |
Labor force:
|
4,521
note: lowered by flight of people from volcanic activity (2000 est.) |
Labor force participation rate:
|
88.70 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
6% (1998 est.) |
Budget:
|
revenues: $31.4 million
expenditures: $31.6 million (1997 est.) |
Budget revenues per capita:
|
6,161 USD per capita |
Public debt:
|
void |
Industries:
|
tourism, rum, textiles, electronic appliances |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
22 million kWh (2006 est.) |
Electricity - production per capita:
|
4,317 kWh per capita |
Electricity - consumption:
|
20.46 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
4,015 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
505.5 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
36.20 bbl/year per capita |
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 - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
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 |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
|
$700,000 (2001) |
Exports per capita:
|
138 USD per capita |
Exports - commodities:
|
electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle |
Exports - partners:
|
void |
Imports:
|
$17 million (2001) |
Imports per capita:
|
3,336 USD per capita |
Imports - commodities:
|
machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$8.9 million (1997) |
Debt - external - per capita:
|
1,747 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
Country Policy Plan (2001) is a three-year program for spending $122.8 million in British budgetary assistance (2002 est.) |
Economic aid - recipient per capita:
|
24,093 USD per capita |
Currency (code):
|
East Caribbean dollar (XCD) |
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:
|
1 April - 31 March |
|
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