| 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 airport 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. Half of the island remains uninhabitable. In January 2013, the EU announced the disbursement of a $55.2 million aid package to Montserrat in order to boost the country's economic recovery, with a specific focus on public finance management, public sector reform, and prudent economic management. Montserrat is tied to the EU through the UK. Although the UK is leaving the EU, Montserrat’s aid will not be affected as Montserrat maintains a direct agreement with the EU regarding aid. |
| GDP (purchasing power parity) | $167.4 billion (2011 est.) $155.9 billion (2010 est.) $162.7 billion (2009 est.) |
| GDP (official exchange rate) | $167.4 million (2011 est.) |
| GDP - real growth rate | 7.4% (2011 est.) -4.2% (2010 est.) |
| GDP - per capita (PPP) | $34,000 (2011 est.) $31,100 (2010 est.) $32,300 (2009 est.) |
| GDP - composition, by end use | household consumption: 90.8% (2017 est.) government consumption: 50.4% (2017 est.) investment in fixed capital: 17.9% (2017 est.) investment in inventories: -0.1% (2017 est.) exports of goods and services: 29.5% (2017 est.) imports of goods and services: -88.6% (2017 est.) |
| GDP - composition by sector | agriculture: 1.9% (2017 est.) industry: 7.8% (2017 est.) services: 90.3% (2017 est.) |
| Population below poverty line | NA |
| Labor force | 4,521 (2012) |
| Labor force - by occupation | agriculture: 1.4% industry: 12.7% services: 85.9% (2017 est.) |
| Unemployment rate | 5.6% (2017 est.) 6% (1998 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 66.67 million (2017 est.) expenditures: 47.04 million (2017 est.) |
| Inflation rate (consumer prices) | 1.2% (2017 est.) -0.2% (2016 est.) |
| Credit ratings | Standard & Poors rating: BBB- (2020) |
| Agriculture - products | cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products |
| Industries | tourism, rum, textiles, electronic appliances |
| Industrial production growth rate | -21% (2017 est.) |
| Current Account Balance | -$15.4 million (2017 est.) -$12.2 million (2016 est.) |
| Exports | $4.4 million (2017 est.) $5.2 million (2016 est.) |
| Exports - commodities | sand, iron products, seats, medical instruments, fish (2019) |
| Exports - partners | Antigua and Barbuda 19%, United States 18%, France 17%, Singapore 14%, Belgium 9%, Netherlands 5% (2019) |
| Imports | $39.44 million (2017 est.) $36.1 million (2016 est.) |
| Imports - commodities | refined petroleum, cars, oranges, electric motors, broadcasting equipment (2019) |
| Imports - partners | United States 70%, United Kingdom 6% (2019) |
| Reserves of foreign exchange and gold | $47.58 million (31 December 2017 est.) $51.47 million (31 December 2015 est.) |
| Debt - external | $8.9 million (1997) |
| Exchange rates | East Caribbean dollars (XCD) per US dollar - 2.7 (2017 est.) 2.7 (2016 est.) 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
