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Montserrat Economy Profile 2017

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Economy - overviewSevere 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.
GDP (purchasing power parity)$43.78 million (2006 est.)
GDP (official exchange rate)$NA
GDP - real growth rate3.5% (2008 est.)
GDP - per capita (PPP)$8,500 (2006 est.)
GDP - composition, by end usehousehold consumption: 88.7%
government consumption: 50.2%
investment in fixed capital: 20.3%
investment in inventories: -0.1%
exports of goods and services: 19.9%
imports of goods and services: -79% (2016 est.)
GDP - composition by sectoragriculture: 1.6%
industry: 21.8%
services: 76.6% (2016 est.)
Population below poverty lineNA%
Labor force4,521 (2012)
Unemployment rate6% (1998 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $37.04 million
expenditures: $37.04 million (2016 est.)
Inflation rate (consumer prices)0.5% (2016 est.)
-1.1% (2015 est.)
Central bank discount rate10.99% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate8.2% (31 December 2016 est.)
7.82% (31 December 2015 est.)
Stock of narrow money$18.91 million (31 December 2016 est.)
$17.64 million (31 December 2015 est.)
Stock of broad money$97.44 million (31 December 2015 est.)
$88.59 million (31 December 2014 est.)
Stock of domestic credit$5.185 million (31 December 2014 est.)
Agriculture - productscabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products
Industriestourism, rum, textiles, electronic appliances
Industrial production growth rate2% (2016 est.)
Exports$3.4 million (2016 est.)
$3 million (2015 est.)
Exports - commoditieselectronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle
Imports$31.75 million (2016 est.)
$30.76 million (2015 est.)
Imports - commoditiesmachinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants
Reserves of foreign exchange and gold$51.47 million (31 December 2015 est.)
$45.1 million (31 December 2014 est.)
Debt - external$8.9 million (1997)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
2.7 (2012 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on July 9, 2017