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Montserrat Economy Profile 2019

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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 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 million (2011 est.)
$155.9 million (2010 est.)
$162.7 million (2009 est.)
GDP (official exchange rate)
$167.4 million (2011 est.) (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.)
Central bank discount rate
10.99% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate
6.95% (31 December 2017 est.)
7.21% (31 December 2016 est.)
Stock of narrow money
$28.33 million (31 December 2017 est.)
$23.04 million (31 December 2016 est.)
Stock of broad money
$28.33 million (31 December 2017 est.)
$23.04 million (31 December 2016 est.)
Stock of domestic credit
$5.185 million (31 December 2017 est.)
$1.481 million (31 December 2016 est.)
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
electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle
Exports - partners
US 29%, France 23%, Saint Kitts and Nevis 22.2% (2017)
Imports
$39.44 million (2017 est.)
$36.1 million (2016 est.)
Imports - commodities
machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants
Imports - partners
US 72.8%, Trinidad and Tobago 6%, UK 4.1% (2017)
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 December 7, 2019