Montserrat

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Introduction - Montserrat:
Location - Montserrat:
People - Montserrat:
Government - Montserrat:
Economy - Montserrat:

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 official exchange rate

NA

Gdp real growth rate

-1% (2002 est.)

Gdp per capita ppp

$3,400 (2002 est.)

Gdp composition by sector

agriculture: 1.2%
industry: 23.1%
services: 75.7% (1999 est.)

Labor force

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

Unemployment rate

6% (1998 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

2.6% (2002 est.)

Budget

revenues: $31.4 million
expenditures: $31.6 million; including capital expenditures of $8.4 million (1997 est.)

Agriculture products

cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products

Industries

tourism, rum, textiles, electronic appliances

Industrial production growth rate

NA%

Electricity production

2 million kWh (2003)

Electricity consumption

1.86 million kWh (2003)

Electricity exports

0 kWh (2003)

Electricity imports

0 kWh (2003)

Oil production

0 bbl/day (2003 est.)

Oil consumption

380 bbl/day (2003 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Exports

$700,000 (2001)

Exports commodities

electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle

Exports partners

US, Antigua and Barbuda (2006)

Imports

$17 million (2001)

Imports commodities

machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials

Imports partners

US, UK, Trinidad and Tobago, Japan, Canada (2006)

Debt external

$8.9 million (1997)

Economic aid recipient

Country Policy Plan (2001) is a three-year program for spending $122.8 million in British budgetary assistance (2002 est.)

Currency code

East Caribbean dollar (XCD)

Exchange rates

East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
note: fixed rate since 1976

Communications - Montserrat:
Transportation - Montserrat:
Military - Montserrat:
This page was last updated on 16 September, 2007
Source: CIA >>>


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