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    Montserrat Index 2005

    Montserrat Main Index

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    Montserrat Economy - 2005

      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 volcano 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.

      purchasing power parity - $29 million (2002 est.)

      GDP - real growth rate:
      -1% (2002 est.)

      GDP - per capita:
      purchasing power parity - $3,400 (2002 est.)

      GDP - composition by sector:
      agriculture: 5.4%
      industry: 13.6%
      services: 81% (1996 est.)

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

      Labor force - by occupation:
      agriculture NA%, industry NA%, services NA%

      Unemployment rate:
      6% (1998 est.)

      Population below poverty line:

      Household income or consumption by percentage share:
      lowest 10%: NA
      highest 10%: NA

      Inflation rate (consumer prices):
      2.6% (2002 est.)

      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

      tourism, rum, textiles, electronic appliances

      Industrial production growth rate:

      Electricity - production:
      1.8 million kWh (2002)

      Electricity - consumption:
      1.674 million kWh (2002)

      Electricity - exports:
      0 kWh (2002)

      Electricity - imports:
      0 kWh (2002)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      400 bbl/day (2001 est.)

      Oil - exports:

      Oil - imports:

      $700,000 (2001)

      Exports - commodities:
      electronic components, plastic bags, apparel, hot peppers, live plants, cattle

      Exports - partners:
      US, Antigua and Barbuda

      $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

      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 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000)
      note: fixed rate since 1976

      Fiscal year:
      1 April - 31 March

      NOTE: The information regarding Montserrat on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montserrat Economy 2005 information contained here. All suggestions for corrections of any errors about Montserrat Economy 2005 should be addressed to the CIA.

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    Revised 16-Feb-06
    Copyright © 2005 Photius Coutsoukis (all rights reserved)