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Montserrat:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$29 million (2002 est.)
GDP (official exchange rate)
Definition
$NA
GDP - real growth rate
Definition - World rank and map
-1% (2002 est.)
GDP - per capita
Definition - World rank and map
$3,400 (2002 est.)
GDP - composition by sector
Definition
agriculture: 1.2%
industry: 23.1%
services: 75.7% (1999 est.)
Labor force
Definition
4,521
note: lowered by flight of people from volcanic activity (2000 est.)
Unemployment rate
Definition - World rank and map
6% (1998 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
2.6% (2002 est.)
Budget
Definition
revenues: $31.4 million
expenditures: $31.6 million (1997 est.)
Agriculture - products
Definition
cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products
Industries
Definition
tourism, rum, textiles, electronic appliances
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
20 million kWh (2005)
Electricity - consumption
Definition - World rank and map
18.6 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
1,929.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
480 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
49.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
458 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$700,000 (2001)
Exports - commodities
Definition
electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle
Exports - partners
Definition
US, Antigua and Barbuda (2006)
Imports
Definition - World rank and map
$17 million (2001)
Imports - commodities
Definition
machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials
Imports - partners
Definition
US, UK, Trinidad and Tobago, Japan, Canada (2006)
Debt - external
Definition - World rank and map
$8.9 million (1997)
Economic aid - recipient
Definition
Country Policy Plan (2001) is a three-year program for spending $122.8 million in British budgetary assistance (2002 est.)
Currency (code)
Definition
East Caribbean dollar (XCD)
Exchange rates
Definition
East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976
Fiscal year
Definition
1 April - 31 March


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