Montserrat Economy

Is Montserrat a rich country?

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.

Montserrat Economy Data

What is the GDP of Montserrat?

GDP - Gross Domestic Product (PPP) $43,780,000,000 (USD)
GDP - official exchange rate $0 (USD)
GDP - official exchange rate note NA
GDP - real growth rate 3.5%
GDP Per Capita $8,500.00 (USD)
GDP by Sector- agriculture 1.6%
GDP by Sector- Industry 22.5%
GDP by Sector- services 75.9%
GDP - composition, by end use household consumption: 87.3%

investment in fixed capital: 22.7%

investment in inventories: 0.1%

exports of goods and services: 18.1%

imports of goods and services: -76.3%
Inflation Rate 2.6%
Unemployment Rate 6%
Fiscal Year 1 April - 31 March
Annual Budget $31,400,000 (USD)
Major Industries tourism, rum, textiles, electronic appliances
Agriculture Products cabbages, carrots, cucumbers, tomatoes, onions, peppers, livestock products
Currency Code East Caribbean dollar (XCD)
Commercial Bank Prime Lending Rate 8.3%

Labor Force by Occupation- As reported by Montserrat

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