Montserrat Economy 1997

Economy - overview The economy of this volcanic island is small and open, with economicactivity centered on tourism and related services. Tourism accounts for roughlyone-quarter of Montserrat's national income. The island's main export is electroniccomponents which are mainly shipped to the US. The agriculture sector is small;cabbages, carrots, cucumbers, and onions are grown for the domestic market;additionally, some hot peppers and live plants are exported to the US andEurope. Volcanic activity in late 1995 led to the repeated evacuation of Montserrat'scapital, Plymouth, and deep ash from the volcano destroyed much of the yearendcrops. These disruptions, compounded by hurricanes, caused production in 1995to drop precipitously. The likely slow recovery of tourism and the continueddanger of an eruption dimmed the prospects for rapid recovery in 1996.

GDP purchasing power parity - $55.3 million (1995 est.)

GDP - real growth rate -2.9% (1995 est.)

GDP - per capita purchasing power parity - $4,360 (1995 est.)

GDP - composition by sector
agriculture: 4.8%
industry: 18.4%
services: 76.8% (1990 est.)

Inflation rate - consumer price index 4% (1995 est.)

Labor force
total: 4,521 (1992)
by occupation : community, social, and personal services 40.5%, construction 13.5%,trade, restaurants, and hotels 12.3%, manufacturing 10.5%, agriculture, forestry,and fishing 8.8%, other 14.4% (1983 est.)

Unemployment rate 6% (1995)

Budget
revenues: NA
expenditures : NA

Industries tourism, rum, textiles, electronic appliances

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

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

Exports
total value: $12.1 million (f.o.b., 1995 est.)
commodities : electronic components, plastic bags, apparel, hot peppers, live plants,cattle
partners: US, Ireland

Imports
total value: $29.9 million (f.o.b., 1994 est.)
commodities : machinery and transportation equipment, foodstuffs, manufactured goods,fuels, lubricants, and related materials
partners: NA

Debt - external $10.2 million (December 1994)

Economic aid $NA

Currency 1 EC dollar (EC$) = 100 cents

Exchange rates East Caribbean dollars (EC$) per US$1 - 2.70 (February 1997; fixed ratesince 1976)

Fiscal year 1 April - 31 March

NOTE: The information regarding Montserrat on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montserrat Economy 1997 information contained here. All suggestions for corrections of any errors about Montserrat Economy 1997 should be addressed to the CIA.