Montserrat Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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 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.

Real GDP (purchasing power parity)

$167.4 million (2011 est.)

$155.9 million (2010 est.)

$162.7 million (2009 est.)

Real GDP growth rate

7.4% (2011 est.)

-4.2% (2010 est.)

Real GDP per capita

$34,000 (2011 est.)

$31,100 (2010 est.)

$32,300 (2009 est.)

GDP (official exchange rate)

$167.4 million (2011 est.)

Inflation rate (consumer prices)

1.2% (2017 est.)

-0.2% (2016 est.)

Credit ratings

Standard & Poors rating: BBB- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.9% (2017 est.)

industry: 7.8% (2017 est.)

services: 90.3% (2017 est.)

GDP - composition, by end use

household consumption: 90.8% (2017 est.)

government consumption: 50.4% (2017 est.)

investment in fixed capital: 17.9% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 29.5% (2017 est.)

imports of goods and services: -88.6% (2017 est.)

Agricultural products

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

Industries

tourism, rum, textiles, electronic appliances

Industrial production growth rate

-21% (2017 est.)

Labor force

4,521 (2012)

Labor force - by occupation

agriculture: 1.4%

industry: 12.7%

services: 85.9% (2017 est.)

Unemployment rate

5.6% (2017 est.)

6% (1998 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 66.67 million (2017 est.)

expenditures: 47.04 million (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$15.4 million (2017 est.)

-$12.2 million (2016 est.)

Exports

$4.4 million (2017 est.)

$5.2 million (2016 est.)

Exports - partners

Antigua and Barbuda 19%, United States 18%, France 17%, Singapore 14%, Belgium 9%, Netherlands 5% (2019)

Exports - commodities

sand, iron products, seats, medical instruments, fish (2019)

Imports

$39.44 million (2017 est.)

$36.1 million (2016 est.)

Imports - partners

United States 70%, United Kingdom 6% (2019)

Imports - commodities

refined petroleum, cars, oranges, electric motors, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$47.58 million (31 December 2017 est.)

$51.47 million (31 December 2015 est.)

Debt - external

$8.9 million (1997)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2017 est.)

2.7 (2016 est.)

2.7 (2015 est.)

2.7 (2014 est.)

2.7 (2013 est.)

NOTE: The information regarding Montserrat on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Montserrat 2022 information contained here. All suggestions for corrections of any errors about Montserrat 2022 should be addressed to the CIA or the source cited on each page.