Economy - overview The economy of this volcanic island is small and open, with economic activity centered on tourism and related services. Tourism accounts for roughly one-quarter of Montserrat's national income. The island's main export is electronic components, 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 and Europe. Volcanic activity in mid-1997 led to a substantial evacuation of the southern half of the island, including the capital, Plymouth. Volcanic activity since July 1995 has resulted in the departure of an estimated 8,000 people, mainly to Antigua and Guadeloupe.

GDP purchasing power parity - $43 million (1996 est.)

GDP - real growth rate -20.2% (1996 est.)

GDP - per capita purchasing power parity - $5,000 (1996 est.)

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

Inflation rate - consumer price index 6.2% (1996 est.)

Labor force
total: 4,521 (1992); note - later substantially lowered by flight of people from volcanic activity
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 4,000 kW (1995)

Electricity - production 15 million kWh (1995)

Electricity - consumption per capita 1,178 kWh (1995)

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 - 2.7000 (fixed rate since 1976)

Fiscal year 1 April - 31 March

NOTE: The information regarding Montserrat on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Montserrat Economy 1998 information contained here. All suggestions for corrections of any errors about Montserrat Economy 1998 should be addressed to the CIA.