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EconomyEconomy - 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. Gdp (purchasing power parity) World Ranking: 223
$43.78 million (2006 est.)
Gdp (official exchange rate)
$NA
Gdp - real growth rate World Ranking: 108
3.5% (2008 est.)
Gdp - per capita (ppp) World Ranking: 122
$8,500 (2006 est.)
Gdp - composition by sector
Agriculture 1.6%
Industry 23% Services 75.3% (2011 est.) Labor force World Ranking: 221
4,521 (2012)
Unemployment rate World Ranking: 61
6% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $31.4 million
Expenditures $37.04 million (2011 est.) Inflation rate (consumer prices) World Ranking: 89
3.7% (2011 est.)
1.4% (2010 est.) Central bank discount rate World Ranking: 55
10.99% (31 December 2010 est.)
6.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 111
8.6% (31 December 2011 est.)
8.728% (31 December 2010 est.) Stock of narrow money World Ranking: 189
$15.25 million (31 December 2011 est.) $13.12 million (31 December 2010 est.) Stock of broad money World Ranking: 190
$71.33 million (31 December 2011 est.) $63.19 million (31 December 2010 est.) Stock of domestic credit World Ranking: 190
$5.185 million (31 December 2011 est.) $12.59 million (31 December 2010 est.) Agriculture - products
Cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products Industries
Tourism, rum, textiles, electronic appliances Industrial production growth rate
NA%
Electricity - production World Ranking: 207
22 million kWh (2008 est.)
Electricity - consumption World Ranking: 209
20.46 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 203
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 195
1,000 bbl/day (2010 est.)
Oil - exports World Ranking: 180
0 bbl/day (2009 est.)
Oil - imports World Ranking: 198
564.4 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 167
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 102
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 208
0 cu m (2009 est.)
Natural gas - exports World Ranking: 147
0 cu m (2009 est.)
Natural gas - imports World Ranking: 96
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 106
0 cu m (1 January 2011 est.)
Exports World Ranking: 217
$3.3 million (2011 est.)
$970,000 (2010 est.) Exports - commodities
Electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle Imports World Ranking: 218
$29 million (2011 est.)
$25.83 million (2010 est.) Imports - commodities
Machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials Debt - external World Ranking: 197
$8.9 million (1997)
Exchange rates
East Caribbean dollars (XCD) per US dollar - 2.7 (2011 est.)2.7 (2010 est.) 2.7 (2009) Fiscal year
1 April - 31 March
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Montserrat [ United Kingdom ] (Overseas Territory):
 
GPS points from Montserrat [ United Kingdom ] (Overseas Territory)
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English and Irish colonists from St. Kitts first settled on Montserrat in 1632; the first African slaves arrived three decades later. The British and French fought for possession of the island for most of the 18th century, but it finally was confirmed as a British possession in 1783. The island's sugar plantation economy was converted to small farm landholdings in the mid 19th century. Much of this island was devastated and two-thirds of the population fled abroad because of the eruption of the Soufriere Hills Volcano that began on 18 July 1995. Montserrat has endured volcanic activity since, with the last eruption occurring in July 2003.