Flag description: blue, with the flag of the UK in the upper hoist-side quadrant and the Montserratian coat of arms centered in the outer half of the flag; the coat of arms features a woman standing beside a yellow harp with her arm around a black cross
Montserrat Economy
Economy - 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 airports 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 volcano and on public sector construction activity. The UK committed to a three year $125 million aid program in 1999 to help reconstruct the economy.
GDP: purchasing power parity - $31 million (1999 est.)
GDP - real growth rate: -1.5% (1999 est.)
GDP - per capita: purchasing power parity - $5,000 (1999 est.)
GDP - composition by sector: agriculture: 5.4%
industry: 13.6%
services: 81% (1996 est.)
Population below poverty line: NA%