Economy Montserrat
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 has launched a three-year $122.8 million aid program to help reconstruct the economy. Half of the island is expected to remain uninhabitable for another decade.
GDP: purchasing power parity - $31 million (1999 est.)
GDP - real growth rate: -1.5% (1999 est.)
GDP - per capita: purchasing power parity - $2,400 (1999 est.)
GDP - composition by sector: agriculture: 5.4% industry: 13.6% services: 81% (1996 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 5% (1998)
Labor force: 4,521 (1992); note - lowered by flight of people from volcanic activity