note: as a territory of the United Kingdom, "God Save the Queen" is official (see United Kingdom)
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 volcanic activity 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):
$29 million (2002 est.) country comparison to the world: 224
GDP (official exchange rate):
$NA
GDP - real growth rate:
-1% (2002 est.) country comparison to the world: 200