Montserrat - Economic Indicators

Economic 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...

Continue reading View Factbook for Montserrat

GDP Reference Last Previous Units Frequency
Private Consumption 2015 143,940,000 131,240,000 XCD Annual
Investment 2015 27,120,000 44,280,000 XCD Annual
Nominal Fixed Investment (gross fixed capital formation) 2015 27,120,000 44,280,000 XCD Annual
Nominal Gross Domestic Product 2015 159,870,000 159,260,000 XCD Annual
Government Consumption 2014 92.62 85.67 Mil. XCD Annual
Real Gross Domestic Product 2009 105.49 101.82 Index 2005=100 Annual
Labor Reference Last Previous Units Frequency
Wage & Salaries 2016 Q2 10.45 10.65 Mil. NCU Quarterly
Trade Reference Last Previous Units Frequency
Imports of Goods 2017 26,964,777 31,363,587 USD Annual
Exports of Goods 2017 5,909,450 3,983,402 USD Annual
Current Account Balance 2017 -5,620,062 -13,440,053 USD Annual
Balance of Goods 2017 -21,055,326 -27,380,184 USD Annual
Exports of Goods and Services 2015 45,000,000 45,520,000 XCD Annual
Imports of Goods and Services 2015 135,310,000 142,240,000 XCD Annual
Markets Reference Last Previous Units Frequency
Money Market Rate Jun 2016 6.89 6.89 % p.a., NSA Monthly
Lending Rate Feb 2013 6.5 6.5 % - End of period Monthly
Demographics Reference Last Previous Units Frequency
Population 2050 5,707 5,722 Person, NSA Annual

Factbook

Background

Background:
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 2013.

Geography

Location:
Caribbean, island in the Caribbean Sea, southeast of Puerto Rico
Geographic coordinates:
16 45 N, 62 12 W
Map references:
Central America and the Caribbean
Area:
total: 102 sq km
land: 102 sq km
water: 0 sq km
country comparison to the world: 226
Area - comparative:
about 0.6 times the size of Washington, DC
Land boundaries:
0 km
Coastline:
40 km
Maritime claims:
territorial sea: 12 nm
exclusive fishing zone: 200 nm
Climate:
tropical; little daily or seasonal temperature variation
Terrain:
volcanic island, mostly mountainous, with small coastal lowland
Elevation:
mean elevation: NA
elevation extremes: lowest point: Caribbean Sea 0 m
highest point: Soufriere Hills volcano pre-eruption height was 915 m; current lava dome is subject to periodic build up and collapse; estimated dome height was 1050 m in 2015
Natural resources:
NEGL
Land use:
agricultural land: 30%
arable land 20%; permanent crops 0%; permanent pasture 10%
forest: 25%
other: 45% (2011 est.)
Irrigated land:
0 sq km (2012)
Population - distribution:
only the northern half of the island is populated, the southern portion is uninhabitable due to volcanic activity
Natural hazards:
volcanic eruptions; severe hurricanes (June to November)
volcanism: Soufriere Hills volcano (915 m), has erupted continuously since 1995; a massive eruption in 1997 destroyed most of the capital, Plymouth, and resulted in approximately half of the island becoming uninhabitable; the island of Montserrat is part of the volcanic island arc of the Lesser Antilles that extends from Saba in the north to Grenada in the south
Environment - current issues:
land erosion occurs on slopes that have been cleared for cultivation
Geography - note:
the island is entirely volcanic in origin and comprised of three major volcanic centers of differing ages

People & Society

Population:
5,292
note: an estimated 8,000 refugees left the island following the resumption of volcanic activity in July 1995; some have returned (July 2017 est.)
country comparison to the world: 228
Nationality:
noun: Montserratian(s)
adjective: Montserratian
Ethnic groups:
African/black 88.4%, mixed 3.7%, hispanic/Spanish 3%, caucasian/white 2.7%, East Indian/Indian 1.5%, other 0.7% (2011 est.)
Languages:
English
Religions:
Protestant 67.1% (includes Anglican 21.8%, Methodist 17%, Pentecostal 14.1%, Seventh Day Adventist 10.5%, and Church of God 3.7%), Roman Catholic 11.6%, Rastafarian 1.4%, other 6.5%, none 2.6%, unspecified 10.8% (2001 est.)
Age structure:
0-14 years: 16.5% (male 449/female 424)
15-24 years: 21.52% (male 599/female 540)
25-54 years: 47.43% (male 1,201/female 1,309)
55-64 years: 8.45% (male 194/female 253)
65 years and over: 6.1% (male 199/female 124) (2017 est.)
population pyramid:
Median age:
total: 33.2 years
male: 32.6 years
female: 33.7 years (2017 est.)
country comparison to the world: 94
Population growth rate:
0.45% (2017 est.)
country comparison to the world: 158
Birth rate:
10.8 births/1,000 population (2017 est.)
country comparison to the world: 183
Death rate:
6.2 deaths/1,000 population (2017 est.)
country comparison to the world: 154
Net migration rate:
0 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 92
Population distribution:
only the northern half of the island is populated, the southern portion is uninhabitable due to volcanic activity
Urbanization:
urban population: 9% of total population (2017)
rate of urbanization: 0.7% annual rate of change (2015-20 est.)
Sex ratio:
at birth: 1.07 male(s)/female
0-14 years: 1.07 male(s)/female
15-24 years: 1.08 male(s)/female
25-54 years: 0.92 male(s)/female
55-64 years: 0.83 male(s)/female
65 years and over: 1.6 male(s)/female
total population: 1 male(s)/female (2017 est.)
Infant mortality rate:
total: 12.3 deaths/1,000 live births
male: 9.7 deaths/1,000 live births
female: 15.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 116
Life expectancy at birth:
total population: 74.6 years
male: 75.9 years
female: 73.2 years (2017 est.)
country comparison to the world: 122
Total fertility rate:
1.33 children born/woman (2017 est.)
country comparison to the world: 216
Drinking water source:
improved:
urban: 99% of population
rural: 99% of population
total: 99% of population
unimproved:
urban: 1% of population
rural: 1% of population
total: 1% of population (2015 est.)
Sanitation facility access:
improved:
urban: 82.9% of population
rural: 82.9% of population
total: 82.9% of population
unimproved:
urban: 17.1% of population
rural: 17.1% of population
total: 17.1% of population (2007 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Education expenditures:
5.1% of GDP (2009)
School life expectancy (primary to tertiary education):
total: 15 years
male: 14 years
female: 17 years (2007)

Government

Country name:
conventional long form: none
conventional short form: Montserrat
etymology: island named by explorer Christopher COLUMBUS in 1493 after the Benedictine abbey Santa Maria de Montserrat, near Barcelona, Spain
Dependency status:
overseas territory of the UK
Government type:
parliamentary democracy (Legislative Council); self-governing overseas territory of the UK
Capital:
name: Plymouth; note - Plymouth was abandoned in 1997 because of volcanic activity; interim government buildings have been built at Brades Estate, the de facto capital, in the Carr's Bay/Little Bay vicinity at the northwest end of Montserrat
geographic coordinates: 16 42 N, 62 13 W
time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
Administrative divisions:
3 parishes; Saint Anthony, Saint Georges, Saint Peter
Independence:
none (overseas territory of the UK)
National holiday:
birthday of Queen ELIZABETH II, second Saturday in June (1926)
Constitution:
previous 1960; latest effective 1 September 2010; amended 2011 (2016)
Legal system:
English common law
Citizenship:
see United Kingdom
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor Andrew PEARCE (since 1 February 2018)
head of government: Premier Donaldson ROMERO (since 12 September 2014); note - effective with The Constitution Order 2010, effective October 2010, the office of premier replaced the office of chief minister
cabinet: Executive Council consists of the governor, the premier, 3 other ministers, the attorney general, and the finance secretary
elections/appointments: the monarchy is hereditary; governor appointed by the monarch; following legislative elections, the leader of the majority party usually becomes premier
Legislative branch:
description: unicameral Legislative Assembly (11 seats; 9 members directly elected in a single constituency by absolute majority vote in 2 rounds to serve 5-year terms and 2 ex-officio members - the attorney general and financial secretary)
elections: last held on 11 September 2014 (next to be held by 2019)
election results: percent of vote by party - PDM 50.0%, MCAP 35.4%, other 14.6%; seats by party - PDM 7, MCAP 2
Judicial branch:
highest court(s): the Eastern Caribbean Supreme Court (ECSC) is the superior court of the Organization of Eastern Caribbean States; the ECSC - headquartered on St. Lucia - consists of the Court of Appeal - headed by the chief justice and 4 judges - and the High Court with 18 judges; the Court of Appeal is itinerant, travelling to member states on a schedule to hear appeals from the High Court and subordinate courts; High Court judges reside at the member states with 1 assigned to Montserrat; Montserrat is also a member of the Caribbean Court of Justice
judge selection and term of office: chief justice of Eastern Caribbean Supreme Court appointed by the Her Majesty, Queen ELIZABETH II; other justices and judges appointed by the Judicial and Legal Services Commission, and independent body of judicial officials; Court of Appeal justices appointed for life with mandatory retirement at age 65; High Court judges appointed for life with mandatory retirement at age 62
subordinate courts: magistrate's court
Political parties and leaders:
Movement for Change and Prosperity or MCAP [Easton Taylor FARRELL]
People's Democratic Movement or PDM [Donaldson ROMERO]
Political pressure groups and leaders:
NA
International organization participation:
Caricom, CDB, Interpol (subbureau), OECS, UPU
Diplomatic representation in the US:
none (overseas territory of the UK)
Diplomatic representation from the US:
none (overseas territory of the UK)
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 arms feature a woman in green dress, Erin, the female personification of Ireland, standing beside a yellow harp and embracing a large dark cross with her right arm; Erin and the harp are symbols of Ireland reflecting the territory's Irish ancestry; blue represents awareness, trustworthiness, determination, and righteousness
National anthem:
note: as a territory of the UK, "God Save the Queen" is official (see United Kingdom)

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 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. In January 2013, the EU announced the disbursement of a $55.2 million aid package to Montserrat in order to boost the country's economic recovery, with a specific focus on public finance management, public sector reform, and prudent economic management.
GDP (purchasing power parity):
$43.78 million (2006 est.)
country comparison to the world: 225
GDP (official exchange rate):
$NA
GDP - real growth rate:
3.5% (2008 est.)
country comparison to the world: 95
GDP - per capita (PPP):
$8,500 (2006 est.)
country comparison to the world: 148
GDP - composition, by end use:
household consumption: 89.3%
government consumption: 53.4%
investment in fixed capital: 22.2%
investment in inventories: -0.1%
exports of goods and services: 25.7%
imports of goods and services: -90.5% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 1.6%
industry: 21.8%
services: 76.6% (2017 est.)
Agriculture - products:
cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products
Industries:
tourism, rum, textiles, electronic appliances
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 137
Labor force:
4,521 (2012 est.)
country comparison to the world: 223
Unemployment rate:
6% (1998 est.)
country comparison to the world: 83
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $37.04 million
expenditures: $37.04 million (2017 est.)
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
1.1% (2017 est.)
-0.2% (2016 est.)
country comparison to the world: 49
Central bank discount rate:
10.99% (31 December 2010 est.)
6.5% (31 December 2009 est.)
country comparison to the world: 20
Commercial bank prime lending rate:
7% (31 December 2017 est.)
7.26% (31 December 2016 est.)
country comparison to the world: 119
Stock of narrow money:
$23.33 million (31 December 2017 est.)
$23.04 million (31 December 2016 est.)
country comparison to the world: 193
Stock of broad money:
$100.7 million (31 December 2017 est.)
$91.6 million (31 December 2016 est.)
country comparison to the world: 195
Stock of domestic credit:
$1.481 million (31 December 2017 est.)
$1.481 million (31 December 2016 est.)
country comparison to the world: 190
Exports:
$5.7 million (2017 est.)
$5.2 million (2016 est.)
country comparison to the world: 217
Exports - commodities:
electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle
Imports:
$33.67 million (2017 est.)
$31.02 million (2016 est.)
country comparison to the world: 217
Imports - commodities:
machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants
Reserves of foreign exchange and gold:
$49.36 million (31 December 2016 est.)
$51.47 million (31 December 2015 est.)
country comparison to the world: 172
Debt - external:
$8.9 million (1997 est.)
country comparison to the world: 201
Exchange rates:
East Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)

Energy

Electricity - production:
24 million kWh (2015 est.)
country comparison to the world: 213
Electricity - consumption:
22.32 million kWh (2015 est.)
country comparison to the world: 211
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 166
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 171
Electricity - installed generating capacity:
5,000 kW (2015 est.)
country comparison to the world: 214
Electricity - from fossil fuels:
100% of total installed capacity (2015 est.)
country comparison to the world: 12
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 137
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 187
Electricity - from other renewable sources:
0% of total installed capacity (2015 est.)
country comparison to the world: 197
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 166
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 159
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 156
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 164
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 170
Refined petroleum products - consumption:
570 bbl/day (2015 est.)
country comparison to the world: 209
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 177
Refined petroleum products - imports:
416.4 bbl/day (2014 est.)
country comparison to the world: 207
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 165
Natural gas - consumption:
0 cu m (2013 est.)
country comparison to the world: 205
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 145
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 152
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 168
Carbon dioxide emissions from consumption of energy:
88,010 Mt (2012 est.)
country comparison to the world: 209

Communications

Telephones - fixed lines:
total subscriptions: 3,000
subscriptions per 100 inhabitants: 57 (July 2016 est.)
country comparison to the world: 209
Telephones - mobile cellular:
total: 5,000
subscriptions per 100 inhabitants: 95 (July 2016 est.)
country comparison to the world: 215
Telephone system:
general assessment: modern and fully digitalized
domestic: combined fixed-line and mobile-cellular teledensity exceeds 150 per 100 persons
international: country code - 1-664; landing point for the East Caribbean Fiber System (ECFS) optic submarine cable with links to 13 other islands in the eastern Caribbean extending from the British Virgin Islands to Trinidad (2016)
Broadcast media:
Radio Montserrat, a public radio broadcaster, transmits on 1 station and has a repeater transmission to a second station; repeater transmissions from the GEM Radio Network of Trinidad and Tobago provide another 2 radio stations; cable and satellite TV available (2007)
Internet country code:
.ms
Internet users:
total: 2,860
percent of population: 54.6% (July 2016 est.)
country comparison to the world: 221

Transportation

National air transport system:
number of registered air carriers: 1
inventory of registered aircraft operated by air carriers: 3 (2015)
Civil aircraft registration country code prefix:
VP-M (2016)
Airports:
1 (2013)
country comparison to the world: 226
Airports - with paved runways:
total: 1
under 914 m: 1 (2017)
Roadways:
note: volcanic eruptions that began in 1995 destroyed most of the 227 km road system; a new road infrastructure has been built on the north end of the island (2017)
Ports and terminals:
major seaport(s): Little Bay, Plymouth

Military & Security

Military branches:
no regular military forces; Royal Montserrat Police Force (2011)
Military - note:
defense is the responsibility of the UK

Transnational Issues

Disputes - international:
none
Illicit drugs:
transshipment point for South American narcotics destined for the US and Europe

Economic Indicators for Montserrat including actual values, historical data, and latest data updates for the Montserrat economy.