Economy - overview:
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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.
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GDP (purchasing power parity):
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$43.78 million (2006 est.)
country comparison to the world: 225
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GDP (official exchange rate):
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$NA
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GDP - real growth rate:
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3.5% (2008 est.)
country comparison to the world: 98
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GDP - per capita (PPP):
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$8,500 (2006 est.)
country comparison to the world: 126
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GDP - composition by sector:
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agriculture: 1.6%
industry:
23.2%
services:
75.1% (2012 est.)
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Labor force:
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4,521 (2012)
country comparison to the world: 223
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Unemployment rate:
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6% (1998 est.)
country comparison to the world: 57
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Budget:
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revenues: $31.4 million
expenditures:
$37.04 million (2012 est.)
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Inflation rate (consumer prices):
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3.3% (2012 est.)
country comparison to the world: 88
3.7% (2011 est.)
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Central bank discount rate:
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10.99% (31 December 2010 est.)
country comparison to the world: 52
6.5% (31 December 2009 est.)
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Commercial bank prime lending rate:
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8.3% (31 December 2012 est.)
country comparison to the world: 109
8.56% (31 December 2011 est.)
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Stock of narrow money:
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$16.17 million (31 December 2012 est.)
country comparison to the world: 190
$15.25 million (31 December 2011 est.)
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Stock of broad money:
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$71.33 million (31 December 2011 est.)
country comparison to the world: 191
$63.19 million (31 December 2010 est.)
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Stock of domestic credit:
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$5.185 million (31 December 2011 est.)
country comparison to the world: 190
$12.59 million (31 December 2010 est.)
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Agriculture - products:
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cabbages, carrots, cucumbers, tomatoes, onions, peppers; livestock products
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Industries:
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tourism, rum, textiles, electronic appliances
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Industrial production growth rate:
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NA%
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Exports:
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$3.6 million (2012 est.)
country comparison to the world: 218
$1.26 million (2011 est.)
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Exports - commodities:
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electronic components, plastic bags, apparel; hot peppers, limes, live plants; cattle
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Imports:
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$30 million (2012 est.)
country comparison to the world: 218
$26.32 million (2011 est.)
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Imports - commodities:
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machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials
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Debt - external:
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$8.9 million (1997)
country comparison to the world: 197
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Exchange rates:
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East Caribbean dollars (XCD) per US dollar -
2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
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Fiscal year:
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1 April - 31 March
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