Part 507

Economic overview: The economy is small and open, with economic activity centered on tourism and related services. Tourism accounts for roughly one-quarter of Montserrat's national income. The island's main export is electronic components which are mainly shipped to the US. The agriculture sector is small; cabbages, carrots, cucumbers, and onions are grown for the domestic market; additionally, some hot peppers and live plants are exported to the US and Europe. The threat of a volcanic eruption in late 1995 led to the repeated evacuation of Montserrat's capital, Plymouth, and deep ash from the volcano destroyed much of the yearend crops. As a result, production in 1995 dropped precipitously. The likely slow recovery of tourism and the continued danger of an eruption dim the prospects for rapid recovery in 1996.

GDP: purchasing power parity - $55.6 million (1994 est.)

GDP real growth rate: 0.5% (1994 est.)

GDP per capita: $4,500 (1994 est.)

GDP composition by sector: agriculture: 4.8% industry: 18.4% services: 76.8% (1990 est.)

Inflation rate (consumer prices): 9.6% (1994)

Labor force: 5,100 by occupation: community, social, and personal services 40.5%, construction 13.5%, trade, restaurants, and hotels 12.3%, manufacturing 10.5%, agriculture, forestry, and fishing 8.8%, other 14.4% (1983 est.)

Unemployment rate: NA%

Budget: revenues: $15.7 million expenditures: $15.6 million including capital expenditures of $NA (1994)

Industries: tourism, rum, textiles, electronic appliances

Industrial production growth rate: NA%

Electricity: capacity: 5,271 kW production: 17 million kWh consumption per capita: 1,106 kWh (1993)

Agriculture: tomatoes, onions, peppers; livestock products

Exports: $2.3 million (f.o.b., 1994) commodities: electronic components, plastic bags, apparel, hot peppers, live plants, cattle partners: US, Ireland

Imports: $80.6 million (f.o.b., 1992) commodities: machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials partners: NA

External debt: $10.2 million (December 1994)

Economic aid: $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (fixed rate since 1976)

Fiscal year: 1 April - 31 March

Transportation --------------

Railways: 0 km

Highways: total: 280 km paved: 200 km unpaved: 80 km

Ports: Plymouth

Merchant marine: none

Airports: total: 1 with paved runways 914 to 1 523 m: 1 (1995 est.)

Communications --------------

Telephones: 3,000