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Montserrat Economy 1996

Overview:

The economy is small and open with economic activity centered on tourism and construction. Tourism is the most important sector and accounts for roughly one-fifth of GDP. Agriculture accounts for about 4% of GDP and industry 10%. The economy is heavily dependent on imports, making it vulnerable to fluctuations in world prices. Exports consist mainly of electronic parts sold to the US.

National product:

GDP - purchasing power parity - $55.6 million (1993 est.)

National product real growth rate:

1% (1993 est.)

National product per capita:

$4,380 (1993 est.)

Inflation rate (consumer prices):

2.8% (1992)

Unemployment rate:

Budget:

revenues:

$12.1 million

expenditures:

$14.3 million, including capital expenditures of $3.2 million (1988 est.)

Exports:

$2.8 million (f.o.b., 1992)

commodities:

electronic parts, plastic bags, apparel, hot peppers, live plants, cattle

partners:

Imports:

$80.6 million (f.o.b., 1992)

commodities:

machinery and transportation equipment, foodstuffs, manufactured goods, fuels, lubricants, and related materials

partners:

External debt:

$2.05 million (1987)

Industrial production:

growth rate 8.1% (1986); accounts for 10% of GDP

Electricity:

capacity:

5,271 kW

production:

17 million kWh

consumption per capita:

1,106 kWh (1993)

Industries:

tourism; light manufacturing - rum, textiles, electronic appliances

Agriculture:

accounts for 4% of GDP; small-scale farming; food crops - tomatoes, onions, peppers; not self-sufficient in food, especially livestock products

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $90 million

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

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