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Montserrat - Economy

Whitaker's Almanack Version

Financial Outlook

Montserrat has made enormous progress in its recovery from the 1995 eruption of the long-dormant Soufrière Hills volcano, which destroyed US$4 billion in assets on the island. The volcano, which remains intermittently active, has had large and lasting demographic, economic, and social impacts, and in some respects the recovery is still under way. Donor support, particularly from the United Kingdom and the European Union, has helped and also served to buffer the impact of the global crisis in 2009–2010. The island’s budget for 2014 put 2012 GDP growth at 3.2%, slowing to 1.6% for 2013. Montserrat has agreed an energy policy that will see it reducing its dependence on fossil fuel and moving to geothermal energy generation. The construction of a new capital and port at Carr’s Bay is the keystone of its public investment program, and in November 2013 the project was 90% complete. Montserrat’s budget is sustained by grants from the United Kingdom, which account for some 50% of expenditure. Public sector debt remains low at about 5% of GDP, and consists mostly of loans from the Caribbean Development Bank.

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