Destroyed by Hurricane Hugo in 1989, the studio was never reestablished; however, Martin subsequently helped found the Montserrat Cultural Centre, which was opened in 2007.
The economy of Montserrat was severely disrupted by volcanic activity which began in July 1995.
Real GDP declined from EC$122 million in 1995 to about EC$60 million in 1999, with the rate of decline peaking at -21.5 percent for 1996.
Real GDP declined from EC$122 million in 1995 to about EC$60 million in 1999, with the rate of decline peaking at -21.5 percent for 1996.
Some of the funds were raised in a London concert called "Music for Montserrat" (September 15, 1997). == Collapse == A catastrophic eruption of Soufrière Hills in June 1997 closed the W.
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.
The unemployment rate in 1998 was estimated at 6 percent.
Real GDP declined from EC$122 million in 1995 to about EC$60 million in 1999, with the rate of decline peaking at -21.5 percent for 1996.
Half of the island was expected to remain uninhabitable for another decade. Today, Montserrat's main economic activity is in construction and government services which together accounted for about 50 percent of GDP in 2000 when it was EC$76 million.
However, the rate of decline slowed markedly since 2000 and 2001, when GDP contracted by less than 3 percent.
However, the rate of decline slowed markedly since 2000 and 2001, when GDP contracted by less than 3 percent.
In 2002, the GDP growth rate reverted to a positive 4.6 percent reversing the declining trend over the past six years and maybe more. == New Town == The Montserrat Development Corporation was an entity founded by the Government of Montserrat and the Department for International Development in 2008.
Destroyed by Hurricane Hugo in 1989, the studio was never reestablished; however, Martin subsequently helped found the Montserrat Cultural Centre, which was opened in 2007.
In 2002, the GDP growth rate reverted to a positive 4.6 percent reversing the declining trend over the past six years and maybe more. == New Town == The Montserrat Development Corporation was an entity founded by the Government of Montserrat and the Department for International Development in 2008.
The company had announced plans to develop the new town of Little Bay on the northwest coast of Montserrat between Brades and Davy Hill, however an internal audit of the company in 2015 led to the company's dissolution.
The audit revealed that the company was not being prudent with the government's funds. Slated for completion by 2020, the new town will be the new focus of tourism, trade and housing and will also house the seat of government. ==References==
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