Antigua And Barbuda Economy: from the All Country Info reference guide to country facts

Antigua And Barbuda Economy

Antigua And Barbuda Economy: A summary of information about Antigua And Barbuda Economy, from government research data as well as independent research and other sources.

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Antigua And Barbuda: Economy

Economy - overview
Tourism continues to be the dominant activity in
the economy accounting directly or indirectly for more than half of
GDP. In 1999 the budding offshore financial sector was seriously hurt
by financial sanctions imposed by the US and UK as a result of the
loosening of its money-laundering controls. The government has made
efforts to comply with international demands in order to get the
sanctions lifted. The dual island nation's agricultural production is
mainly directed to the domestic market; the sector is constrained by
the limited water supply and labor shortages that reflect the pull of
higher wages in tourism and construction. Manufacturing comprises
enclave-type assembly for export with major products being bedding,
handicrafts, and electronic components. Prospects for economic growth
in the medium term will continue to depend on income growth in the
industrialized world, especially in the US, which accounts for about
one-third of all tourist arrivals.
GDP
purchasing power parity - $524 million (1999 est.)
GDP - real growth rate
2.8% (1999 est.)
GDP - per capita
purchasing power parity - $8,200 (1999 est.)
GDP - composition by sector
agriculture: 4%
industry: 12.5%
services: 83.5% (1996 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
1.6% (1999 est.)
Labor force
30,000
Labor force - by occupation
commerce and services 82%, agriculture
11%, industry 7% (1983)
Unemployment rate
7% (1999 est.)
Budget
revenues: $122.6 million
expenditures: $141.2 million, including capital expenditures of $17.3
million (1997 est.)
Industries
tourism, construction, light manufacturing (clothing,
alcohol, household appliances)
Industrial production growth rate
6% (1997 est.)
Electricity - production
90 million kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
84 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
cotton, fruits, vegetables, bananas, coconuts,
cucumbers, mangoes, sugarcane; livestock
Exports
$38 million (1998)
Exports - commodities
petroleum products 48%, manufactures 23%, food
and live animals 4%, machinery and transport equipment 17%
Exports - partners
OECS 26%, Barbados 15%, Guyana 4%, Trinidad and
Tobago 2%, US 0.3%
Imports
$330 million (1998)
Imports - commodities
food and live animals, machinery and transport
equipment, manufactures, chemicals, oil
Imports - partners
US 27%, UK 16%, Canada 4%, OECS 3%
Debt - external
$357 million (1998)
Economic aid - recipient
$2.3 million (1995)
Currency
1 East Caribbean dollar (EC$) = 100 cents
Exchange rates
East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed
rate since 1976)
Fiscal year
1 April - 31 March
Locations:
Home
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua & Barbuda
Arctic Ocean
Argentina
Armenia
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Ashmore & Cartier Islands
Atlantic Ocean
Australia
Austria
Azerbaijan
Bahrain
Baker Island
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Bassas Da India
Belarus
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Bolivia
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Bouvet Island
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