
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.
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