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About Antigua and Barbuda
~ Economy

Economy - overview

Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. The economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006 driven by a construction boom in hotels and housing associated with the Cricket World Cup. Growth dropped off in 2008 with the end of the boom. Tourism continues to dominate the economy, accounting for nearly 60% of GDP and 40% of investment. The dual-island nation's agricultural production is focused on the domestic market and constrained by a limited water supply and a labor shortage stemming from the lure 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 tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, and has been successful in reducing its public debt-to-GDP ratio from 120% to about 90%.

GDP (purchasing power parity)

$1.639 billion (2008 est.)
country comparison to the world: 189
$1.594 billion (2007 est.)
$1.491 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$1.224 billion (2008 est.)

GDP - real growth rate

2.8% (2008 est.)
country comparison to the world: 133
6.9% (2007 est.)
12.4% (2006 est.)

GDP - per capita (PPP)

$19,400 (2008 est.)
country comparison to the world: 64
$19,100 (2007 est.)
$18,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.)

Labor force

30,000 (1991)
country comparison to the world: 197

Labor force - by occupation

agriculture: 7%
industry: 11%
services: 82% (1983)

Unemployment rate

11% (2001 est.)
country comparison to the world: 127

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $123.7 million
expenditures: $145.9 million (2000 est.)

Inflation rate (consumer prices)

1.5% (2007 est.)
country comparison to the world: 12

Central bank discount rate

6.5% (31 December 2008)
6.5% (31 December 2007)

Commercial bank prime lending rate

10.43% (31 December 2008)
10.44% (31 December 2007)

Stock of money

$296.4 million (31 December 2008)
country comparison to the world: 101
$294.8 million (31 December 2007)

Stock of quasi money

$939.9 million (31 December 2008)
country comparison to the world: 97
$902 million (31 December 2007)

Stock of domestic credit

$1.13 billion (31 December 2008)
country comparison to the world: 107
$1.002 billion (31 December 2007)

Agriculture - products

cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Industries

tourism, construction, light manufacturing (clothing, alcohol, household appliances)

Electricity - production

110 million kWh (2007 est.)
country comparison to the world: 188

Electricity - consumption

102.3 million kWh (2007 est.)
country comparison to the world: 189

Oil - consumption

5,000 bbl/day (2008 est.)
country comparison to the world: 162

Oil - exports

219 bbl/day (2007 est.)
country comparison to the world: 129

Oil - imports

4,690 bbl/day (2007 est.)
country comparison to the world: 159

Current account balance

-$211 million (2007 est.)
country comparison to the world: 89

Exports

$84.3 million (2007 est.)
country comparison to the world: 196

Exports - commodities

petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals

Imports

$522.8 million (2007 est.)
country comparison to the world: 186

Imports - commodities

food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Debt - external

$359.8 million (June 2006)
country comparison to the world: 169

Exchange rates

East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976

 

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