Antigua and Barbuda flag

The Economy of Antigua and Barbuda

Antiguan, Barbudan Economy

Antigua and Barbuda's map

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:

GDP - real growth rate: 2.1% (2008 est.) 6.1% (2007 est.) 12.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 3.8% industry: 22% services: 74.3% (2002 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 30,000 (1991)

Labor force - by occupation: agriculture: 7% industry: 11% services: 82% (1983)

Unemployment rate: 11% (2001 est.)

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

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

Industrial production growth rate: NA%

Electricity - production: 105 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 97.65 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 4,109 bbl/day (2006 est.)

Oil - exports: 157.7 bbl/day (2005)

Oil - imports: 4,556 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Exports: $84.3 million (2007 est.)

Exports - commodities: petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals

Exports - partners:

Imports: $522.8 million (2007 est.)

Imports - commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Imports - partners:

Debt - external: $359.8 million (June 2006)

Economic aid - recipient:

Currency:

Currency code:

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

Fiscal year: