Economy Overview
Tourism continues to dominate Antigua and Barbuda's 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. Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in 2009. The country suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009 and 2011. Antigua has not yet returned to its pre-crisis growth levels. Barbuda suffered significant damages after hurricanes Irma and Maria passed through the Caribbean in 2017. Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters. The new government, elected in 2014 and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges. The government places some hope in a new Citizenship by Investment Program, to both reduce public debt levels and spur growth, and a resolution of a WTO dispute with the US.
Agriculture Products
tropical fruit, milk, mangoes/guavas, melons, tomatoes, pineapples, lemons, limes, eggplants, onions
Industries
tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial Production Growth Rate
6.8% (2017 est.)
Labor Force
30,000 (1991)
Labor Force by Occupation
Agriculture: 7%
Industry: 11%
Services: 82% (1983 est.)
Unemployment Rate
11% (2014 est.)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: 298.2 million (2017 est.)
Expenditures: 334 million (2017 est.)
Budget Surplus
-2.4% (of GDP) (2017 est.)
Public Debt
0: 86.8% of GDP (2017 est.)
1: 86.2% of GDP (2016 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
0: $441.2 million (31 December 2012)
1: $458 million (June 2010)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
0: East Caribbean dollars (XCD) per US dollar -
1: 2.7 (2017 est.)
2: 2.7 (2016 est.)
3: 2.7 (2015 est.)
4: 2.7 (2014 est.)
5: 2.7 (2013 est.)
