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Economy Overview

Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. 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 income growth in the industrialized world, especially in the US, which accounts for slightly more than one-third of tourist arrivals.

Agriculture Products

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

Industries

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

Industrial Production Growth Rate

6% (1997 est.)

Labor Force

30,000

Electricity production

110.8 million kWh (2002)

Electricity Consumption

103 million kWh (2002)

Electricity Exports

0 kWh (2002)

Electricity Imports

0 kWh (2002)

Unemployment Rate

11% (2001 est.)

Population Below Poverty Line

Household Income or Consumption by Percentage Share

Lowest 10%: NA

Highest 10%: NA

Budget

Revenues: $123.7 million

Expenditures: $145.9 million, including capital expenditures of NA (2000 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$231 million (1999)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: East Caribbean dollars per US dollar - 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000)

Note: fixed rate since 1976

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

1 April - 31 March

GDP Purchasing Power Parity

$750 million (2002 est.)

GDP Real Growth Rate

3% (2002 est.)

GDP Per Capital

Purchasing power parity - $11,000 (2002 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
3.9%
Industry
19.2%
Services
76.8% (2002)

Inflation Rate Consumer Prices

0.4% (2000 est.)

Current Account Balance

Exports

$689 million (2002)

Exports Partners

Poland
47.8%
UK
24.6%
Germany
8.7%

Exports Commodities

Petroleum products
48%
Manufactures
23%
Machinery and transport equipment
17%
Food and live animals
4%
Other
8%

Imports

$692 million (2002 est.)

Imports Partners

China
19.5%
US
18.7%
Singapore
14.8%
Poland
8.5%
Trinidad
and

Imports Commodities

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

Antigua and Barbuda