4 GeoFroggy

Antigua and Barbuda

Continent:

Geography

People &
Society

Government

Economy

Energy

Communications

Military &
Security

Transportation

Terrorism

Transnational Issues
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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

100 million kWh (2003)

Electricity Consumption

93 million kWh (2003)

Electricity Exports

0 kWh (2003)

Electricity Imports

0 kWh (2003)

Unemployment Rate

11% (2001 est.)

Population Below Poverty Line

NA%

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

$427.3 million; note - data are for public external debt, not total external debt (2000)

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 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001)

Note: fixed rate since 1976

Year

GDP Official Exchange Rate

  • $905 million

Fiscal Year

  • 1 April - 31 March

GDP Purchasing Power Parity

    $750 million (2002 est.)

GDP Real Growth Rate

    3.8% (2005 est.)

GDP Per Capital

    $10,900 (2005 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

  • Agriculture
    3.8%
  • Industry
    22%
  • Services
    74.3% (2002)

Inflation Rate Consumer Prices

    0.9% (2005 est.)

Current Account Balance

    $-83.4 million

Exports

    $46.81 million (2004 est.)

Exports Partners

  • Spain
    34%
  • Germany
    20.7%
  • Italy
    7.7%
  • Singapore
    5.8%
  • UK
    4.9%

Exports Commodities

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

Imports

    $378 million (2004 est.)

Imports Partners

  • US
    21.1%
  • China
    16.4%
  • Germany
    13.3%
  • Singapore
    12.7%
  • Spain
    6.5%

Imports Commodities

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