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

Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. It has experienced solid growth since 2003, driven by a construction boom in hotels and housing that which should wind down in 2008. Tourism continues to dominate the economy, accounting for more than half of GDP. 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. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, but will continue to be saddled by its debt burden with a debt-to-GDP ratio exceeding 100%.

Agriculture Products

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

Industries

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

Industrial Production Growth Rate

NA%

Labor Force

30,000 (1991)

Electricity production

105 million kWh (2006 est.)

Electricity Consumption

97.65 million kWh (2006 est.)

Electricity Exports

0 kWh (2007 est.)

Electricity Imports

0 kWh (2007 est.)

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 (2000 est.)

Central Bank Discount Rate

6.5% (31 December 2007)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

$1.002 billion (31 December 2007)

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$359.8 million (June 2006)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

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

Year

GDP Official Exchange Rate

  • $1.089 billion 2007 est.

GDP Purchasing Power Parity

    $1.526 billion (2007 est.)

GDP Real Growth Rate

    6.1% (2007 est.)

GDP Per Capital

    $18,300 (2007 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

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

Inflation Rate Consumer Prices

    1.5% (2007 est.)

Current Account Balance

    $-211 million (2007 est.)

Exports

    $84.3 million (2007 est.)

Exports Partners

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

Exports Commodities

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

Imports

    $522.8 million (2007 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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