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%.
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)country comparison to the world: 197
Electricity production
110 million kWh (2007 est.)country comparison to the world: 188
Electricity Consumption
102.3 million kWh (2007 est.)country comparison to the world: 189
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
11% (2001 est.)country comparison to the world: 127
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 (2000 est.)
Central Bank Discount Rate
6.5% (31 December 2008)country comparison to the world: 57 6.5% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$1.13 billion (31 December 2008)country comparison to the world: 107 $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)country comparison to the world: 169
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
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
