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. 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. After taking office in 2004, the SPENCER government adopted an ambitious fiscal reform program, and was successful in reducing its public debt-to-GDP ratio from 120% to about 90% in 2008. However, the global financial crisis that began in 2008, has led to a significant increase in the national debt, which topped 130% at the end of 2010. The Antiguan 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, but growth dropped off in 2008 with the end of the boom. In 2009, Antigua's economy was severely hit by the global economic crisis, suffering from the collapse of its largest financial institution and a steep decline in tourism. This decline continued in 2010 as the country struggled with a yawning budget deficit.
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: 203
Electricity production
115 million kWh (2008 est.)country comparison to the world: 191
Electricity Consumption
107 million kWh (2008 est.)country comparison to the world: 192
Electricity Exports
0 kWh (2009 est.)
Electricity Imports
0 kWh (2009 est.)
Unemployment Rate
11% (2001 est.)country comparison to the world: 119
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $229.5 million
Expenditures: $293.4 million (2009 est.)
Central Bank Discount Rate
6.5% (31 December 2010 est.)country comparison to the world: 53 6.5% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$208.1 million (31 December 2010 est.)country comparison to the world: 176 $233.5 million (31 December 2009 est.)
Stock of Broad Money
$1.299 billion (31 December 2010 est.)country comparison to the world: 155 $1.194 billion (31 December 2009 est.)
Stock of Domestic Credit
$1.14 billion (31 December 2010 est.)country comparison to the world: 151 $1.19 billion (31 December 2009 est.)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$359.8 million (June 2006)country comparison to the world: 170
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
East Caribbean dollars (XCD) per US dollar -2.7 (2010)2.7 (2009)2.7 (2005)2.7 (2004)2.7 (2003)
