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. 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. In 2009, Antigua's economy was severely hit by the global economic crisis and suffered from the collapse of its largest financial institution, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009-11. Antigua has not yet returned to its pre-crisis growth levels.
Agriculture Products
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Industrial Production Growth Rate
NA%
Labor Force
30,000 (1991)country comparison to the world: 206
Unemployment Rate
11% (2001 est.)country comparison to the world: 118
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.)
Public Debt
130% of GDP (2010 est.)country comparison to the world: 5 90% of GDP (2008 est.)
Central Bank Discount Rate
6.5% (31 December 2010 est.)country comparison to the world: 49 6.5% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$215.6 million (31 December 2012 est.)country comparison to the world: 177 $223.6 million (31 December 2011 est.)
Stock of Broad Money
$1.131 billion (31 December 2012 est.)country comparison to the world: 167 $1.12 billion (31 December 2011 est.)
Stock of Domestic Credit
$1.185 billion (31 December 2012 est.)country comparison to the world: 153 $1.134 billion (31 December 2011 est.)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$458 million (June 2010)country comparison to the world: 173 $359.8 million (June 2006)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
East Caribbean dollars (XCD) per US dollar -2.7 (2012 est.) 2.7 (2011 est.) 2.7 (2010 est.) 2.7 (2009)
