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 approximately 130% in 2010 to 89% in 2012. In 2009, Antigua's economy was severely hit by the global economic crisis and suffered from the collapse of its largest private sector employer, 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
Industries
tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial Production Growth Rate
1% (2013 est.) country comparison to the world: 151
Labor Force
30,000 (1991) country comparison to the world: 205
Labor Force by Occupation
agriculture: 7%
industry: 11%
services: 82% (1983)
Unemployment Rate
11% (2001 est.) country comparison to the world: 115
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
lowest 10%: NA%
highest 10%: NA%
Budget
revenues: $239.5 million
expenditures: $248.7 million (2012 est.)
Public Debt
89% of GDP (2012 est.) country comparison to the world: 22 130% of GDP (2010 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
10.3% (31 December 2013 est.) country comparison to the world: 82 10.13% (31 December 2012 est.)
Stock of Narrow Money
$213 million (31 December 2013 est.) country comparison to the world: 176 $205.2 million (31 December 2012 est.)
Stock of Broad Money
$1.044 billion (31 December 2013 est.) country comparison to the world: 169 $1.033 billion (31 December 2012 est.)
Stock of Domestic Credit
$1.111 billion (31 December 2013 est.) country comparison to the world: 150 $1.111 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$441.2 million (31 December 2012) country comparison to the world: 177 $458 million (June 2010)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
East Caribbean dollars (XCD) per US dollar -2.7 (2013 est.) 2.7 (2012 est.) 2.7 (2010 est.) 2.7 (2009)
