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 and 2011. 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% (2014 est.)
Labor Force
30,000 (1991)
Labor Force by Occupation
Agriculture: 7%
Industry: 11%
Services: 82% (1983)
Unemployment Rate
11% (2014 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $240.3 million
Expenditures: $206.7 million (2014 est.)
Public Debt
130% of GDP (2010 est.)
Central Bank Discount Rate
6.5% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$221.2 million (31 December 2013 est.)
Stock of Broad Money
$1.077 billion (31 December 2013 est.)
Stock of Domestic Credit
$1.081 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$458 million (June 2010)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
2.7 (2010 est.)
