| Economy | Antigua and Barbuda |
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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, but returned to positive growth in 2011. |
GDP (purchasing power parity):
|
$1.734 billion (2011 est.)
$1.734 billion (2010 est.)
$1.836 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$22,100 (2011 est.)
$21,900 (2010 est.)
$23,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1.3 billion (2011 est.) |
GDP - real growth rate:
|
2% (2011 est.)
-4.1% (2010 est.)
-9.6% (2009 est.) |
GDP - composition by sector:
|
agriculture: 3.8%
industry: 32.9%
services: 63.4% (2011 est.) |
Investment (gross fixed):
|
84.7% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.5% (2011 est.)
2.9% (2010 est.) |
Central bank discount rate:
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6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
10% (31 December 2011 est.)
11.025% (31 December 2010 est.) |
Stock of money:
|
$296.4 million (31 December 2008)
$294.8 million (31 December 2007) |
Stock of money - per capita:
|
3,373 USD per capita |
Stock of quasi money:
|
$939.9 million (31 December 2008)
$902 million (31 December 2007) |
Stock of quasi money - per capita:
|
10,695 USD per capita |
Stock of domestic credit:
|
$1.185 billion (31 December 2011 est.)
$1.14 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
13,484 USD per capita |
Stock of narrow money:
|
$182.5 million (31 December 2011 est.)
$208.1 million (31 December 2010 est.) |
Stock of broad money:
|
$1.099 billion (31 December 2011 est.)
$1.299 billion (31 December 2010 est.) |
Labor force:
|
30,000 (1991) |
Labor force participation rate:
|
34.14 % of population |
Labor force - by occupation:
|
agriculture: 7%
industry: 11%
services: 82% (1983) |
Unemployment rate:
|
11% (2001 est.) |
Unemployment, youth ages 15-24:
|
total: 19.9%
male: 18.4%
female: 21.6% (2001) |
Budget:
|
revenues: $229.5 million
expenditures: $293.4 million (2009 est.) |
Budget revenues per capita:
|
2,612 USD per capita |
Taxes and other revenues:
|
17.7% of GDP (2009 est.) |
Budget surplus (+) or deficit (-):
|
-4.9% of GDP (2009 est.) |
Public debt:
|
130% of GDP (2010 est.)
90% of GDP (2008 est.) |
Industries:
|
tourism, construction, light manufacturing (clothing, alcohol, household appliances) |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
115 million kWh (2008 est.) |
Electricity - production per capita:
|
1,309 kWh per capita |
Electricity - consumption:
|
107 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
1,218 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
5,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
20.77 bbl/year per capita |
Oil - exports:
|
239.5 bbl/day (2009 est.) |
Oil - imports:
|
4,548 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock |
Current account balance:
|
-$330.6 million (2011 est.)
-$326.5 million (2010 est.) |
Current account balance - per capita:
|
-3,761 USD per capita |
Exports:
|
$68 million (2011 est.)
$69.1 million (2010 est.) |
Exports per capita:
|
774 USD per capita |
Exports - commodities:
|
petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals |
Exports - partners:
|
void |
Imports:
|
$657 million (2011 est.)
$633.7 million (2010 est.) |
Imports per capita:
|
7,476 USD per capita |
Imports - commodities:
|
food and live animals, machinery and transport equipment, manufactures, chemicals, oil |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$359.8 million (June 2006) |
Debt - external - per capita:
|
4,095 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar -
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
|
Fiscal year:
|
1 April - 31 March |
|
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