| Economy | Antigua and Barbuda |
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Economy - overview:
|
Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. The 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. Growth dropped off in 2008 with the end of the boom. Tourism continues to dominate the 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. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, and has been successful in reducing its public debt-to-GDP ratio from 120% to about 90%. |
GDP (purchasing power parity):
|
$1.61 billion (2008 est.)
$1.577 billion (2007)
$1.486 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$19,000 (2008 est.)
$18,900 (2007 est.)
$18,000 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$1.126 billion (2008 est.) |
GDP - real growth rate:
|
2.1% (2008 est.)
6.1% (2007 est.)
12.2% (2006 est.) |
GDP - composition by sector:
|
agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.) |
Investment (gross fixed):
|
void |
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):
|
1.5% (2007 est.) |
Central bank discount rate:
|
6.5% (31 December 2007) |
Commercial bank prime lending rate:
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10.44% (31 December 2007) |
Stock of money:
|
$294.8 million (31 December 2007) |
Stock of money - per capita:
|
3,443 USD per capita |
Stock of quasi money:
|
$902 million (31 December 2007) |
Stock of quasi money - per capita:
|
10,534 USD per capita |
Stock of domestic credit:
|
$1.002 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
11,702 USD per capita |
Labor force:
|
30,000 (1991) |
Labor force participation rate:
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35.03 % of population |
Labor force - by occupation:
|
agriculture: 7%
industry: 11%
services: 82% (1983) |
Unemployment rate:
|
11% (2001 est.) |
Budget:
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revenues: $123.7 million
expenditures: $145.9 million (2000 est.) |
Budget revenues per capita:
|
1,445 USD per capita |
Public debt:
|
void |
Industries:
|
tourism, construction, light manufacturing (clothing, alcohol, household appliances) |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
105 million kWh (2006 est.) |
Electricity - production per capita:
|
1,227 kWh per capita |
Electricity - consumption:
|
97.65 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
1,141 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
4,109 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
17.51 bbl/year per capita |
Oil - exports:
|
157.7 bbl/day (2005) |
Oil - imports:
|
4,556 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock |
Current account balance:
|
-$211 million (2007 est.) |
Current account balance - per capita:
|
-2,464 USD per capita |
Exports:
|
$84.3 million (2007 est.) |
Exports per capita:
|
985 USD per capita |
Exports - commodities:
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petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals |
Exports - partners:
|
void |
Imports:
|
$522.8 million (2007 est.) |
Imports per capita:
|
6,106 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:
|
4,202 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$7.23 million (2005) |
Economic aid - recipient per capita:
|
85 USD per capita |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976 |
Fiscal year:
|
1 April - 31 March |
|
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