| |
Antigua and Barbuda's service-based economy grew by 5.2% in 2004, with tourism, financial services, and government services as the key sources of employment and income. Although the tourism sector faced setbacks from a series of violent hurricanes since 1995 and a drop off in tourism after the September 11, 2001 terrorist attacks, it has largely recovered and had a strong performance in 2004. More than three-quarters of a million people visited Antigua and Barbuda in 2004, the majority from Europe and the U.S., including over 500,000 cruise ship visitors. To lessen its vulnerability to natural disasters and economic shocks, Antigua has sought to diversify its economy by encouraging growth in transportation, communications, Internet gambling, and financial services. Antigua and Barbuda's currency is the Eastern Caribbean Dollar (EC$), a regional currency shared among members of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues the EC$, manages monetary policy, and regulates and supervises commercial banking activities in its member countries. The ECCB's primary monetary policy goal is to maintain the long-standing currency peg of US$1=EC$2.7. Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative that grants duty-free entry into the U.S. for many goods. In 2001, 22% of its total exports of $17 million went to the U.S. and 28.5% of its $335 million total imports came from the U.S. Antigua and Barbuda also belongs to the predominantly English-speaking Caribbean Community and Common Market (CARICOM) and the CARICOM Single Market and Economy (CSME). |
Home 
Fields
World Records
World Dictionary
Geographic Names
Fields History
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
Notes and Definitions
