Economy Of Antigua and Barbuda
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Economy overview
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Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. 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 income growth in the industrialized world, especially in the US, which accounts for slightly more than one-third of tourist arrivals.
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GDP
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purchasing power parity - $750 million (2002 est.)
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GDP - real growth rate
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3% (2002 est.)
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GDP - per capita
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purchasing power parity - $11,000 (2002 est.)
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GDP - composition by sector
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agriculture: 3.9%
industry: 19.2%
services: 76.8% (2002)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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0.4% (2000 est.)
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Labor force
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30,000
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Labor force by occupation
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agriculture 7%, industry 11%, services 82% (1983)
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Unemployment rate
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11% (2001 est.)
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Budget
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revenues: $123.7 million
expenditures: $145.9 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
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Industries
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tourism, construction, light manufacturing (clothing, alcohol, household appliances)
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Industrial production growth rate
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6% (1997 est.)
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Electricity production
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105.3 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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97.89 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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3,600 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$689 million (2002)
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Exports commodities
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petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%
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Exports partners
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Germany 84.9%, UK 3.8%, US 3.3% (2003)
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Imports
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$692 million (2002 est.)
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Imports commodities
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food and live animals, machinery and transport equipment, manufactures, chemicals, oil
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Imports partners
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US 26.5%, Singapore 10%, Poland 7%, Germany 6.1%, UK 6.1%, Trinidad and Tobago 4.4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$231 million (1999)
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Economic aid recipient
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$2.3 million (1995)
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Currency
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East Caribbean dollar (XCD)
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Currency code
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XCD
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Exchange rates
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East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998) (fixed rate since 1976)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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