Anguilla Economy Profile 2009

Economy - overview

Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. Increased activity in the tourism industry has spurred the growth of the construction sector contributing to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small but growing. In the medium term, prospects for the economy will depend largely on the tourism sector and, therefore, on revived income growth in the industrialized nations as well as on favorable weather conditions.

GDP (purchasing power parity)

$108.9 million (2004 est.)

GDP (official exchange rate)

$108.9 million (2004 est.)

GDP - real growth rate

10.2% (2004 est.)

GDP - per capita (PPP)

$8,800 (2004 est.)

GDP - composition by sector

agriculture: 4%
industry: 18%
services: 78% (2002 est.)

Population below poverty line

23% (2002)

Labor force

6,049 (2001)

Labor force - by occupation

agriculture/fishing/forestry/mining 4%, manufacturing 3%, construction 18%, transportation and utilities 10%, commerce 36%, services 29% (2000 est.)

Unemployment rate

8% (2002)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $22.8 million
expenditures: $22.5 million (2000 est.)

Inflation rate (consumer prices)

5.3% (2006 est.)

Central bank discount rate

6.5% (31 December 2008)
6.5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
9.76% (31 December 2007)

Stock of money

$NA (31 December 2008)
$23.57 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$470.1 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$447.7 million (31 December 2007)

Industries

tourism, boat building, offshore financial services

Industrial production growth rate

NA

Electricity - production

NA kWh

Electricity - production by source

fossil fuel: NA
hydro: NA
nuclear: NA
other: NA

Current Account Balance

$-42.87 million (2003 est.)

Agriculture - products

small quantities of tobacco, vegetables; cattle raising

Exports

$13 million (2006)

Exports - commodities

lobster, fish, livestock, salt, concrete blocks, rum

Imports

$143 million (2006)

Imports - commodities

fuels, foodstuffs, manufactures, chemicals, trucks, textiles

Debt - external

$8.8 million (1998)

Economic aid - recipient

$9 million (2004 est.)

Currency (code)

XCD

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