Anguilla Economy Profile 2008

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)

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

5.3% (2006 est.)

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)

Budget

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

Industries

tourism, boat building, offshore financial services

Industrial production growth rate

3.1% (1997 est.)

Electricity - production

NA kWh

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

Exports - partners

UK, US, Puerto Rico, Saint-Martin (2006)

Imports

$143 million (2006)

Imports - commodities

fuels, foodstuffs, manufactures, chemicals, trucks, textiles

Imports - partners

US, Puerto Rico, UK (2006)

Debt - external

$8.8 million (1998)

Economic aid - recipient

$9 million (2004 est.)

Currency (code)

East Caribbean dollar (XCD)

Exchange rates

East Caribbean dollars 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