Antigua and Barbuda Economy Profile 2008

Economy - overview

Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. It has experienced solid growth since 2003, driven by a construction boom in hotels and housing that which should wind down in 2008. Tourism continues to dominate the economy, accounting for more than half of GDP. 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. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, but will continue to be saddled by its debt burden with a debt-to-GDP ratio exceeding 100%.

GDP (purchasing power parity)

$1.526 billion (2007 est.)

GDP (official exchange rate)

$1.089 billion (2007 est.)

GDP - real growth rate

6.1% (2007 est.)

GDP - per capita (PPP)

$18,300 (2007 est.)

GDP - composition by sector

agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.)

Population below poverty line

NA%

Labor force

30,000 (1991)

Labor force - by occupation

agriculture: 7%
industry: 11%
services: 82% (1983)

Unemployment rate

11% (2001 est.)

Household income or consumption by percentage share

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

Budget

revenues: $123.7 million
expenditures: $145.9 million (2000 est.)

Inflation rate (consumer prices)

1.5% (2007 est.)

Central bank discount rate

6.5% (31 December 2007)

Commercial bank prime lending rate

10.44% (31 December 2007)

Stock of money

$294.8 million (31 December 2007)

Stock of quasi money

$902 million (31 December 2007)

Stock of domestic credit

$1.002 billion (31 December 2007)

Industries

tourism, construction, light manufacturing (clothing, alcohol, household appliances)

Industrial production growth rate

NA%

Electricity - production

105 million kWh (2006 est.)

Electricity - consumption

97.65 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

4,109 bbl/day (2006 est.)

Oil - imports

4,556 bbl/day (2005)

Oil - exports

157.7 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

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.)

Current Account Balance

$-211 million (2007 est.)

Agriculture - products

cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Exports

$84.3 million (2007 est.)

Exports - commodities

petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals

Exports - partners

Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2006)

Imports

$522.8 million (2007 est.)

Imports - commodities

food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Imports - partners

US 21.1%, China 16.4%, Germany 13.3%, Singapore 12.7%, Spain 6.5% (2006)

Debt - external

$359.8 million (June 2006)

Economic aid - recipient

$7.23 million (2005)

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