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Antigua and Barbuda Economy Profile 2018

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Economy - overviewTourism continues to dominate Antigua and Barbuda's economy, accounting for nearly 60% of GDP and 40% of investment. 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.

Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in 2009. The country suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009 and 2011. Antigua has not yet returned to its pre-crisis growth levels.

Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters. The new government, elected in 2014 and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges. The government places some hope in a new Citizenship by Investment Program to both reduce public debt levels and spur growth.
GDP (purchasing power parity)$2.39 billion (2017 est.)
$2.328 billion (2016 est.)
$2.209 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$1.535 billion (2016 est.)
GDP - real growth rate2.7% (2017 est.)
5.3% (2016 est.)
4.1% (2015 est.)
GDP - per capita (PPP)$26,300 (2017 est.)
$25,900 (2016 est.)
$24,800 (2015 est.)
note: data are in 2017 dollars
Gross national saving26% of GDP (2017 est.)
24.5% of GDP (2016 est.)
30.7% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 68%
government consumption: 16%
investment in fixed capital: 21.7%
investment in inventories: 0.1%
exports of goods and services: 34%
imports of goods and services: -39.7% (2017 est.)
GDP - composition by sectoragriculture: 2.3%
industry: 20.2%
services: 77.5% (2017 est.)
Population below poverty lineNA%
Labor force30,000 (1991)
Labor force - by occupationagriculture: 7%
industry: 11%
services: 82% (1983)
Unemployment rate11% (2014 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $295.9 million
expenditures: $322.9 million (2017 est.)
Taxes and other revenues19.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-1.8% of GDP (2017 est.)
Public debt92.7% of GDP (2016 est.)
99.1% of GDP (2015 est.)
Inflation rate (consumer prices)2.4% (2017 est.)
-0.5% (2016 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate9.6% (31 December 2017 est.)
9.61% (31 December 2016 est.)
Stock of narrow money$307.7 million (31 December 2017 est.)
$293 million (31 December 2016 est.)
Stock of broad money$1.229 billion (31 December 2017 est.)
$1.194 billion (31 December 2016 est.)
Stock of domestic credit$925.9 million (31 December 2017 est.)
$913 million (31 December 2016 est.)
Agriculture - productscotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Industriestourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate3% (2017 est.)
Current Account Balance$22 million (2017 est.)
$2 million (2016 est.)
Exports$61.3 million (2017 est.)
$56.5 million (2016 est.)
Exports - commoditiespetroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals
Exports - partnersPoland 53.2%, UK 12.7%, Cameroon 7.2%, Germany 5.5%, US 4.5% (2016)
Imports$420.7 million (2017 est.)
$407.3 million (2016 est.)
Imports - commoditiesfood and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partnersUS 44.3%, Japan 4.7%, China 4.1% (2016)
Debt - external$441.2 million (31 December 2012)
$458 million (June 2010)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on January 20, 2018