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Antigua and Barbuda:
Economy

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Antigua and Barbuda Page


Other pages in this profile of Antigua and Barbuda:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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)
Definition - World rank and map
$1.526 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.089 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.1% (2007 est.)
GDP - per capita
Definition - World rank and map
$18,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.)
Labor force
Definition
30,000 (1991)
Labor force - by occupation
Definition
agriculture: 7%
industry: 11%
services: 82% (1983)
Unemployment rate
Definition - World rank and map
11% (2001 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
1.5% (2007 est.)
Budget
Definition
revenues: $123.7 million
expenditures: $145.9 million (2000 est.)
Agriculture - products
Definition
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Industries
Definition
tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
105 million kWh (2005)
Electricity - consumption
Definition - World rank and map
97.65 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
1,398.2 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
4,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
57.3 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
177.7 bbl/day (2004)
Oil - imports
Definition - World rank and map
4,215 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$211 million (2004)
Exports
Definition - World rank and map
$84.3 million (2007 est.)
Exports - commodities
Definition
petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals
Exports - partners
Definition
Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2006)
Imports
Definition - World rank and map
$522.8 million (2007 est.)
Imports - commodities
Definition
food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners
Definition
US 21.1%, China 16.4%, Germany 13.3%, Singapore 12.7%, Spain 6.5% (2006)
Debt - external
Definition - World rank and map
$359.8 million (June 2006)
Economic aid - recipient
Definition
$7.23 million (2005)
Currency (code)
Definition
East Caribbean dollar (XCD)
Exchange rates
Definition
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
Definition
1 April - 31 March


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