Antigua and Barbuda Economy Profile 2006

Economy - overview

Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. 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.

GDP (purchasing power parity)

$750 million (2002 est.)

GDP (official exchange rate)

$905 million

GDP - real growth rate

3.8% (2005 est.)

GDP - per capita (PPP)

$10,900 (2005 est.)

GDP - composition by sector

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

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

0.9% (2005 est.)

Labor force

30,000

Labor force - by occupation

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

Unemployment rate

11% (2001 est.)

Budget

revenues: $123.7 million
expenditures: $145.9 million; including capital expenditures of $NA (2000 est.)

Industries

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

Industrial production growth rate

6% (1997 est.)

Electricity - production

100 million kWh (2003)

Electricity - consumption

93 million kWh (2003)

Electricity - exports

0 kWh (2003)

Electricity - imports

0 kWh (2003)

Oil - production

0 bbl/day (2003)

Oil - consumption

3,600 bbl/day (2003 est.)

Oil - imports

NA bbl/day

Oil - exports

NA bbl/day

Natural gas - production

0 cu m (2003 est.)

Natural gas - consumption

0 cu m (2003 est.)

Current Account Balance

$-83.4 million

Agriculture - products

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

Exports

$46.81 million (2004 est.)

Exports - commodities

petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%

Exports - partners

Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2005)

Imports

$378 million (2004 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% (2005)

Debt - external

$427.3 million; note - data are for public external debt, not total external debt (2000)

Economic aid - recipient

$1.65 million (2004)

Currency (code)

East Caribbean dollar (XCD)

Exchange rates

East Caribbean dollars per US dollar - 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001)
note: fixed rate since 1976

Fiscal year

1 April - 31 March