Antigua and Barbuda Economy:
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 — real growth rate:
3% (2002 est.)
GDP — per capita:
purchasing power parity: $11,000 (2002 est.)
GDP — composition by sector:
agriculture: 3.9%
industry: 19.2%
services: 76.8%
(2002)
Labor force:
30,000
Labor force — by occupation:
agriculture: 7%, industry: 11%, services: 82% (1983 est.)
Unemployment rate:
11% (2001 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
0.4% (2000 est.)
Budget:
revenues: $123.7 million (2000 est.)
expenditures: $145.9 million including capital expenditures of NA (2000 est.)
Agriculture — products:
Cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Industries:
tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate:
6% (1997 est.)
Electricity — production:
110.8 million kWh (2002 est.)
Electricity — consumption:
103 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
3,600 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$689 million (2002 est.)
Exports — commodities:
petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%
Exports — partners:
Poland 47.8%, UK 24.6%, Germany 8.7%, , (2004)
Imports:
$692 million (2002 est.)
Imports — commodities:
food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports — partners:
China 19.5%, US 18.7%, Singapore 14.8%, Poland 8.5%, Trinidad and Tobago 4.7% (2004)
Debt — external:
$231 million (1999 est.)
Economic aid — recipient:
$2.3 million (1995 est.)
Currency:
East Caribbean dollar (XCD)
Exchange rates:
East Caribbean dollars per US$: 2.7 (2004 est.), 2.7 (2003 est.), 2.7 (2002 est.), 2.7 (2001 est.), 2.7 (2000 est.)
note: Fixed rate since 1976
Fiscal year:
1 April - 31 March
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