Antigua and Barbuda Economy
Economy - overviewTourism 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)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
0.4% (2000 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.)
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
105.3 million kWh (2001)
Electricity - consumption
97.89 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
3,600 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$689 million (2002)
Exports - commodities
petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%
Exports - partners
Germany 84.9%, UK 3.8%, US 3.3% (2003)
Imports
$692 million (2002 est.)
Imports - commodities
food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners
US 26.5%, Singapore 10%, Poland 7%, Germany 6.1%, UK 6.1%, Trinidad and Tobago 4.4% (2003)
Debt - external
$231 million (1999)
Currency
East Caribbean dollar (XCD)
Currency code
XCD
Exchange rates
East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998) (fixed rate since 1976)
