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EconomyEconomy - overview
Tourism 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. Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters. After taking office in 2004, the SPENCER government adopted an ambitious fiscal reform program and was successful in reducing its public debt-to-GDP ratio from 120% to about 90% in 2008. However, the global financial crisis that began in 2008, has led to a significant increase in the national debt, which topped 130% at the end of 2010. The Antiguan economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006 driven by a construction boom in hotels and housing associated with the Cricket World Cup, but growth dropped off in 2008 with the end of the boom. In 2009, Antigua''s economy was severely hit by the global economic crisis, suffering from the collapse of its largest financial institution and a steep decline in tourism. This decline continued in 2010 as the country struggled with a yawning budget deficit but returned to positive growth in 2011. Gdp (purchasing power parity) World Ranking: 193
$1.595 billion (2011 est.)
$1.603 billion (2010 est.) $1.76 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$1.187 billion (2011 est.)
Gdp - real growth rate World Ranking: 202
-0.5% (2011 est.)
-8.9% (2010 est.) -10.3% (2009 est.) Gdp - per capita (ppp) World Ranking: 67
$18,200 (2011 est.)
$18,300 (2010 est.) $20,100 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 3.8%
Industry 32.9% Services 63.4% (2011 est.) Labor force World Ranking: 205
30,000 (1991)
Labor force - by occupation
Agriculture 7%
Industry 11% Services 82% (1983) Unemployment rate World Ranking: 119
11% (2001 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $229.5 million
Expenditures $293.4 million (2009 est.) Taxes and other revenues World Ranking: 168
19.3% of GDP (2009 est.)
Budget surplus (+) or deficit (-) World Ranking: 166
-5.4% of GDP (2009 est.)
Inflation rate (consumer prices) World Ranking: 67
3.3% (2011 est.)
3.1% (2010 est.) Central bank discount rate World Ranking: 48
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 76
10.91% (31 December 2011 est.)
11.025% (31 December 2010 est.) Stock of narrow money World Ranking: 164
$423 million (31 December 2011 est.) $229.3 million (31 December 2010 est.) Stock of broad money World Ranking: 161
$1.205 billion (31 December 2011 est.) $1.113 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 154
$1.134 billion (31 December 2011 est.) $1.144 billion (31 December 2010 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
NA%
Electricity - production World Ranking: 189
115 million kWh (2008 est.)
Electricity - consumption World Ranking: 191
107 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 149
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 168
5,000 bbl/day (2010 est.)
Oil - exports World Ranking: 132
0 bbl/day (2009 est.)
Oil - imports World Ranking: 159
4,548 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 102
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 147
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 148
0 cu m (2009 est.)
Natural gas - exports World Ranking: 53
0 cu m (2009 est.)
Natural gas - imports World Ranking: 149
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 146
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 91
-$268.3 million (2011 est.)
-$166.5 million (2010 est.) Exports World Ranking: 199
$40.3 million (2011 est.)
$45.33 million (2010 est.) Exports - commodities
Petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals Imports World Ranking: 189
$437.4 million (2011 est.)
$453.9 million (2010 est.) Imports - commodities
Food and live animals, machinery and transport equipment, manufactures, chemicals, oil Debt - external World Ranking: 173
$359.8 million (June 2006)
Exchange rates
East Caribbean dollars (XCD) per US dollar - 2.7 (2011 est.)2.7 (2010 est.) 2.7 (2009) Fiscal year
1 April - 31 March
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Antigua And Barbuda (Saint John's):
 
GPS points from Antigua And Barbuda (Saint John's)
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The Siboney were the first people to inhabit the islands of Antigua and Barbuda in 2400 B.C., but Arawak Indians populated the islands when COLUMBUS landed on his second voyage in 1493. Early Spanish and French settlements were succeeded by an English colony in 1667. Slavery, established to run the sugar plantations on Antigua, was abolished in 1834. The islands became an independent state within the British Commonwealth of Nations in 1981.