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    Antigua and Barbuda Economy - 1989

      Overview: The economy is primarily service oriented, with tourism the single most important determinant of economic performance. During the period 1983-86, real GDP expanded at an annual average rate of 8%, led by the strong tourism and construction sectors. Tourism's contribution to GDP, as measured by value added in hotels and restaurants, rose from about 14% in 1983 to 17% in 1987, and stimulated growth in other sectors--particularly in construction, communications, and public utilities. During the same period the combined share of agriculture and manufacturing declined from 12% to less than 10%. Antigua and Barbuda is one of the few areas in the Caribbean experiencing a labor shortage in some sectors of the economy.

      GDP: $215 million, per capita $3,380; real growth rate 7.5% (1987 est.)

      Inflation rate (consumer prices): 1.0% (1987)

      Unemployment rate: 10% (1987)

      Budget: revenues $70 million; expenditures $140 million, including capital expenditures of $76 million (1987 est.)

      Exports: $30.8 est. million, including reexports of $13 million (f.o.b., 1987); @m5commodities--petroleum products 46%, manufactures 29%, food and live animals 14%, machinery and transport equipment 11%; @m5partners--Trinidad and Tobago 40%, Barbados 8%, US 0.3%

      Imports: $278.9 million (c.i.f., 1987 est.); @m5commodities--food and live animals, machinery and transport equipment, manufactures, chemicals, oil; @m5partners--US 27%, UK 14%, CARICOM 7%, Canada 4%, other 48%

      External debt: $245.4 million (1987)

      Industrial production: growth rate 10% (1987)

      Electricity: 48,800 kW capacity; 89 million kWh produced, 1,400 kWh per capita (1988)

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

      Agriculture: accounts for 4% of GDP; expanding output of cotton, fruits, vegetables, and livestock sector; other crops--bananas, coconuts, cucumbers, mangoes; not self-sufficient in food

      Aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-80), $20 million

      Currency: East Caribbean dollar (plural--dollars); 1 EC dollar (EC$) = 100 cents

      Exchange rates: East Caribbean dollars (EC$) per US$1--2.70 (fixed rate since 1976)

      Fiscal year: 1 April-31 March

      NOTE: The information regarding Antigua and Barbuda on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 1989 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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