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Antigua and Barbuda Economy 2011
https://theodora.com/wfb2011/antigua_and_barbuda/antigua_and_barbuda_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 11, 2011

Economy - 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.

GDP (purchasing power parity):
$1.433 billion (2010 est.)
country comparison to the world: 196

$1.494 billion (2009 est.)
$1.64 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$1.099 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-4.1% (2010 est.)
country comparison to the world: 211

-8.9% (2009 est.)
1.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,500 (2010 est.)
country comparison to the world: 68

$17,400 (2009 est.)
$19,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 3.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22%
[see also: GDP - composition by sector - industry country ranks ]
services: 74.3% (2002 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
30,000 (1991)
country comparison to the world: 205
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11%
[see also: Labor force - by occupation - industry country ranks ]
services: 82% (1983)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2001 est.)
country comparison to the world: 120
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $229.5 million
[see also: Budget - revenues country ranks ]
expenditures: $293.4 million (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
1.5% (2007 est.)
country comparison to the world: 38
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 69

6.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.07% (31 December 2009 est.)
country comparison to the world: 86

10.43% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$233.5 million (31 December 2009)

$266.7 million (31 December 2008)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.186 billion (31 December 2009)

$1.236 billion (31 December 2008)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.13 billion (31 December 2008 est.)
country comparison to the world: 148

$1.002 billion (31 December 2007 est.)
[see also: Stock of domestic credit country ranks ]

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%
[see also: Industrial production growth rate country ranks ]

Electricity - production:
110 million kWh (2007 est.)
country comparison to the world: 189
[see also: Electricity - production country ranks ]

Electricity - consumption:
102.3 million kWh (2007 est.)
country comparison to the world: 190
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 209
[see also: Oil - production country ranks ]

Oil - consumption:
5,000 bbl/day (2009 est.)
country comparison to the world: 166
[see also: Oil - consumption country ranks ]

Oil - exports:
219 bbl/day (2007 est.)
country comparison to the world: 131
[see also: Oil - exports country ranks ]

Oil - imports:
4,690 bbl/day (2007 est.)
country comparison to the world: 160
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 205
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 208
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 210
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 204
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 206
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 206
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$211 million (2007 est.)
country comparison to the world: 90
[see also: Current account balance country ranks ]

Exports:
$84.3 million (2007 est.)
country comparison to the world: 198
[see also: Exports country ranks ]

Exports - commodities:
petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals

Imports:
$522.8 million (2007 est.)
country comparison to the world: 189
[see also: Imports country ranks ]

Imports - commodities:
food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Debt - external:
$359.8 million (June 2006)
country comparison to the world: 167
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976


NOTE: The information regarding Antigua and Barbuda on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 2011 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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