Antigua and Barbuda Economy - 2021

Economic 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.

Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in 2009. The country suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009 and 2011. Antigua has not yet returned to its pre-crisis growth levels. Barbuda suffered significant damages after hurricanes Irma and Maria passed through the Caribbean in 2017.

Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters. The new government, elected in 2014 and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges. The government places some hope in a new Citizenship by Investment Program, to both reduce public debt levels and spur growth, and a resolution of a WTO dispute with the US.

Real GDP growth rate

2.8% (2017 est.)

5.3% (2016 est.)

4.1% (2015 est.)

Inflation rate (consumer prices)

2.5% (2017 est.)

-0.5% (2016 est.)

Real GDP (purchasing power parity)

$2.127 billion (2019 est.)

$2.033 billion (2018 est.)

$1.893 billion (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.524 billion (2017 est.)

Real GDP per capita

$21,910 (2019 est.)

$21,116 (2018 est.)

$19,840 (2017 est.)

note: data are in 2017 dollars

Gross national saving

19.2% of GDP (2018 est.)

17.5% of GDP (2017 est.)

24.5% of GDP (2016 est.)

GDP - composition, by sector of origin

agriculture: 1.8% (2017 est.)

industry: 20.8% (2017 est.)

services: 77.3% (2017 est.)

GDP - composition, by end use

household consumption: 53.5% (2017 est.)

government consumption: 15.2% (2017 est.)

investment in fixed capital: 23.9% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 73.9% (2017 est.)

imports of goods and services: -66.5% (2017 est.)

Ease of Doing Business Index scores

Overall score: 60.3 (2020)

Starting a Business score: 82.6 (2020)

Trading score: 68.7 (2020)

Enforcement score: 68.1 (2020)

Agricultural products

tropical fruit, milk, mangoes/guavas, melons, tomatoes, pineapples, lemons, limes, eggplants, onions

Industries

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

Industrial production growth rate

6.8% (2017 est.)

Labor force

30,000 (1991)

Labor force - by occupation

agriculture: 7%

industry: 11%

services: 82% (1983 est.)

Unemployment rate

11% (2014 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 298.2 million (2017 est.)

expenditures: 334 million (2017 est.)

Taxes and other revenues

19.6% (of GDP) (2017 est.)

Budget surplus (+) or deficit (-)

-2.4% (of GDP) (2017 est.)

Public debt

86.8% of GDP (2017 est.)

86.2% of GDP (2016 est.)

Fiscal year

1 April - 31 March

Current account balance

-$112 million (2017 est.)

$2 million (2016 est.)

Exports

$86.7 million (2017 est.)

$56.5 million (2016 est.)

Exports - partners

Poland 37%, Suriname 33%, United Arab Emirates 8% (2019)

Exports - commodities

ships, refined petroleum, precious/semi-precious metal scraps, rice, corn (2019)

Imports

$560 million (2017 est.)

$503.4 million (2016 est.)

Imports - partners

United States 39%, Poland 16%, China 7% (2019)

Imports - commodities

refined petroleum, ships, cars, precious/semi-precious metals, recreational boats (2019)

Debt - external

$441.2 million (31 December 2012)

$458 million (June 2010)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2017 est.)

2.7 (2016 est.)

2.7 (2015 est.)

2.7 (2014 est.)

2.7 (2013 est.)