Antigua and Barbuda Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

dual island-tourism and construction-driven economy; emerging “blue economy”; limited water supply and susceptibility to hurricanes limit activity; improving road infrastructure; friendly to foreign direct investment; looking at financial innovation in cryptocurrency and blockchain technologies

Real GDP (purchasing power parity)

$1.783 billion (2021 est.)

$1.693 billion (2020 est.)

$2.122 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.27% (2021 est.)

-20.19% (2020 est.)

4.86% (2019 est.)

Real GDP per capita

$19,100 (2021 est.)

$18,300 (2020 est.)

$23,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.524 billion (2017 est.)

Inflation rate (consumer prices)

2.06% (2021 est.)

0.63% (2020 est.)

1.43% (2019 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.)

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

8.26% (2021 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: $278 million (2020 est.)

expenditures: $357 million (2020 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.)

Taxes and other revenues

19.6% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$220.871 million (2021 est.)

-$251.556 million (2020 est.)

-$126.907 million (2019 est.)

Exports

$749.476 million (2021 est.)

$590.849 million (2020 est.)

$1.196 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Suriname 20%, Barbados 17%, Poland 12%, United Kingdom 10%, France 7% (2021)

Exports - commodities

refined petroleum, ships, gas turbines, aircraft parts, lobster, durum wheat (2021)

Imports

$868.797 million (2021 est.) note: data are in current year dollars

$737.693 million (2020 est.)

$1.18 billion (2019 est.)

Imports - partners

United States 42%, Poland 25%, China 10%, Brazil 3%, Trinidad and Tobago 2% (2021)

Imports - commodities

refined petroleum, ships, recreational boats, cars, poultry  (2021)

Reserves of foreign exchange and gold

$367.512 million (31 December 2021 est.)

$221.809 million (31 December 2020 est.)

$279.133 million (31 December 2019 est.)

Debt - external

$458 million (June 2010)

$441.2 million (31 December 2012)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2021 est.)

2.7 (2020 est.)

2.7 (2019 est.)

2.7 (2018 est.)

2.7 (2017 est.)

NOTE: The information regarding Antigua and Barbuda on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Antigua and Barbuda 2023 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda 2023 should be addressed to the CIA or the source cited on each page.