Antigua and Barbuda Economy - 2005

Economy - overview:
Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. 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 income growth in the industrialized world, especially in the US, which accounts for slightly more than one-third of tourist arrivals.

GDP:
purchasing power parity - $750 million (2002 est.)

GDP - real growth rate:
3% (2002 est.)

GDP - per capita:
purchasing power parity - $11,000 (2002 est.)

GDP - composition by sector:
agriculture: 3.9%
industry: 19.2%
services: 76.8% (2002)

Labor force:
30,000

Labor force - by occupation:
agriculture 7%, industry 11%, services 82% (1983)

Unemployment rate:
11% (2001 est.)

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
0.4% (2000 est.)

Budget:
revenues: $123.7 million
expenditures: $145.9 million, including capital expenditures of NA (2000 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:
6% (1997 est.)

Electricity - production:
110.8 million kWh (2002)

Electricity - consumption:
103 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
3,600 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$689 million (2002)

Exports - commodities:
petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%

Exports - partners:
Germany 49.5%, UK 29.7%, France 3.5% (2004)

Imports:
$692 million (2002 est.)

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

Imports - partners:
US 21.8%, Singapore 18.8%, China 10.7%, Poland 6.7%, Trinidad and Tobago 4.6%, UK 4.4% (2004)

Debt - external:
$231 million (1999)

Economic aid - recipient:
$2.3 million (1995)

Currency (code):
East Caribbean dollar (XCD)

Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000)
note: fixed rate since 1976