Antigua and Barbuda Economy 2007

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 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):
$1.145 billion (2006 est.)

GDP (official exchange rate):
$905 million (2005 est.)

GDP - real growth rate:
3.8% (2005 est.)

GDP - per capita (PPP):
$10,900 (2005 est.)

GDP - composition by sector:
agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.)

Labor force:
30,000 (1991)

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):
0.9% (2005 est.)

Budget:
revenues: $123.7 million
expenditures: $145.9 million (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:
NA%

Electricity - production:
105 million kWh (2005)

Electricity - consumption:
97.65 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004)

Oil - consumption:
3,800 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-83.4 million (2004)

Exports:
$46.81 million (2004 est.)

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

Exports - partners:
Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2006)

Imports:
$378 million (2004 est.)

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

Imports - partners:
US 21.1%, China 16.4%, Germany 13.3%, Singapore 12.7%, Spain 6.5% (2006)

Economic aid - recipient:
$7.23 million (2005)

Debt - external:
$427.3 million; note - data are for public external debt, not total external debt (2000)

Currency (code):
East Caribbean dollar (XCD)

Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
note: fixed rate since 1976