Anguilla Economy 2008

Economy - overview:
Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. Increased activity in the tourism industry, which has spurred the growth of the construction sector, has contributed to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small, but growing. In the medium term, prospects for the economy will depend largely on the tourism sector and, therefore, on revived income growth in the industrialized nations as well as on favorable weather conditions.

GDP (purchasing power parity):
$108.9 million (2004 est.)

GDP (official exchange rate):
$108.9 million (2004 est.)

GDP - real growth rate:
10.2% (2004 est.)

GDP - per capita (PPP):
$8,800 (2004 est.)

GDP - composition by sector:
agriculture: 4%
industry: 18%
services: 78% (2002 est.)

Labor force:
6,049 (2001)

Labor force - by occupation:
agriculture/fishing/forestry/mining 4%, manufacturing 3%, construction 18%, transportation and utilities 10%, commerce 36%, services 29% (2000 est.)

Unemployment rate:
8% (2002)

Population below poverty line:
23% (2002)

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

Inflation rate (consumer prices):
5.3% (2006 est.)

Budget:
revenues: $22.8 million
expenditures: $22.5 million (2000 est.)

Agriculture - products:
small quantities of tobacco, vegetables; cattle raising

Industries:
tourism, boat building, offshore financial services

Industrial production growth rate:
3.1% (1997 est.)

Electricity - production:
NA kWh

Current account balance:
-$42.87 million (2003 est.)

Exports:
$13 million (2006)

Exports - commodities:
lobster, fish, livestock, salt, concrete blocks, rum

Exports - partners:
UK, US, Puerto Rico, Saint-Martin (2006)

Imports:
$143 million (2006)

Imports - partners:
US, Puerto Rico, UK (2006)

Economic aid - recipient:
$9 million (2004 est.)

Debt - external:
$8.8 million (1998)

Currency (code):
East Caribbean dollar (XCD)

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