Antigua and Barbuda Economy 2008

Economy - overview:
Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. It has experienced solid growth since 2003, driven by a construction boom in hotels and housing that which should wind down in 2008. Tourism continues to dominate the economy, accounting for more than half of GDP. 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. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, but will continue to be saddled by its debt burden with a debt-to-GDP ratio exceeding 100%.

GDP (purchasing power parity):
$1.189 billion (2007 est.)

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

GDP - real growth rate:
3.8% (2007 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):
2.8% (2007 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 (2005)

Oil - consumption:
4,000 bbl/day (2005 est.)

Oil - exports:
177.7 bbl/day (2004)

Oil - imports:
4,215 bbl/day (2004)

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

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

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

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$83.4 million (2004)

Exports:
$84.3 million (2007 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:
$522.8 million (2007 est.)

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:
$359.8 million (June 2006)

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