Economy of Anguilla

Mother Earth Travel > Country Index > Anguilla Map Economy

Economy - overview: Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September but recovered in 1996. Increased activity in the tourism industry, which has spurred the growth of the construction sector, contributed to economic growth in 1997-98. Anguillan officials have put substantial effort into developing the offshore financing sector. A comprehensive package of financial services legislation was enacted in late 1994. In the medium term, prospects for the economy will depend on the tourism sector and, therefore, on continuing income growth in the industrialized nations as well as favorable weather conditions.
GDP: purchasing power parity - $96 million (1999 est.)
GDP - real growth rate: 7% (1999 est.)
GDP - per capita: purchasing power parity - $8,200 (1999 est.)
GDP - composition by sector:
agriculture: 4%
industry: 18%
services: 78% (1997 est.)
Inflation rate (consumer prices): 2.5% (1998 est.)
Labor force: 4,400 (1992)
Labor force - by occupation: commerce 36%, services 29%, construction 18%, transportation and utilities 10%, manufacturing 3%, agriculture/fishing/forestry/mining 4%
Unemployment rate: 7% (1992 est.)
Budget:
revenues: $20.4 million
expenditures: $23.3 million, including capital expenditures of $3.8 million (1997 est.)
Industries: tourism, boat building, offshore financial services
Industrial production growth rate: 3.1% (1997 est.)
Agriculture - products: small quantities of tobacco, vegetables; cattle raising
Exports: $4.5 million (1998)
Exports - commodities: lobster, fish, livestock, salt
Imports: $57.6 million (1998)
Debt - external: $8.8 million (1998)
Economic aid - recipient: $3.5 million (1995)
Currency: 1 East Caribbean dollar (EC$) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Anguilla Map Economy