Economy of Antigua

Mother Earth Travel > Country Index > Antigua Map Economy

Economy - overview: Tourism continues to be the dominant activity in the economy accounting directly or indirectly for more than half of GDP. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the United States and the United Kingdom as a result of the loosening of its money-laundering controls. The government has made efforts to comply with international demands in order to get the sanctions lifted. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull 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 about one-third of all tourist arrivals.
GDP: purchasing power parity - $524 million (1999 est.)
GDP - real growth rate: 2.8% (1999 est.)
GDP - per capita: purchasing power parity - $8,200 (1999 est.)
GDP - composition by sector:
agriculture: 4%
industry: 12.5%
services: 83.5% (1996 est.)
Inflation rate (consumer prices): 1.6% (1999 est.)
Labor force: 30,000
Labor force - by occupation: commerce and services 82%, agriculture 11%, industry 7% (1983)
Unemployment rate: 7% (1999 est.)
Budget:
revenues: $122.6 million
expenditures: $141.2 million, including capital expenditures of $17.3 million (1997 est.)
Industries: tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate: 6% (1997 est.)
Electricity - production: 95 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 88.4 million kWh (1999)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Exports: $38 million (1998)
Exports - commodities: petroleum products 48%, manufactures 23%, food and live animals 4%, machinery and transport equipment 17%
Exports - partners: OECS 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%
Imports: $330 million (1998)
Imports - commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners: US 27%, UK 16%, Canada 4%, OECS 3%
Debt - external: $357 million (1998)
Economic aid - recipient: $2.3 million (1995)
Currency: 1 East Caribbean dollar (EC$) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Antigua Map Economy