Economy of Antigua and Barbuda

Economy of Antigua and Barbuda

Currency	East Caribbean dollar (XCD)
Fiscal year	1 April - 31 March
Trade organisations	WTO, CARICOM
Statistics
GDP	$1.954 billion (nominal, 2023 est.)[1] $2.604 billion (PPP, 2023 est.)[1]
GDP rank	176th (nominal) / 179th (PPP)
GDP growth	3.1% (2017) 7.4% (2018e) 4.0% (2019e) 3.3% (2020e)[1]
GDP per capita	$19,123 (nominal, 2023 est.)[1] $25,484 (PPP, 2023 est.)[1]
GDP by sector	agriculture: 2.1%, industry: 19.6%, services: 78.3% (2012)
Inflation (CPI)	5.067% (2023)[1]
Population below poverty line	no data
Labour force	30,000 (1991)
Labour force by occupation	agriculture: 7%, industry: 11%, services: 82% (1983)
Unemployment	11% (2001 est.)
Main industries	tourism, construction, light manufacturing (clothing, alcohol, household appliances)
External
Exports	$37.9 million (2012 est.)
Export goods	petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals
Main export partners	Suriname 27.6%  Poland 20.2%  Germany 12.9%  United Kingdom 8.39% (2022)[2]
Import goods	food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Main import partners	United States 57.5%  China 6.67% (2022)[3]
Public finances
Government debt	$458 million (June 2010)
Revenues	$229.5 million (2009)
Expenses	$293.4 million (2009)
Economic aid	recipient: $2.3 million (1995)
All values, unless otherwise stated, are in US dollars.

The economy of Antigua and Barbuda is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner of foreign exchange in Antigua and Barbuda. However, a series of violent hurricanes since 1995 resulted in serious damage to tourist infrastructure and periods of sharp reductions in visitor numbers. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the United States and 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. Estimated overall economic growth for 2000 was 2.5%. Inflation has trended down going from above 2 percent in the 1995-99 period and estimated at 0 percent in 2000.

To lessen its vulnerability to natural disasters, Antigua has been diversifying its economy. Transportation, communications and financial services are becoming important.

Antigua is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.

Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative. Its 1998 exports to the U.S. were valued at about US $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community (CARICOM).