Economy - overview Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. 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 work. 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 - $674 million (2000 est.)

GDP - real growth rate 3.5% (2000 est.)

GDP - per capita purchasing power parity - $10,000 (2000 est.)

GDP - composition by sector
agriculture: 3.9%
industry: 19.1%
services: 77% (2001 est.)

Population below poverty line NA%

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

Inflation rate (consumer prices) 0.4% (2000 est.)

Labor force 30,000

Labor force - by occupation commerce and services 82%, agriculture 11%, industry 7% (1983)

Unemployment rate 7% (2000 est.)

Budget
revenues: $123.7 million
expenditures: $145.9 million, including capital expenditures of $NA (2000 est.)

Industries tourism, construction, light manufacturing (clothing, alcohol, household appliances)

Industrial production growth rate 6% (1997 est.)

Electricity - production 100 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 93 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Exports $40 million (2000 est.)

Exports - commodities petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%

Exports - partners OECS 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%

Imports $357 million (2000 est.)

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 $231 million (1999)

Economic aid - recipient $2.3 million (1995)

Currency East Caribbean dollar (XCD)

Currency code XCD

Exchange rates East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)

Fiscal year 1 April - 31 March

NOTE: The information regarding Antigua and Barbuda on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 2002 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 2002 should be addressed to the CIA.