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    Antigua and Barbuda Economy 1998

      Economy - overview Tourism continues to be by far the dominant activity in the economy accounting directly or indirectly to more than half of GDP. Increased tourist arrivals have helped spur growth in the construction and transport sectors. 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 half of all tourist arrivals.

      GDP purchasing power parity - $470 million (1997 est.)

      GDP - real growth rate 3.3% (1997 est.)

      GDP - per capita purchasing power parity - $7,400 (1997 est.)

      GDP - composition by sector
      agriculture: 3.8%
      industry: 18.9%
      services: 77.3% (1995)

      Inflation rate - consumer price index 2.5% (1996)

      Labor force
      total: 30,000
      by occupation: commerce and services 82%, agriculture 11%, industry 7% (1983)

      Unemployment rate 5%-10%(1995 est.)

      revenues: $107 million
      expenditures: $132 million, including capital expenditures of $18 million (1995)

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

      Industrial production growth rate NA%

      Electricity - capacity 26,000 kW (1995)

      Electricity - production 95 million kWh (1995)

      Electricity - consumption per capita 1,458 kWh (1995)

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

      total value: $45 million (f.o.b., 1996 est.)
      commodities: petroleum products 48%, manufactures 23%, food and live animals 4%, machinery and transport equipment 17%
      partners: OECS 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%

      total value: $350.8 million (f.o.b., 1996 est.)
      commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil
      partners: US 27%, UK 16%, Canada 4%, OECS 3%, other 50%

      Debt - external $225 million (1996 est.)

      Economic aid $NA

      Currency 1 EC dollar (EC$) = 100 cents

      Exchange rates East Caribbean dollars (EC$) per US$1 - 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 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 1998 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 1998 should be addressed to the CIA.

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    Revised 21-Dec-01
    Copyright © 2001 Photius Coutsoukis (all rights reserved)