Short facts about the economy in Antigua and Barbuda

Economy - overview:

Tourism continues to be the dominant activity in the economy accounting directly or indirectly for more than half of GDP. The budding offshore financial sector has been seriously hurt by financial sanctions imposed by the US and UK 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. Antigua and Barbuda was listed as a tax haven by the OECD in 2000. 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 - $533 million (1999 est.)

GDP - real growth rate:

4.6% (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.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

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 (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Exports:

$38 million (1998)

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:

$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:

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

Source: World Factbook