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Antigua and Barbuda Economy
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. 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 slightly more than one-third of tourist arrivals.
GDP:
purchasing power parity - $750 million (2002 est.)
GDP - real growth rate:
3% (2002 est.)
GDP - per capita:
purchasing power parity - $11,000 (2002 est.)
GDP - composition by sector:
agriculture: 3.9%
industry: 19.2%
services: 76.8% (2002)
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:
agriculture 7%, industry 11%, services 82% (1983)
Unemployment rate:
11% (2001 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:
105.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
97.89 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
3,600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Exports:
$689 million (2002)
Exports - commodities:
petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%
Exports - partners:
Germany 85.8%, UK 3.9%, US 3.3% (2003 est.)
Imports:
$692 million (2002 est.)
Imports - commodities:
food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners:
US 23.1%, South Korea 11.2%, Singapore 8.8%, Poland 6.4%, Germany 5.3%, UK 5.3%, Netherlands Antilles 4.8% (2003 est.)
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 - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998) (fixed rate since 1976)
Fiscal year:
1 April - 31 March
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