An Overview of the Economy
The economy of Antigua and Barbuda relies on tourism and the
services sector as its mainstay, with tourism accounting for over
half of the country's GDP. This dependence brings with it a level
of vulnerability as the island is susceptible to violent hurricanes
that in the past have caused serious damage to tourist
infrastructure, resulting in a severe drop in visitor numbers. To
combat this vulnerability the Antiguan government is making efforts
to diversify the economy and as such transportation, communications
and financial services are becoming more influential within the
economy. Within the Caribbean Antigua has a relatively high GDP per
capita, which at purchasing power parity equates to $18,300.
| Statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
1.5 |
| GDP (PPP) (CIA) (US$Billions) |
1.5 |
| GDP Growth (IMF) (%) |
6.1% |
| GDP Growth (CIA) (%) |
6.1% |
| GDP Per Capita (PPP) (US$) |
18,337 |
| GDP Per Capita (PPP)
(US$) |
18,300 |
| GDP by Sector |
Agriculture: 3.8%
Services: 74.3%
Industry:22% |
| Inflation (%) |
1.5% |
| Population Below the Poverty Line (%) |
- |
| Labour Force (Millions) |
30,000 |
| Labour Force by Occupation (%) |
Agriculture: 7%
Services: 82%
Industry: 11% |
| Unemployment (%) |
11% |
| Main Industries |
Tourism, construction, light manufactoring
(clothing, alcohol, household appliances) |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
0.8 |
0.8 |
0.9 |
1.0 |
1.1 |
| GDP Growth (%) |
4.3% |
5.2% |
5.5% |
12.2% |
6.1% |
| GDP Per Capita (US$) |
9,475 |
10,165 |
10,690 |
12,202 |
13,092 |
| GDP Per Capita (PPP) (US$) |
12,815 |
13,938 |
14,860 |
17,016 |
18,300 |
| Inflation (%) |
1.9% |
2.0% |
2.0% |
1.8% |
1.5% |
| Unemployment (%) |
Latest figures
(2001) 11% |
- |
- |
- |
- |
| Mobile Phone Users |
38,200 |
38,200 |
54,000 |
54,000 |
10,200 |
| Internet Users |
14,000 |
20,000 |
- |
- |
32,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Petroleum products account for just under half of the country's
exports. Antigua does not trade much with its Caribbean neighbours,
instead looking further afield to countries such as Spain,
Singapore and Germany.
Major Exports 2007
Petroleum products, bedding, handicrafts, electronic components,
transport equipment, food, live animals.
Major Imports 2007
Food and live animals, machinery and transport equipment,
manufactures, chemicals, oil.
| Export partners 2007 |
% of total |
| Spain |
34.0% |
| Germany |
20.7% |
| Italy |
7.7% |
| Singapore |
5.8% |
| UK |
4.9% |
| import partners 2007 |
% of total |
| US |
21.1% |
| China |
16.4% |
| Germany |
13.3% |
| Singapore |
12.7% |
| Spain |
6.5% |
Source: CIA World Factbook
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