Economy overview: Tourism is the main industry of the islands’ economy, directly or indirectly generating more than half of the GDP. In 1999, the burgeoning offshore financial sector was hit hard by financial sanctions imposed by the US and the UK as punishment for weakening government controls on money laundering. The government is taking steps to meet international demands for the sanctions to be lifted. Antigua and Barbuda is listed as a tax haven by the Economic Cooperation Organization. The agricultural production of both islands is oriented mainly to the domestic market; the development of the sector is hampered by the lack of water, as well as the lack of labor, as wages in the tourism and construction sectors are higher. The manufacturing industry combines export-oriented assembly production from imported components with significant domestic production of bedding, handicrafts and electronic components. Medium-term economic growth prospects remain dependent on income growth in industrialized countries, especially the United States, which accounts for about a third of the total number of tourists. See businesscarriers.com to know more about Antigua and Barbuda Economics and Business.
GDP: Purchasing Power Parity $553 million (1999 est.)
Real GDP growth rate: 4.6% (1999 est.).
GDP per capita: PPP $8,200 (1999 est.)
The composition of GDP by sectors of the economy: agriculture: 4%; industry: 12.5%; services: 83.5% (1996 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data.
Inflation rate at consumer prices: 1.6% (1999 est.).
Labor force: 30,000 people
Employment structure: trade and services 82%, agriculture 11%, industry 7% (1983).
Unemployment rate: 7% (1999 est.).
Budget: revenues: $122.6 million; expenses: $141.2 million, including capital expenditures of $17.3 million (1997 est.).
Spheres of the economy: tourism, construction, light industry (production of clothing, alcoholic beverages, household appliances).
Growth in industrial production: 6% (1997 est.).
Electricity generation: 95 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1998).
Electricity consumption: 88.4 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugar cane; livestock.
Export: $38 million (1998)
Export items: petroleum products 48%, manufactured goods 23%, food and live animals 4%, machinery and transport equipment 17%.
Export partners: Eastern Caribbean 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, USA 0.3%.
Import: $330 million (1998)
Imports: foodstuffs and live animals, machinery and transport equipment, manufactured goods, chemicals, oils.
Import partners: USA 27%, UK 16%, Canada 4%, OECS 3%.
External debt: $357 million (1998) Economic aid recipient: $2.3 million (1995)
Economic aid donor:
Currency: East Caribbean dollar.
Currency code: XCD.
Exchange rate: XCD/USD – 2.7000 (fixed exchange rate since 1976).
Fiscal year: 1 April – 31 March.
Telecommunications Telephone lines: 28,000 (1996).
Mobile cellular phones: 1,300 (1996).
Telephone system: internal: good automated telephone system; international: 1 coaxial submarine cable; satellite earth station: 1 Intelsat (Atlantic Ocean); troposcatter communication with Saba (Netherlands Antilles) and Guadeloupe.
Broadcast stations: AM -4, FM -2, shortwave -0 (1998).
Radio receivers: 36,000 (1997).
Television broadcast stations: 2 (1997).
TVs: 31,000 (1997).
Internet country code: ag
Internet service providers: 16 (2000).
Number of users: 8,000 (2000).
Transport Railways: total: 77 km; narrow gauge: 64 km (0.760 m gauge); 13 km (0.610 m gauge) (almost entirely used for transporting sugarcane).
Roads: total: 1,165 km; coated: 384; uncovered: 781 (1999).
Ports and harbors: St. John’s.
Merchant navy: total: 681 ships (of 1,000 tons displacement and over) with a total displacement of 4,070,390 gross register tons / 5,289,904 long tons of gross tonnage; ships of various types: dry cargo ships – 15, cargo ships – 424, chemical tankers – 10, combined dry cargo ships – 4, container ships – 176, liquefied gas tankers – 4, multifunctional heavy-duty ships – 6; oil tankers – 2, refrigerated ships – 11, ferries for the transport of loaded vehicles – 29; note: including foreign vessels registered here for flag of convenience reasons: Germany 4 vessels, Slovenia 2, Cyprus 2 (2000 est.).
Airports: 3 (1999 est.).
Airports with paved runways: total: 2; from 2438 to 3047 m:1; less than 914 m: 1 (2000 est.).
Airports with unpaved runways: total: 1; less than 914 m: 1 (2000 est.).
Branches of the Armed Forces: Royal Antigua and Barbuda Defense Force, Royal Antigua and Barbuda Police (includes Coast Guard).
International issues International disputes: no.
Illicit Drugs: Considered a minor transit point for drugs destined for the US and Europe; more important as a center for money laundering.