Antigua and Barbuda:
Economy

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Other pages in this profile of Antigua and Barbuda:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. It has experienced solid growth since 2003, driven by a construction boom in hotels and housing that which should wind down in 2008. Tourism continues to dominate the economy, accounting for more than half of GDP. 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. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, but will continue to be saddled by its debt burden with a debt-to-GDP ratio exceeding 100%.
GDP (purchasing power parity)	Definition - World rank and map $1.526 billion (2007 est.)
GDP (official exchange rate)	Definition $1.089 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 6.1% (2007 est.)
GDP - per capita	Definition - World rank and map $18,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 3.8% industry: 22% services: 74.3% (2002 est.)
Labor force	Definition 30,000 (1991)
Labor force - by occupation	Definition agriculture: 7% industry: 11% services: 82% (1983)
Unemployment rate	Definition - World rank and map 11% (2001 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 1.5% (2007 est.)
Budget	Definition revenues: $123.7 million expenditures: $145.9 million (2000 est.)
Agriculture - products	Definition cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Industries	Definition tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 105 million kWh (2005)
Electricity - consumption	Definition - World rank and map 97.65 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 1,398.2 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005)
Oil - consumption	Definition - World rank and map 4,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 57.3 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 177.7 bbl/day (2004)
Oil - imports	Definition - World rank and map 4,215 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$211 million (2004)
Exports	Definition - World rank and map $84.3 million (2007 est.)
Exports - commodities	Definition petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals
Exports - partners	Definition Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2006)
Imports	Definition - World rank and map $522.8 million (2007 est.)
Imports - commodities	Definition food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners	Definition US 21.1%, China 16.4%, Germany 13.3%, Singapore 12.7%, Spain 6.5% (2006)
Debt - external	Definition - World rank and map $359.8 million (June 2006)
Economic aid - recipient	Definition $7.23 million (2005)
Currency (code)	Definition East Caribbean dollar (XCD)
Exchange rates	Definition East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) note: fixed rate since 1976
Fiscal year	Definition 1 April - 31 March

Antigua and Barbuda: Economy

Antigua and Barbuda:
Economy