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Antigua and Barbuda Economy 2010
https://workmall.com/wfb2010/antigua_and_barbuda/antigua_and_barbuda_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Antigua and Barbuda Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
Tourism continues to dominate Antigua and Barbuda's economy, accounting for nearly 60% of GDP and 40% of investment. 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 tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, and has been successful in reducing its public debt-to-GDP ratio from 120% to about 90%. The Antiguan economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006 driven by a construction boom in hotels and housing associated with the Cricket World Cup, but growth dropped off in 2008 with the end of the boom. In 2009, Antigua's economy was severely hit by the global economic crisis, suffering from the collapse of its largest financial institution and a steep decline in tourism. This decline is expected to continue in 2010 as the country struggles with a yawning budget deficit.

GDP (purchasing power parity):
$1.55 billion (2009 est.)

$1.658 billion (2008 est.)
$1.613 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$1.18 billion (2009 est.)

GDP - real growth rate:
-6.5% (2009 est.)

2.8% (2008 est.)
6.9% (2007 est.)

GDP - per capita (PPP):
$18,100 (2009 est.)

$19,600 (2008 est.)
$19,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3.8%
industry: 22%
services: 74.3% (2002 est.)

Labor force:
30,000 (1991)

Labor force - by occupation:
agriculture: 7%
industry: 11%
services: 82% (1983)

Unemployment rate:
11% (2001 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $123.7 million
expenditures: $145.9 million (2000 est.)

Inflation rate (consumer prices):
1.5% (2007 est.)

Central bank discount rate:
6.5% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
10.43% (31 December 2008)

10.44% (31 December 2007)

Stock of money:
$296.4 million (31 December 2008)

$294.8 million (31 December 2007)

Stock of quasi money:
$939.9 million (31 December 2008)

$902 million (31 December 2007)

Stock of domestic credit:
$1.13 billion (31 December 2008)

$1.002 billion (31 December 2007)

Agriculture - products:
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock

Industries:
tourism, construction, light manufacturing (clothing, alcohol, household appliances)

Industrial production growth rate:
NA%

Electricity - production:
110 million kWh (2007 est.)

Electricity - consumption:
102.3 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
5,000 bbl/day (2008 est.)

Oil - exports:
219 bbl/day (2007 est.)

Oil - imports:
4,690 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-211 million (2007 est.)

Exports:
$84.3 million (2007 est.)

Exports - commodities:
petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals

Imports:
$522.8 million (2007 est.)

Imports - commodities:
food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Debt - external:
$359.8 million (June 2006 est.)

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976


NOTE: The information regarding Antigua and Barbuda on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 2010 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 2010 should be addressed to the CIA.






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