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Antigua and Barbuda Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Antigua and Barbuda Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on December 17, 2013

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. After taking office in 2004, the SPENCER government adopted an ambitious fiscal reform program and was successful in reducing its public debt-to-GDP ratio from approximately 130% in 2010 to 89% in 2012. In 2009, Antigua's economy was severely hit by the global economic crisis and suffered from the collapse of its largest private sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009-11. Antigua has not yet returned to its pre-crisis growth levels.

GDP (purchasing power parity):
$1.562 billion (2012 est.)
country comparison to the world: 196

$1.537 billion (2011 est.)
$1.585 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.16 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.6% (2012 est.)
country comparison to the world: 146

-3% (2011 est.)
-8.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,800 (2012 est.)
country comparison to the world: 76

$17,600 (2011 est.)
$18,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 57.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.3%
investment in fixed capital: 30.7%
investment in inventories: 0%
exports of goods and services: 47%
imports of goods and services: -52.3%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16.6%
services: 81.2% (2012 est.)

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%
[see also: Industrial production growth rate country ranks ]

Labor force:
30,000 (1991)
country comparison to the world: 206
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11%
services: 82% (1983)

Unemployment rate:
11% (2001 est.)
country comparison to the world: 115
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $239.5 million
[see also: Budget revenues country ranks ]
expenditures: $248.7 million (2012 est.)

Taxes and other revenues:
19.6% of GDP (2012 est.)
country comparison to the world: 169
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.8% of GDP (2012 est.)
country comparison to the world: 61
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
89% of GDP (2012 est.)
country comparison to the world: 18

130% of GDP (2010 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.4% (2012 est.)
country comparison to the world: 107

3.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010 est.)
country comparison to the world: 49

6.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.13% (31 December 2012 est.)
country comparison to the world: 77

10.93% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$205.2 million (31 December 2012 est.)
country comparison to the world: 176

$223.4 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.131 billion (31 December 2012 est.)
country comparison to the world: 167

$1.12 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.111 billion (31 December 2012 est.)
country comparison to the world: 150

$1.134 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
$-78.5 million (2012 est.)
country comparison to the world: 73

$-121.4 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$56.7 million (2012 est.)
country comparison to the world: 195

$56.2 million (2011 est.)
[see also: Exports country ranks ]

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

Imports:
$402.7 million (2012 est.)
country comparison to the world: 193

$430.4 million (2011 est.)
[see also: Imports country ranks ]

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

Debt - external:
$441.2 million (31 December 2012)
country comparison to the world: 176

$458 million (June 2010)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: 1) The information regarding Antigua and Barbuda on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Antigua and Barbuda Economy 2014 information contained here. All suggestions for corrections of any errors about Antigua and Barbuda Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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