[Caribbean Literature]

Economy of Antigua and Barbuda

source: CIA World Fact Book 1997

Economy - overview: Tourism continues to be by far the dominant activity in the economy but the combined share in GDP of transport and communications, trade, and public utilities has increased markedly in recent years. Tourism's direct contribution to output in 1994 was about 20%. In addition, increased tourist arrivals helped spur growth in the construction and transport sectors. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull 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 about half of all tourist arrivals.

GDP: purchasing power parity - $446 million (1996 est.)

GDP - real growth rate: 4.7% (1996 est.)

GDP - per capita: purchasing power parity - $6,800 (1996 est.)

GDP - composition by sector:

Inflation rate - consumer price index: 4% (1996 est.)

Labor force:

Unemployment rate: 5%-10%(1995 est.)


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

Electricity - capacity: 54,000 kW (1995)

Electricity - production: NA kWh

Electricity - consumption per capita: NA kWh

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

Exports: Imports:

Debt - external: $435 million (1996 est.)

Economic aid: $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (February 1997; fixed rate since 1976)

Fiscal year: 1 April - 31 March

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