Antigua and Barbuda: Economy#

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.

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, the country'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 and 2011. The country has not yet returned to its pre-crisis growth levels.

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.

Economic Facts#

GDP (purchasing power parity)	$2.171 billion (2016 est.) $2.128 billion (2015 est.) $2.084 billion (2014 est.) note: data are in 2016 dollars
GDP (official exchange rate)	$1.303 billion (2015 est.)
GDP - real growth rate	2% (2016 est.) 2.2% (2015 est.) 4.2% (2014 est.)
GDP - per capita (PPP)	$24,100 (2016 est.) $23,900 (2015 est.) $23,700 (2014 est.) note: data are in 2016 dollars
Gross national saving	14.7% of GDP (2016 est.) 13.6% of GDP (2015 est.) 10.6% of GDP (2014 est.)
GDP - composition, by end use	household consumption: 65% government consumption: 16.9% investment in fixed capital: 23.2% investment in inventories: 0.1% exports of goods and services: 35.2% imports of goods and services: -40.4% (2016 est.)
GDP - composition, by sector of origin	agriculture: 2.2% industry: 17.8% services: 80% (2016 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	3.2% (2016 est.)
Labor force	30,000 (1991)
Labor force - by occupation	agriculture: 7% industry: 11% services: 82% (1983)
Unemployment rate	11% (2014 est.)
Population below poverty line	NA%
Household income or consumption by percentage share	lowest 10%: NA% highest 10%: NA%
Budget	revenues: $279.1 million expenditures: $301.7 million (2016 est.)
Taxes and other revenues	21.4% of GDP (2016 est.)
Budget surplus (+) or deficit (-)	-1.7% of GDP (2016 est.)
Public debt	89% of GDP (2012 est.) 130% of GDP (2010 est.)
Fiscal year	1 April - 31 March
Inflation rate (consumer prices)	1.6% (2016 est.) 1% (2015 est.)
Central bank discount rate	6.5% (31 December 2010) 6.5% (31 December 2009)
Commercial bank prime lending rate	9.8% (31 December 2016 est.) 9.8% (31 December 2015 est.)
Stock of narrow money	$275.9 million (31 December 2016 est.) $257.1 million (31 December 2015 est.)
Stock of broad money	$1.183 billion (31 December 2016 est.) $1.149 billion (31 December 2015 est.)
Stock of domestic credit	$888.9 million (31 December 2016 est.) $888.9 million (31 December 2015 est.)
Current account balance	-$122 million (2016 est.) -$129 million (2015 est.)
Exports	$61.7 million (2016 est.) $61 million (2015 est.)
Exports - commodities	petroleum products, bedding, handicrafts, electronic components, transport equipment, food and live animals
Imports	$482.1 million (2016 est.) $482.5 million (2015 est.)
Imports - commodities	food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Debt - external	$441.2 million (31 December 2012) $458 million (June 2010)
Exchange rates	East Caribbean dollars (XCD) per US dollar - 2.7 (2016 est.) 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.) 2.7 (2012 est.)