The economy of Antigua and Barbuda is service-based, with

tourism Tourism is travel for pleasure or business; also the theory and practice of touring (disambiguation), touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tour (disambiguation), tours. Th ...

and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner of foreign exchange in

Antigua and Barbuda Antigua and Barbuda (, ) is a sovereign country in the West Indies. It lies at the juncture of the Caribbean Sea and the Atlantic Ocean in the Leeward Islands part of the Lesser Antilles, at 17°N latitude. The country consists of two majo ...

. However, a series of violent

hurricane A tropical cyclone is a rapidly rotating storm system characterized by a low-pressure center, a closed low-level atmospheric circulation, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain and squalls. Dep ...

s since 1995 resulted in serious damage to tourist

infrastructure Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and priv ...

and periods of sharp reductions in visitor numbers. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

and

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

as a result of the loosening of its money-laundering controls. The government has made efforts to comply with international demands in order to get the sanctions lifted. 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 one-third of all tourist arrivals. Estimated overall economic growth for 2000 was 2.5%. Inflation has trended down going from above 2 percent in the 1995-99 period and estimated at 0 percent in 2000. To lessen its vulnerability to natural disasters, Antigua has been diversifying its economy. Transportation, communications and financial services are becoming important. Antigua is a member of the Eastern Caribbean Currency Union (ECCU). The

Eastern Caribbean Central Bank The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of the British Virgin Islan ...

(ECCB) issues a common currency (the

East Caribbean dollar The Eastern Caribbean dollar ( symbol: EC$; code: XCD) is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed si ...

) for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries. Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative. Its 1998 exports to the U.S. were valued at about US $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community (CARICOM).

Economic history

Prior to

colonization Colonization, or colonisation, constitutes large-scale population movements wherein migrants maintain strong links with their, or their ancestors', former country – by such links, gain advantage over other inhabitants of the territory. When ...

, several Amerindian groups inhabited Antigua and Barbuda, all of which relied on a

subsistence A subsistence economy is an economy directed to basic subsistence (the provision of food, clothing, shelter) rather than to the market. Henceforth, "subsistence" is understood as supporting oneself at a minimum level. Often, the subsistence econo ...

lifestyle. British colonists established settlements in the islands in 1632. After fighting off the Caribs, Dutch, and

French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

to stabilize their colonies, settlers grew

tobacco Tobacco is the common name of several plants in the genus '' Nicotiana'' of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants. More than 70 species of tobacco are known, but the ...

indigo Indigo is a deep color close to the color wheel blue (a primary color in the RGB color space), as well as to some variants of ultramarine, based on the ancient dye of the same name. The word "indigo" comes from the Latin word ''indicum'', ...

cotton Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus '' Gossypium'' in the mallow family Malvaceae. The fiber is almost pure cellulose, and can contain minor pe ...

, and

ginger Ginger (''Zingiber officinale'') is a flowering plant whose rhizome, ginger root or ginger, is widely used as a spice and a folk medicine. It is a herbaceous perennial which grows annual pseudostems (false stems made of the rolled bases of ...

as cash crops. As on many other Caribbean islands,

sugar Sugar is the generic name for sweet-tasting, soluble carbohydrates, many of which are used in food. Simple sugars, also called monosaccharides, include glucose, fructose, and galactose. Compound sugars, also called disaccharides or do ...

cultivation became the most profitable enterprise, quickly surpassing other crops in economic importance. Due to the vast tracts of land needed for large-scale sugar production,

rainforest Rainforests are characterized by a closed and continuous tree canopy, moisture-dependent vegetation, the presence of epiphytes and lianas and the absence of wildfire. Rainforest can be classified as tropical rainforest or temperate rainfores ...

s on the islands were decimated. Timber from the rainforests was used in shipbuilding and repair. With the shift to a plantation economy,

slave Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perf ...

s were imported from

Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...

. Even after the abolition of slavery in 1834, former slaves continued working in servitude due to laws designed to keep providing plantations with cheap labor. As the sugar industry began to wane, the plantation economy came to an end.

Primary industries

Agriculture

Some 30% of land on Antigua is under crops or potentially arable, with 18% in use. Sea-island

is a profitable export crop. A modest amount of sugar is harvested each year, and there are plans for production of ethanol from sugarcane. Vegetables, including beans, carrots, cabbage, cucumbers, plantains, squash, tomatoes, and yams, are grown mostly on small family plots for local markets. Over the past 30 years, agriculture's contribution to the GDP has fallen from over 40% to 12%. The decline in the

industry left 60% of the country's under government control, and the Ministry of

Agriculture Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people ...

is encouraging self-sufficiency in certain foods in order to curtail the need to import food, which accounts for about 25% by value of all imports. Crops suffer from droughts and insect pests, and cotton and sugar plantings suffer from soil depletion and the unwillingness of the population to work in the fields.

Mango A mango is an edible stone fruit produced by the tropical tree '' Mangifera indica''. It is believed to have originated in the region between northwestern Myanmar, Bangladesh, and northeastern India. ''M. indica'' has been cultivated in Sout ...

production in 2004 was 1,430 tons.

Animal husbandry

Livestock estimates in 2004 counted 14,300 head of cattle, 19,000 sheep, and 36,000 goats; there were some 5,700 hogs in the same year. Most livestock is owned by individual households. Milk production in 2004 was an estimated 5,350 tons. The

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government i ...

has sought to increase grazing space and to improve stock, breeding Nelthropp

cattle Cattle (''Bos taurus'') are large, domesticated, cloven-hooved, herbivores. They are a prominent modern member of the subfamily Bovinae and the most widespread species of the genus '' Bos''. Adult females are referred to as cows and adult ...

and Black Belly

sheep Sheep or domestic sheep (''Ovis aries'') are domesticated, ruminant mammals typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus '' Ovis'', in everyday usage it almost always refers to domesticate ...

. There is a growing

poultry Poultry () are domesticated birds kept by humans for their eggs, their meat or their feathers. These birds are most typically members of the superorder Galloanserae (fowl), especially the order Galliformes (which includes chickens, qu ...

industry. In 1992, the European Development Bank provided $5 million US to the government to help develop the livestock industry.

Fishing

Most fishing is for local consumption, although there is a growing export of the lobster catch to the United States and of some fish to

Guadeloupe Guadeloupe (; ; gcf, label= Antillean Creole, Gwadloup, ) is an archipelago and overseas department and region of France in the Caribbean. It consists of six inhabited islands— Basse-Terre, Grande-Terre, Marie-Galante, La Désirade, and ...

and

Martinique Martinique ( , ; gcf, label= Martinican Creole, Matinik or ; Kalinago: or ) is an island and an overseas department/region and single territorial collectivity of France. An integral part of the French Republic, Martinique is located in ...

. Antiguans annually consume more fish per capita (46 kg/101.4 lb) per year live weight than any other nation or territory in the Caribbean. The main fishing waters are near shore or between Antigua and Barbuda. There are shrimp and lobster farms operating, and the Smithsonian Institution has a Caribbean king crab farming facility for the local market. The government has encouraged modern fishing methods and supported mechanization and the building of new boats. Fish landings in 2000 were 1,481 tons; the lobster catch, 42 tons. Exports of fish commodities in 2000 were valued at US$1.5 million.

Mining

Few of the islands' mineral resources, which included limestone, building

stone In geology, rock (or stone) is any naturally occurring solid mass or aggregate of minerals or mineraloid matter. It is categorized by the minerals included, its Chemical compound, chemical composition, and the way in which it is formed. Rocks ...

clay Clay is a type of fine-grained natural soil material containing clay minerals (hydrous aluminium phyllosilicates, e.g. kaolin, Al2 Si2 O5( OH)4). Clays develop plasticity when wet, due to a molecular film of water surrounding the clay pa ...

, and

barite Baryte, barite or barytes ( or ) is a mineral consisting of barium sulfate ( Ba S O4). Baryte is generally white or colorless, and is the main source of the element barium. The ''baryte group'' consists of baryte, celestine (strontium sulfate), ...

, were exploited until recently. Limestone and volcanic stone have been extracted from

Antigua Antigua ( ), also known as Waladli or Wadadli by the native population, is an island in the Lesser Antilles. It is one of the Leeward Islands in the Caribbean region and the main island of the country of Antigua and Barbuda. Antigua and Bar ...

for local construction purposes, and the manufacture of bricks and tiles from local clay has begun on a small scale.

Barbuda Barbuda (), is an island located in the eastern Caribbean forming part of the sovereign state of Antigua and Barbuda. It is located north of the island of Antigua and is part of the Leeward Islands of the West Indies. The island is a popula ...

produced a small amount of salt, while

phosphate In chemistry, a phosphate is an anion, salt, functional group or ester derived from a phosphoric acid. It most commonly means orthophosphate, a derivative of orthophosphoric acid . The phosphate or orthophosphate ion is derived from phosph ...

has been collected from Redonda.

Secondary industries

Industrial activity has shifted from the processing of local agriculture produce to consumer and export industries using imported raw materials. Industrial products include rum, refined petroleum, paints, garments, furniture, and electrical components. The government encourages investment in manufacturing establishments, and most industries have some government participation. Industry accounted for 19% of GDP in 2001. Manufacturing—which accounts for approximately 5% of GDP—comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth depend on income growth in the industrialized world, especially in the US, which accounts for about half of all tourist arrivals. The industrial park, located in the Coolidge Area, produces a range of products such as paints, furniture, garments, and galvanized sheets, mainly for export.

Tertiary industries

Tourism

Tourism is the mainstay of the economy of Antigua and Barbuda and is the leading sector in terms of providing employment and creating foreign exchange. In 1999 it contributed 60 percent of GDP and more than half of all jobs. According to the Americas Review 1998, tourism contributed 15 percent directly and around 40 percent indirectly to the GDP in 1998. Real growth in this sector has moved from an average of 7 percent for the period 1985-89 to 8.24 percent for the period 1990-95. There was slow growth between 1995 and 1998. Figures released by the East Caribbean Central Bank (ECCB) in 2000 show that total visitor arrivals increased steadily from 470,975 in 1995 to 613,990 in 1998. In 1999 total visitor arrivals declined by about 4.1 percent to 588,866, yet the number of visitors staying at least 1 night or more increased by 1.9 percent over 1998 to total 207,862. Arrivals via cruise ships in 1999 dropped to 325,195, a fall of 3.4 percent over 1998. The fall-off in cruise passengers was mainly the result of one of the larger cruise ships being out of service for a brief period. Most of the tourists in 1999 came from the United Kingdom and the United States. Visitor expenditures have increased steadily since 1990, with total expenditures of EC$782.9 million. To combat increasing competition from other Caribbean destinations, the government and the Antigua Hotel and Tourist Association have established a joint fund to market the country's appeal as a tourist destination. The association has agreed to match the proceeds from a 2 percent hotel guest levy introduced by the government. At the start of March 2001, the Antigua Workers Union (AWU), the trade union which represents close to 7,000 workers in the tourism industry, described tourism as an industry in crisis. The AWU claimed the industry is on the decline because some airlines are pulling out of the country, and government was not spending enough money to promote tourism. While the government has conceded that it was not spending enough on marketing because of cash flow problems, it has rejected the AWU's contention that the industry is in crisis.

Visitor statistics

In 2012,https://statistics.gov.ag/wp-content/uploads/2017/10/Tourism-Year-In-Review-2012-1.pdf * 81% of visitors to Antigua and Barbuda came for vacation, * 12% of visitors came to visit friends and family, * 3% visited for business, * and 4% visited for other reasons * 55% of visitors stayed for 4–7 days, * 28% for 8–14 days, * 9% for 1–3 days and * 8% for 15+ days.

Air Arrivals from the United States

In Q4 2019,https://statistics.gov.ag/wp-content/uploads/2021/02/Tourism-Bulletin-2019-Quarter-4.pdf * 28.1% of air arrivals came from

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

* 9.0% from

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and ...

* 8.9% from

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delawa ...

* 4.6% from

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

* 4.6% from

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

* 4.2% from

Texas Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...

* 3.7% from

Connecticut Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York (state), New York to the west, and Long Island Sound to the ...

* 3.5% from

Massachusetts Massachusetts (Massachusett: ''Muhsachuweesut Massachusett_writing_systems.html" ;"title="nowiki/> məhswatʃəwiːsət.html" ;"title="Massachusett writing systems">məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' En ...

* 2.8% from

North Carolina North Carolina () is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. The state is the List of U.S. states and territories by area, 28th largest and List of states and territories of the United ...

* and 2.7% from

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth are ...

Air Arrivals from Canada

In Q4 2019, * 7,055 air arrivals came from

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...

* 2,407 from

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirte ...

* 421 from

Alberta Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest T ...

* 406 from

British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, for ...

* 163 from

Nova Scotia Nova Scotia ( ; ; ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. Nova Scotia is Latin for "New Scotland". Most of the population are native Eng ...

* 75 from

Saskatchewan Saskatchewan ( ; ) is a Provinces and territories of Canada, province in Western Canada, western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on t ...

* 58 from

Prince Edward Island Prince Edward Island (PEI; ) is one of the thirteen provinces and territories of Canada. It is the smallest province in terms of land area and population, but the most densely populated. The island has several nicknames: "Garden of the Gulf", ...

* 50 from

Manitoba Manitoba ( ) is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population o ...

* 49 from

New Brunswick New Brunswick (french: Nouveau-Brunswick, , locally ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. It is the only province with both English and ...

* 35 were Not Stated * 33 from

Newfoundland Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...

Air Arrivals from the United Kingdom

In Q4 2019, * 5,351 air arrivals came from

Greater London Greater may refer to: *Greatness Greatness is a concept of a state of superiority affecting a person or object in a particular place or area. Greatness can also be attributed to individuals who possess a natural ability to be better than al ...

* 1,882 from

Gloucester Gloucester ( ) is a cathedral city and the county town of Gloucestershire in the South West of England. Gloucester lies on the River Severn, between the Cotswolds to the east and the Forest of Dean to the west, east of Monmouth and east o ...

* 1,513 from

Greater Manchester Greater Manchester is a metropolitan county and combined authority area in North West England, with a population of 2.8 million; comprising ten metropolitan boroughs: Manchester, Salford, Bolton, Bury, Oldham, Rochdale, Stockport, Tam ...

* 1,100 from Hampshire & Isle of Wight * 1,060 from

Surrey Surrey () is a ceremonial county, ceremonial and non-metropolitan county, non-metropolitan counties of England, county in South East England, bordering Greater London to the south west. Surrey has a large rural area, and several significant ur ...

* 768 from

Kent Kent is a county in South East England and one of the home counties. It borders Greater London to the north-west, Surrey to the west and East Sussex to the south-west, and Essex to the north across the estuary of the River Thames; it faces ...

* 732 from

Essex Essex () is a Ceremonial counties of England, county in the East of England. One of the home counties, it borders Suffolk and Cambridgeshire to the north, the North Sea to the east, Hertfordshire to the west, Kent across the estuary of the Riv ...

* 503 from

East Sussex East Sussex is a ceremonial and non-metropolitan county in South East England on the English Channel coast. It is bordered by Kent to the north and east, West Sussex to the west, and Surrey to the north-west. The largest settlement in East ...

* 378 from

Berkshire Berkshire ( ; in the 17th century sometimes spelt phonetically as Barkeshire; abbreviated Berks.) is a historic county in South East England. One of the home counties, Berkshire was recognised by Queen Elizabeth II as the Royal County of Ber ...

* and 326 from

Oxfordshire Oxfordshire is a ceremonial and non-metropolitan county in the north west of South East England. It is a mainly rural county, with its largest settlement being the city of Oxford. The county is a centre of research and development, primaril ...

Air Arrivals Visitor Expenditure

Average Daily Expenditure per Person (USD) for Q4 2019 * $356.06 for the United States of America * $277.70 for the United Kingdom * $260.91 for Continental Europe * $251.65 for the Caribbean * $239.38 for Latin America * $222.18 for Canada * $166.67 for Other Average Length of Stay for Q4 2019 * 14.4 for Other * 10.5 for Continental Europe * 10.4 for Latin America * 10.3 for the United Kingdom * 9.8 for the Caribbean * 8.9 for Canada * 8.5 for the United States of America Estimated Expenditure * $96,730,286 for the United States of America * $68,939,192 for the United Kingdom * $24,294,241 for the Caribbean * $21,136,450 for Canada * $15,738,743 for Continental Europe * $3,405,668 for Other * $1,468,836 for Latin America

Cruise Passenger Arrivals by Country of Residence

In Q4 2019, * 104,691 Cruise Passenger Arrivals were from the United States. * 61,442 from the UK * 32,935 from Germany * 14,669 from Canada * 7,761 other parts of Europe * 7,252 from other places * 5,114 from France * 2,088 from the Caribbean * 1,737 from Italy * 1,451 from South America * 1,146 from Switzerland

Financial services

Antigua and Barbuda is advertised as "an attractive offshore jurisdiction." The country was the first to sign the United Nations' anti-money laundering act. This agreement came out of a conference in 1999 which urged worldwide offshore financial centers to introduce laws to tighten their policing of money laundering activities. The

exerted considerable pressure on Antigua and Barbuda to reform laws to combat money laundering, even issuing an advisory in April 1999 to British financial institutions that Antigua and Barbuda's anti-money laundering laws were wanting. Antigua and Barbuda responded to this concern, and a subsequent joint United States and United Kingdom review reported they were satisfied that the country had taken positive steps to check illegal activity in this sector. In September 2000 the government of Antigua and Barbuda announced that it had strengthened its surveillance of

money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdicti ...

and

drug trafficking A drug is any chemical substance that causes a change in an organism's physiology or psychology when consumed. Drugs are typically distinguished from food and substances that provide nutritional support. Consumption of drugs can be via inhalati ...

. In March 2009, the

Stanford Financial Group The Stanford Financial Group was a privately held international group of financial services companies controlled by Allen Stanford, until it was seized by United States (U.S.) authorities in early 2009. Headquartered at 5050 Westheimer in Uptown ...

, based in Antigua was found by regulators there and in the United States, of operating a massive

ponzi scheme A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are comin ...

. The international bank controlled by the Stanford group is now in receivership pending the outcome of an investigation.

Retail

The retail sector is dominated by the sale of food and beverages, clothing and textiles, and vegetables. The main markets are located in the capital, St. John's. There are many street vendors and

duty-free shop A duty-free shop (or store) is a retail outlet whose goods are exempt from the payment of certain local or national taxes and duties, on the requirement that the goods sold will be sold to travelers who will take them out of the country, w ...

s. The government has been taking steps to improve this sector. A US$43.5 million vendors' mall and market has been built to provide better facilities for retailers in the capital. In addition, a US$27 million fisheries complex now provides improved facilities for fish processing and retailing. A growing area of computer business on Antigua is Internet casinos.

Statistics

GDP:

purchasing power parity Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currencies. PPP is effectively the ratio of the price of a bask ...

- $1.61 billion (2008 est.) :''country comparison to the world:'' 189 GDP - real growth rate: 2.1% (2008 est.) :''country comparison to the world:'' 161 GDP - per capita: purchasing power parity - $19,000 (2008 est.) :''country comparison to the world:'' 64 GDP - composition by sector: ''agriculture:'' 3.8% ''industry:'' 22% ''services:'' 74.3% (2002 est.)

Inflation In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...

rate (consumer prices): 1.5% (2007 est.) :''country comparison to the world:'' 14 Labor force: 30,000 (1991) :''country comparison to the world:'' 197 Unemployment rate: 11% (2001 est.) :''country comparison to the world:'' 130 Budget: ''revenues:'' $123.7 million ''expenditures:'' $145.9 million (2000 est.) Central bank discount rate: 6.5% (January 2008) :''country comparison to the world:'' 57 Agriculture - products: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock Industries: tourism, construction, light manufacturing (clothing, alcohol, household appliances) Electricity - production: 105 million kWh (2006) :''country comparison to the world:'' 188 Electricity - consumption: 97.65 million kWh (2006) :''country comparison to the world:'' 189 Electricity - exports: 0 kWh (2007) Electricity - imports: 0 kWh (2007) Oil - production: (2007) :''country comparison to the world:'' 116 Oil - consumption: (2006 est.) :''country comparison to the world:'' 169 Oil - exports: (2005) :''country comparison to the world:'' 132 Oil - imports: (2005) :''country comparison to the world:'' 161 Oil - proved reserves: (1 January 2006 est.) :''country comparison to the world:'' 99 Natural gas - production: 0 cu m (2007 est.) :''country comparison to the world:'' 209 Natural gas - consumption: 0 cu m (2007 est.) :''country comparison to the world:'' 209 Natural gas - exports: 0 cu m (2006 est.) :''country comparison to the world:'' 206 Natural gas - imports: 0 cu m (2006) :''country comparison to the world:'' 205 Natural gas - proved reserves: 0 cu m (1 January 2006 est.) :''country comparison to the world:'' 206 Exports: $84.3 million (2007 est.) :''country comparison to the world:'' 199 Exports - commodities: petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8% Exports - partners: Spain 34%, Germany 20.7%, Italy 7.7%, Singapore 5.8%, UK 4.9% (2006) Imports: $522.8 million (2007 est.) :''country comparison to the world:'' 189 Imports - commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil Imports - partners: US 21.1%, China 16.4%, Germany 13.3%, Singapore 12.7%, Spain 6.5% (2006) Debt - external: $359.8 million (June 2006) :''country comparison to the world:'' 169 Economic aid - recipient: $7.23 million (2005)

Currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...

: 1

(EC$) = 100 cents Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) note: fixed rate since 1976

Fiscal year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ...

: 1 April - 31 March

References

* * {{World Trade Organization