Economy of Anguilla

Economy - overview: Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September but recovered in 1996. Increased activity in the tourism industry, which has spurred the growth of the construction sector, contributed to economic growth in 1997-98. Anguillan officials have put substantial effort into developing the offshore financing sector. A comprehensive package of financial services legislation was enacted in late 1994. In the medium term, prospects for the economy will depend on the tourism sector and, therefore, on continuing income growth in the industrialized nations as well as favorable weather conditions.

GDP: purchasing power parity - $88 million (1998 est.)

GDP - real growth rate: 6.5% (1998 est.)

GDP - per capita: purchasing power parity - $7,900 (1998 est.)

GDP - composition by sector:
agriculture: 4%
industry: 18%
services: 78% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2.5% (1998 est.)

Labor force: 4,400 (1992)

Labor force - by occupation: commerce 36%, services 29%, construction 18%, transportation and utilities 10%, manufacturing 3%, agriculture/fishing/forestry/mining 4%

Unemployment rate: 7% (1992 est.)

Budget:
revenues: $20.4 million
expenditures: $23.3 million, including capital expenditures of $3.8 million (1997 est.)

Industries: tourism, boat building, offshore financial services

Industrial production growth rate: 3.1% (1997 est.)

Electricity - production: NA kWh

Electricity - production by source:
fossil fuel: NA%
hydro: NA%
nuclear: NA%
other: NA%

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

Agriculture - products: small quantities of tobacco, vegetables; cattle raising

Exports: $4.5 million (1998)

Exports - commodities: lobster, fish, livestock, salt

Exports - partners: NA

Imports: $57.6 million (1998)

Imports - commodities: NA

Imports - partners: NA

Debt - external: $8.8 million (1998)

Economic aid - recipient: $3.5 million (1995)

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

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: April 1 - March 31

See also : Anguilla