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). All members of the ECCU, The Eastern Caribbean Central Bank (ECCB) issues a common currency 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 aboutUS $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community and Common Market (CARICOM).
GDP: purchasing power parity - $524 million (1999 est.)
GDP - real growth rate: 2.8% (1999 est.)
GDP - per capita: purchasing power parity - $8,200 (1999 est.)
GDP - composition by sector:
agriculture:
4%
industry:
12.5%
services:
83.5% (1996 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%:
NA%
highest 10%:
NA%
Inflation rate (consumer prices): 1.6% (1999 est.)
Labor force: 30,000
Labor force - by occupation: commerce and services 82%, agriculture 11%, industry 7% (1983)
Unemployment rate: 7% (1999 est.)
Budget:
revenues:
$122.6 million
expenditures:
$141.2 million, including capital expenditures of $17.3 million (1997 est.)
Industries: tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate: 6% (1997 est.)
Electricity - production: 90 million kWh (1998)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption: 84 million kWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
Exports: $38 million (1998)
Exports - commodities: petroleum products 48%, manufactures 23%, food and live animals 4%, machinery and transport equipment 17%
Exports - partners: OECS 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%
Imports: $330 million (1998)
Imports - commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Imports - partners: US 27%, UK 16%, Canada 4%, OECS 3%
Debt - external: $357 million (1998)
Economic aid - recipient: $2.3 million (1995)
Currency: 1 East Caribbean dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)
Fiscal year: 1 April - 31 March
Reference
Much of the material in this article comes from the CIA World Factbook 2000 and the 2003 U.S. Department of State website.