Is Antigua and Barbuda a rich country?
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.
Like other countries in the region, Antigua's economy was severely hit by effects of the global economic recession in 2009. The country 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. Antigua has not yet returned to its pre-crisis growth levels. Barbuda suffered significant damages after hurricanes Irma and Maria passed through the Caribbean in 2017.
Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and could be disrupted by potential damage from natural disasters. The new government, elected in 2014 and led by Prime Minister Gaston Browne, continues to face significant fiscal challenges. The government places some hope in a new Citizenship by Investment Program, to both reduce public debt levels and spur growth, and a resolution of a WTO dispute with the US.
What is the GDP of Antigua and Barbuda?
|Currency Name and Code||East Caribbean dollars (XCD)|
|GDP - Gross Domestic Product (PPP)||$2,171,000,000 (USD)|
|GDP - official exchange rate||$1,303,000,000 (USD)|
|GDP - real growth rate||2%|
|GDP Per Capita||$24,100.00 (USD)|
|GDP by Sector- agriculture||2.2%|
|GDP by Sector- Industry||17.8%|
|GDP by Sector- services||80%|
|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%
|Labor Force By Occupation- agriculture||7%|
|Labor Force By Occupation- industry||11%|
|Labor Force By Occupation- services||82%|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$279,100,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-1.7%|
|Public Debt (% of GDP)||89%|
|Taxes and other revenues - percent of GDP||21.4%|
|Major Industries||tourism, construction, light manufacturing (clothing, alcohol, household appliances)|
|Industrial Growth Rate||3.2%|
|Agriculture Products||cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock|
|Exchange Rate per US Dollar||2.7|
|Commercial Bank Prime Lending Rate||9.8%|