Economy Antigua and Barbuda
Economy - overview:
Tourism continues to dominate the economy, accounting for more than
half of GDP. Weak tourist arrival numbers since early 2000 have
slowed the economy and pressed the government into a tight fiscal
corner. 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. 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 slightly more than
one-third of tourist arrivals.
GDP (purchasing power parity):
$750 million (2002 est.)
GDP (official exchange rate):
$905 million (2005 est.)
GDP - real growth rate:
3.8% (2005 est.)
GDP - per capita (PPP):
$10,900 (2005 est.)
GDP - composition by sector: agriculture: 3.8% industry: 22% services: 74.3% (2002 est.)
Labor force: 30,000
Labor force - by occupation: agriculture: 7% industry: 11% services: 82% (1983)
Unemployment rate:
11% (2001 est.)