Akrotiri
Economic activity is limited to providing services to the
military and their families located in Akrotiri. All food and
manufactured goods must be imported.

Albania
Lagging behind its Balkan neighbors, Albania is making the
difficult transition to a more modern open-market economy. The
government has taken measures to curb violent crime, and recently
adopted a fiscal reform package aimed at reducing the large gray
economy and attracting foreign investment. The economy is bolstered
by annual remittances from abroad of $600-$800 million, mostly from
Albanians residing in Greece and Italy; this helps offset the
towering trade deficit. Agriculture, which accounts for more than
one-fifth of GDP, is held back because of lack of modern equipment,
unclear property rights, and the prevalence of small, inefficient
plots of land. Energy shortages and antiquated and inadequate
infrastructure contribute to Albania's poor business environment,
which make it difficult to attract and sustain foreign investment.
The completion of a new thermal power plant near Vlore and improved
transmission line between Albania and Montenegro will help relieve
the energy shortages. Also, the government is moving slowly to
improve the poor national road and rail network, a long-standing
barrier to sustained economic growth. On the positive side,
macroeconomic growth was strong in 2003-07 and inflation is low and
stable.

Algeria
The hydrocarbons sector is the backbone of the economy,
accounting for roughly 60% of budget revenues, 30% of GDP, and over
95% of export earnings. Algeria has the eighth-largest reserves of
natural gas in the world and is the fourth-largest gas exporter; it
ranks 14th in oil reserves. Sustained high oil prices in recent
years have helped improve Algeria's financial and macroeconomic
indicators. Algeria is running substantial trade surpluses and
building up record foreign exchange reserves. Algeria has decreased
its external debt to less than 10% of GDP after repaying its Paris
Club and London Club debt in 2006. Real GDP has risen due to higher
oil output and increased government spending. The government's
continued efforts to diversify the economy by attracting foreign and
domestic investment outside the energy sector, however, has had
little success in reducing high unemployment and improving living
standards. Structural reform within the economy, such as development
of the banking sector and the construction of infrastructure, moves
ahead slowly hampered by corruption and bureaucratic resistance.

American Samoa
American Samoa has a traditional Polynesian economy
in which more than 90% of the land is communally owned. Economic
activity is strongly linked to the US with which American Samoa
conducts most of its commerce. Tuna fishing and tuna processing
plants are the backbone of the private sector, with canned tuna the
primary export. Transfers from the US Government add substantially
to American Samoa's economic well being. Attempts by the government
to develop a larger and broader economy are restrained by Samoa's
remote location, its limited transportation, and its devastating
hurricanes. Tourism is a promising developing sector.
note: as a territory of the US, American Samoa does not treat the US
as an external trade partner

Andorra
Tourism, the mainstay of Andorra's tiny, well-to-do economy,
accounts for more than 80% of GDP. An estimated 11.6 million
tourists visit annually, attracted by Andorra's duty-free status and
by its summer and winter resorts. Andorra's comparative advantage
has recently eroded as the economies of neighboring France and Spain
have been opened up, providing broader availability of goods and
lower tariffs. The banking sector, with its partial "tax haven"
status, also contributes substantially to the economy. Agricultural
production is limited - only 2% of the land is arable - and most
food has to be imported. The principal livestock activity is sheep
raising. Manufacturing output consists mainly of cigarettes, cigars,
and furniture. Andorra is a member of the EU Customs Union and is
treated as an EU member for trade in manufactured goods (no tariffs)
and as a non-EU member for agricultural products.

Angola
Angola's high growth rate is driven by its oil sector, with
record oil prices and rising petroleum production. Oil production
and its supporting activities contribute about 85% of GDP. Increased
oil production supported growth averaging more than 15% per year
from 2004 to 2007. A postwar reconstruction boom and resettlement of
displaced persons has led to high rates of growth in construction
and agriculture as well. Much of the country's infrastructure is
still damaged or undeveloped from the 27-year-long civil war.
Remnants of the conflict such as widespread land mines still mar the
countryside even though an apparently durable peace was established
after the death of rebel leader Jonas SAVIMBI in February 2002.
Subsistence agriculture provides the main livelihood for most of the
people, but half of the country's food must still be imported. In
2005, the government started using a $2 billion line of credit,
since increased to $7 billion, from China to rebuild Angola's public
infrastructure, and several large-scale projects were completed in
2006. Angola also has large credit lines from Brazil, Portugal,
Germany, Spain, and the EU. The central bank in 2003 implemented an
exchange rate stabilization program using foreign exchange reserves
to buy kwanzas out of circulation. This policy became more
sustainable in 2005 because of strong oil export earnings; it has
significantly reduced inflation. Although consumer inflation
declined from 325% in 2000 to under 13% in 2007, the stabilization
policy has put pressure on international net liquidity. Angola
became a member of OPEC in late 2006 and in late 2007 was assigned a
production quota of 1.9 million barrels a day, somewhat less than
the 2-2.5 million bbl Angola's government had wanted. To fully take
advantage of its rich national resources - gold, diamonds, extensive
forests, Atlantic fisheries, and large oil deposits - Angola will
need to implement government reforms, increase transparency, and
reduce corruption. The government has rejected a formal IMF
monitored program, although it continues Article IV consultations
and ad hoc cooperation. Corruption, especially in the extractive
sectors, and the negative effects of large inflows of foreign
exchange, are major challenges facing Angola.

Anguilla
Anguilla has few natural resources, and the economy depends
heavily on luxury tourism, offshore banking, lobster fishing, and
remittances from emigrants. Increased activity in the tourism
industry has spurred the growth of the construction sector,
contributing to economic growth. Anguillan officials have put
substantial effort into developing the offshore financial sector,
which is small, but growing. In the medium term, prospects for the
economy will depend largely on the tourism sector and, therefore, on
revived income growth in the industrialized nations as well as on
favorable weather conditions.

Antarctica
Fishing off the coast and tourism, both based abroad,
account for Antarctica's limited economic activity. Antarctic
fisheries in 2005-06 (1 July-30 June) reported landing 128,081
metric tons (estimated fishing from the area covered by the
Convention on the Conservation of Antarctic Marine Living Resources
(CCAMLR), which extends slightly beyond the Antarctic Treaty area).
Unregulated fishing, particularly of Patagonian toothfish
(Dissostichus eleginoides), is a serious problem. The CCAMLR
determines the recommended catch limits for marine species. A total
of 36,460 tourists visited the Antarctic Treaty area in the 2006-07
Antarctic summer, up from the 30,877 visitors the previous year
(estimates provided to the Antarctic Treaty by the International
Association of Antarctica Tour Operators (IAATO); this does not
include passengers on overflights). Nearly all of them were
passengers on commercial (nongovernmental) ships and several yachts
that make trips during the summer. Most tourist trips last
approximately two weeks.

Antigua and Barbuda
Antigua has a relatively high GDP per capita in
comparison to most other Caribbean nations. It has experienced solid
growth since 2003, driven by a construction boom in hotels and
housing that which should wind down in 2008. Tourism continues to
dominate the economy, accounting for more than half of GDP. 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. Since taking office in 2004, the
SPENCER government has adopted an ambitious fiscal reform program,
but will continue to be saddled by its debt burden with a
debt-to-GDP ratio exceeding 100%.

Arctic Ocean
Economic activity is limited to the exploitation of
natural resources, including petroleum, natural gas, fish, and seals.