Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. The economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006 driven by a construction boom in hotels and housing associated with the Cricket World Cup. Growth dropped off in 2008 with the end of the boom. Tourism continues to dominate the 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. Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, and has been successful in reducing its public debt-to-GDP ratio from 120% to about 90%.
GDP (purchasing power parity):
$1.639 billion (2008 est.) country comparison to the world: 189 $1.594 billion (2007 est.)
$1.491 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$1.224 billion (2008 est.)
GDP - real growth rate:
2.8% (2008 est.) country comparison to the world: 133 6.9% (2007 est.)
12.4% (2006 est.)