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Antigua and Barbuda Economy
View the information below regarding the economy of Antigua and Barbuda. The summary and statistics contains gdp, industry, agriculture and more for Antigua and Barbuda. If you need other information please visit the Antigua and Barbuda Country Page.
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Economy Statistics ECONOMY: Antigua and Barbuda's economy is service-based, with tourism, financial and government services representing the key sources of employment and income. Tourism also is the principal earner of foreign exchange in Antigua and Barbuda. However, a series of violent hurricanes since 1995 resulted in serious damage to tourist infrastructure and periods of sharp reductions in visitor numbers. Antigua and Barbuda's tourist sector continues to recover from past hurricanes and a downfall in numbers after the September 11 terrorist attacks in the U.S. In 2002, more than half a million tourists visited Antigua and Barbuda, the majority from Europe and the U.S. Cruise ship arrivals numbered over 300,000, more than half the total number of arrivals. Tourism receipts totaled $240 million in 2002. The economy grew at a rate of 2.7% in 2002. To lessen its vulnerability to natural disasters, Antigua has sought to diversify 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 share a common currency issued by the Eastern Caribbean Central Bank (ECCB). 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. In 2001, its exports totaled $17 million, of which 22% went to the U.S. Antigua and Barbuda imported 28.5% of its goods from the U.S. Overall, imports totaled $335 million in 2001. It also belongs to the predominantly English-speaking Caribbean Community and Common Market (CARICOM). source: http://www.state.gov |