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Economy - overview: Antigua and Barbuda's economy is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also 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. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the United States and United Kingdom as a result of the loosening of its money-laundering controls. The government has made efforts to comply with international demands in order to get the sanctions lifted. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull 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 about one-third of all tourist arrivals. Estimated overall economic growth for 2000 was 2.5%. Inflation has trended down going from above 2 percent in the 1995-99 period and estimated at 0 percent in 2000.

To lessen its vulnerability to natural disasters, Antigua has been diversifying 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, The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean Dollar) for all members of the ECCU. 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. Its 1998 exports to the U.S. were valued at aboutUS $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community and Common Market (CARICOM).

GDP: purchasing power parity - $524 million (1999 est.)

GDP - real growth rate: 2.8% (1999 est.)

GDP - per capita: purchasing power parity - $8,200 (1999 est.)

GDP - composition by sector:
agriculture: 4%
industry: 12.5%
services: 83.5% (1996 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 1.6% (1999 est.)

Labor force: 30,000

Labor force - by occupation: commerce and services 82%, agriculture 11%, industry 7% (1983)

Unemployment rate: 7% (1999 est.)

Budget:
revenues: $122.6 million
expenditures: $141.2 million, including capital expenditures of $17.3 million (1997 est.)

Industries: tourism, construction, light manufacturing (clothing, alcohol, household appliances)

Industrial production growth rate: 6% (1997 est.)

Electricity - production: 90 GWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 84 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products:

cotton, fruits, vegetables, bananaFor other meanings, see banana (disambiguation) A banana is a tree-like plant (though strictly a herb) of the genus Musa in the family Musaceae, closely related to plantain. The term banana is also applied to the elongated fruit (technically a false berrys, coconutThe Coconut Palm Cocos nucifera L. is a member of the Family Arecaceae (palm family). It is the only species classified in the genus Cocos . The term coconut refers to the fruit of the coconut palm. Origins The origins of this plant are the subject of debs, cucumberGarden cucumber Scientific classification Kingdom: Plantae Division: Magnoliophyta Class: Magnoliopsida Order: Violales Family: Cucurbitaceae Genus Cucumis Species sativus Binomial nomenclature Cucumis sativus Ref: The cucumber is the edible fruit of thes, mangoThis article is about the fruit. For other meanings of the word, please see Mango (disambiguation). M. altissima ''M. caesia ''M. camptosperma ''M. casturi ''M. domestica ''M. foetida ''M. indica ''M. kemanga ''M. longipes ''M. macrocarpa ''M. odorata ''Mes, sugarcanespontaneum ''S. robustum ''S. officinarum ''S. barberi ''S. sinense ''S. edule Ref: as of 2004-05-05 Sugarcane is one of six species of a tall tropical southeast Asian grass (Family Poaceae) having stout fibrous jointed stalks whose sap at one time was th; livestock

Exports: $38 million (1998)

Exports - commodities:

petroleumNodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Latin petrus rock and oleum oil), mineral oil or crude oil sometimes colloquially called black gold is a thick, dark brown or greenish flammable liquid, which exists in the uppe products 48%, manufactures 23%, food and live animalSubkingdom Parazoa Porifera (sponges) Subkingdom " Agnotozoa" Placozoa Orthonectida Rhombozoa Subkingdom Metazoa "Radiata" Cnidaria Ctenophora (comb jellies) Bilateria Protostomia Acoelomorpha Platyhelminthes (flatworms) Nemertina (ribbon worms) Gastrotris 4%, machinery and transport equipment 17%

Exports - partners: OECS 26%, BarbadosBarbados is an island nation situated on the boundary of the Caribbean Sea and the Atlantic Ocean. One of the Lesser Antilles, it lies to the east of the main chain of islands. History Main article: History of Barbados Barbados was uninhabited when first 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%

Imports: $330 million (1998)

Imports - commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil

Imports - partners:

US 27%, UK 16%, Canada 4%, OECS 3%

Debt - external: $357 million (1998)

Economic aid - recipient: $2.3 million (1995)

Currency: 1 East Caribbean dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: 1 April - 31 March

Politics	Business	Finance

Topics: Economy Of Antigua And Barbuda 1998 Caribbean 1999 Imports...

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