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World > North America > Antigua and Barbuda > Economy (Notes)

Antigua and Barbuda - Economy (Notes)


ECONOMY
Antigua and Barbuda's service-based economy grew by 3.2% in 2005, compared with 5.2% in 2004. Construction, banking and insurance, communications, and wholesale and retail trade sectors were the main contributors to economic growth. The economy is experiencing its third consecutive year of high growth, driven by a construction boom in hotels and housing, as well as projects related to the 2007 Cricket World Cup. The tourism and hospitality sector has largely recovered after the decrease in tourism following the September 11, 2001 terrorist attacks. It posted a strong performance in 2004, and in 2005 the sector was estimated at 50% of GDP.

To lessen its vulnerability to natural disasters and economic shocks, Antigua has sought to diversify its economy by encouraging growth in transportation, communications, Internet gambling, and financial services.

Antigua and Barbuda's currency is the Eastern Caribbean Dollar (EC$), a regional currency shared among members of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues the EC$, manages monetary policy, and regulates and supervises commercial banking activities in its member countries. The ECCB has kept the EC$ pegged at EC$2.7=U.S. $1.

Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative that grants duty-free entry into the United States for many goods. In 2005, 7.7% of its total exports went to the United States, and 48.9% of its total imports came from the United States. Antigua and Barbuda also belongs to the predominantly English-speaking Caribbean Community and Common Market (CARICOM) and the CARICOM Single Market and Economy (CSME).


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions - East Caribbean Dollar Exchange Rates
Notes and Commentary: Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions
East Caribbean Dollar Exchange Rates


Notes and Commentary
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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