Antigua And Barbuda 

Antigua And Barbuda country policy

Policy established 08 September 1991

• The country ceiling is 30 mln euro
• Early warning signal 30 mln euro
• - of which was used as at 2012-02-29 5 mln euro
• Private buyers: SIF facility

Country class: 6

Antigua And Barbuda country facts

ATRADIUS DSB Economic Research
Country Report last updated :  10 March 2008
Country :  ANTIGUA & BARBUDA  

Political Situation
Stable

Head of state
QEII, represented by governor-general Sir James Carlisle.

Form of government
Government of the United Progressive Party (UPP), headed by p.m. Baldwin Spencer (13 out of 17 seats).

Internal Economic Situation
High Growth; Weak Public Finance

General situation
A small and open economy, strongly depending on tourism (> 50% GDP). Sustained GDP-growth of appr. 5% p.a, in 2006 incidentally higher (12%), driven by construction (hotels, World Cricket Cup) and services (financial sector, trade). Small manufacturing (electronics) and agricultural sectors, hurt by labour shortage (higher wages in tourism). Erosion has hit water supply and crop production. WTO ruled in favour of A&B in case of a dispute with the USA over online gambling; US legislation (a ban) had hurt tourism on the islands, in addition to rising crime. 
 
External Economic Situation
Weak

Main sources of foreign exchange
Tourism, other services, electronics.

Main foreign markets
USA, UK.

Main expenses of foreign exchange
Consumer goods, construction material.

 
Balance of payments 
Huge trade deficits are not fully covered by income from tourism and other services. Antigua has to rely on multilateral (Caribbean Development Bank) and bilateral (Venezuela) assistance to keep
External economic situation
Depending on capital inflows and especially on tourism. Still weak (public sector) liquidity and solvency.