Antigua and Barbuda
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Antigua has a relatively high GDP per capita in comparison to most other Caribbean nations. It has experienced solid growth since 2003, driven by a construction boom in hotels and housing that which should wind down in 2008. Tourism continues to dominate the economy, accounting for more than half of GDP. 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 income growth in the industrialized world, especially in the US, which accounts for slightly more than one-third of tourist arrivals. Since taking office in 2004, the SPENCER government has adopted an ambitious fiscal reform program, but will continue to be saddled by its debt burden with a debt-to-GDP ratio exceeding 100%. Source: The World Factbook, CIA. |
The
Siboney were the first to inhabit the islands of Antigua and Barbuda in 2400
B.C., but Arawak Indians populated the islands when COLUMBUS landed on his
second voyage in 1493. Early settlements by the Spanish and French were
succeeded by the English who formed a colony in 1667. Slavery, established to
run the sugar plantations on Antigua, was abolished in 1834. The islands became
an independent state within the British Commonwealth of Nations in 1981.