Economy of Antigua and Barbuda for import export furniture

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Economy of Antigua and Barbuda
Currency
East Caribbean dollar (XCD)
Fiscal year
1 April - 31 March
Trade organisations
WTO, CARICOM
Statistics
GDP
$750 million (2002 est.)
GDP growth
3% (2002 est.)
GDP per capita
$11,000 (2002 est.)
GDP by sector
agriculture: 3.9%, industry: 19.2%, services: 76.8% (2002)
Inflation (CPI)
0.4% (2000 est.)
Populationbelow poverty line
no data
Labour force
30,000
Labour forceby occupation
agriculture: 7%, industry: 11%, services: 82% (1983)
Unemployment
11% (2001 est.)
Main industries
tourism, construction, light manufacturing (clothing, alcohol, household appliances)
External
Exports
$214 million (2004 est.)
Export goods
petroleum products 48%, manufactures 23%, machinery and transport equipment 17%, food and live animals 4%, other 8%
Main export partners
Spain 29.9%, Germany 18.2%, Poland 13.9%, Italy 6.4%, Singapore 5.1%, UK 4.4% (2005)
Imports
$735 million (2004 est.)
Import goods
food and live animals, machinery and transport equipment, manufactures, chemicals, oil
Main import partners
US 20.3%, China 15.7%, Singapore 12.2%, Germany 10.9%, Spain 6.3% (2005)
Public finances
Public Debt
$231 million (1999)
Revenues
$123.7 million (2000)
Expenses
$145.9 million (2000)
Economic aid
recipient: $2.3 million (1995)
Main data source: CIA World Fact BookAll values, unless otherwise stated, are in US dollars
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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. Manufacturin g 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). 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 about US $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community (CARICOM).
Contents
1 Economic History
2 Primary industries
2.1 Agriculture
2.2 Animal husbandry
2.3 Fishing
2.4 Forestry
2.5 Mining
3 Secondary industries
4 Tertiary industries
4.1 Tourism
4.2 Financial services
4.3 Retail
5 Statistics
6 References
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Economic History
Prior to colonization, several Amerindian groups inhabited Antigua and Barbuda, all of which relied on a subsistence lifestyle. British colonists established settlements in the islands in 1632. After fighting off the Caribs, Dutch, and French to stabilize their colonies, settlers grew tobacco, indigo, cotton, and ginger as cash crops. As on many other Caribbean islands, sugar cultivation became the most profitable enterprise, quickly surpassing other crops in economic importance. Due to the vast tracts of land needed for large-scale sugar production, rainforests on the islands were decimated. Timber from the rainforests was used in shipbuilding and...(and so on) To get More information , you can visit some products about head cylinder gasket, cables wire, fabric blind, saw vacuum, golf iron head, wall mounted gas heaters, finders key purse, 304 stainless steel pipe, best electric shaver, t shirts trendy, . The King Size Bed products should be show more here!