Antigua and Barbuda, with a population of 93,763, is ranked 177th in population size, just behind Aruba. Located in the Caribbean, it covers 440 square kilometers, ranking 176th in total area, with Curacao just below it.
Antigua and Barbuda’s economic position in 2022 showcases a GDP of $1,867,733,333.33, ranking 172nd globally. It falls behind San Marino, with a GDP of $2,034,000,000. The GDP per capita for Antigua and Barbuda is $19,919.73, placing it at the 52nd position worldwide.
It is surpassed by Barbados, with a GDP per capita of $20,238.78. Despite its ranking, Antigua and Barbuda’s economy shows potential for growth and development in the coming years.
What are the economic activities of Antigua and Barbuda?
- Primary activities: 1.8% of GDP.
- Secondary activities: 20.8% of GDP.
- Tertiary activities: 77.3% of GDP.
Primary Sector of Antigua and Barbuda
Antigua and Barbuda’s primary sector, particularly its agricultural activities, thrive due to its tropical climate and rich natural resources. With 20.45% of the country’s land dedicated to agriculture, the main products include tropical fruits, milk, mangoes/guavas, eggs, lemons/limes, pumpkins/squash, vegetables, sweet potatoes, cassava, and yams.
Despite agriculture contributing 1.8% to the GDP, the diverse range of crops and animal products play a crucial role in the country’s economy. The variety of agricultural products not only sustains the local population but also contributes to the country’s overall food security and agricultural sector development.
Antigua and Barbuda’s geological diversity, from limestone to volcanic rocks, influences its natural resources. The primary sector thrives on its pleasant climate, fostering tourism, which is a crucial driver of the economy.
Secondary Sector of Antigua and Barbuda
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials from primary activities into finished products for consumption. In Antigua and Barbuda, the main industrial products include construction materials, clothing, alcohol, and household appliances. These goods are manufactured for domestic consumption and export, contributing to the country’s economy and industrial development.
Manufactures in Antigua and Barbuda’s total exports are not a significant contributor, accounting for only 20.46% in 2023. The country relies more on other sectors for economic growth and trade.
Tertiary sector of Antigua and Barbuda
What is the tertiary sector or what are tertiary activities?
The tertiary sector encompasses the intangible aspects of the economy, where individuals provide knowledge and time to enhance productivity and meet needs. This includes services like advice, expertise, and consumer/business-to-business services. In Antigua and Barbuda, key tertiary activities are restaurants, healthcare, education, banking, tourism, transportation, and telecommunications.
Notably, Antigua and Barbuda’s economy heavily relies on tourism, with over 1 million annual arrivals, accounting for 11% of the population. Popular destinations include the pristine beaches of Dickenson Bay and the historic Nelson’s Dockyard, a UNESCO World Heritage Site, attracting visitors worldwide and significantly contributing to the country’s economic growth.
Another example of tertiary economic activity is the mobile cellular sector, with approximately 184,000 subscriptions, equating to about 197 per 100 inhabitants. This connectivity fosters technological growth, enhancing communication and innovation.
International Trade of Antigua and Barbuda
Import Activities of Antigua and Barbuda
Antigua and Barbuda’s import activities are of high importance, with imports accounting for 62.94% of the country’s GDP in 2023.
Antigua and Barbuda’s main import partners are the US, China, Spain, Brazil, and Finland. They primarily import refined petroleum, ships, engine parts, plastic products, and cars. The US accounts for 57% of their imports, followed by China at 7%.
Exports Activities of Antigua and Barbuda
In 2023, Antigua and Barbuda’s total exports amounted to $30,496,874.225, representing 54.69% of its GDP. With such a high percentage, export activities play a crucial role in the country’s economy, indicating a significant reliance on foreign markets for growth and stability.
Antigua and Barbuda’s export activities are diverse, with top partners including Suriname, Poland, and Germany. Key export commodities are refined petroleum, ships, gas turbines, soybean meal, and liquor.
Antigua and Barbuda economy challenges in 2024
Antigua and Barbuda faces challenges in 2024 with its dual island-tourism economy affected by limited water supply and hurricane risks. The country aims to boost its “blue economy” while improving infrastructure and exploring financial innovation in cryptocurrency and blockchain.
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