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Economy of Antigua and Barbuda

Antigua and Barbuda is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Antigua and Barbuda may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Antigua and Barbuda exports around $0.05 billion and imports roughly $0.34 billion. 14.1% of population in the country are unemployed. The total number of unemployed people in Antigua and Barbuda is 14,530. Government expenditure on education is 2.7% of GDP. The Gini Index of the country is 48. Antigua and Barbuda is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Antigua and Barbuda has a Human Development Index (HDI) of 0.774. Antigua and Barbuda has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The strength of legal rights index for Antigua and Barbuda is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Antigua and Barbuda is eastern caribbean dollar. The plural form of the word eastern caribbean dollar is dollars. The symbol used for this currency is $, and it is abbreviated as XCD. The eastern caribbean dollar is divided into Cent; there are 100 in one eastern caribbean dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Antigua and Barbuda.

Central bank

The prime lending rate of Antigua and Barbuda's commercial banks is 10.1. In Antigua and Barbuda, the institution that manages the state's currency, money supply, and interest rates is called Eastern Caribbean Central Bank. The average deposit interest rate offered by local banks in Antigua and Barbuda is 2.9%.

Public debt

Antigua and Barbuda has a government debt of 48.6% of the country's Gross Domestic Product (GDP), as assessed in 2010.

Tax information

The corporate tax in Antigua and Barbuda is set at 25%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Antigua and Barbuda is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Antigua and Barbuda is $1579 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Antigua and Barbuda was last recorded at $15 million. PPP in Antigua and Barbuda is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Antigua and Barbuda is 1 billion. Based on this statistic, Antigua and Barbuda is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Antigua and Barbuda was last recorded at $0 million. The average citizen in Antigua and Barbuda has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Antigua and Barbuda averaged 1.9% in 2014. According to this percentage, Antigua and Barbuda is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Antigua and Barbuda.

Industry

Major industries in the country are tourism, construction, light manufacturing (clothing, alcohol, household appliances). The total labor force of Antigua and Barbuda is 33,680 people, wherein 14.1% of population in the country are unemployed. The total number of unemployed people in Antigua and Barbuda is 14,530. The Industrial Production growth rate of Antigua and Barbuda is 1%.To read more about industrial information within Antigua and Barbuda click on industry of Antigua and Barbuda.

Agriculture

There are 81 km2 of arable land in Antigua and Barbuda, and it comprises 18% of the country's total territory. There are 101 km2 of cultivated land in Antigua and Barbuda. The country's major agricultural crops and products are cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane, livestock.To read more about agriculture click on agriculture of Antigua and Barbuda.