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Antigua & Barbuda Antigua & Barbuda

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Antigua & Barbuda – Quick View
ECR score9.3 (Mar 2011)
ECR rank179 (Mar 2011)
Economic
GDP 2010USD 0.60 billion
GNI per capita PPP 2010USD 17,924
FDI inflow 2010USD 89 million
Inflation August 20100.02%
Central bank assets December 2010USD 1,886.59 million
Unemployment rate 200911%
Government deficitUSD 11.56 million
Tax revenue Q2 2010USD 20.18 million
Political
Government typeConstitutional Monarchy
Recent political crisisNA
Economic freedom scoreNA
Freedom of information scoreNA
Corruption perception indexNA
Structural
Birth rate14.44
Population balanceUnder 14 – 28.3%
Population balanceOver 60-Males 8.8%
Population balanceOver 60-Females – 9.8%
Life expectancy yearsMale – 71.78 years
Life expectancy yearsFemale – 80.65 years
Mortality rate5.87 per '000
Literacy rate90%
Internet access74.9%

[Top] Economic Overview

Gross Domestic Product (GDP)

 

The GDP at constant prices was registered at XCD 1.60 billion in 2010 compared to XCD 1.67 billion in 2009. The GDP growth rate has increased from -8.89 in 2009 to -4.11 in 2010.

 

                                                              Antigua & Barbuda GDP and GDP growth rate

(Source: IMF)

Gross National Income (GNI) per capita

The GNI per capita at PPP in the year 2010 was USD 17,924 compared to USD 18,366.9 in 2009.

(Source: UNDP)

Income Tax

 

The rate of tax on individual incomes ranges from 10% to 25%.

 

Income Tax rate

Taxable Income (XCD)

Tax Rate (%)

Up to 144,000

10

Above 144,000

25

(Source: taxrates.cc)

Corporate tax

 

Standard corporate tax in Antigua and Barbuda is 25%.

 

Tax rates

Tax contribution

Total tax rate (% profit)

Social Security contributions

5.5

Stamp duty on property transfer

4.5

Medical tax

3.9

Fuel tax

0.7

Property tax - building

0.5

Property tax -land

0.2

Vehicle license

0.1

(Source: doingbusiness.org)

Inflation Rate

The inflation rate was registered at 0.02% in August 2010 compared to 0.72% in the corresponding period of 2009.

                                      Antigua & Barbuda Inflation Rate

(Source: Central Bank)

Foreign Direct Investment (FDI)

 

FDI has declined from XCD 318.75 million in 2009 to XCD 283.61 million in 2010.

 

                                              Antigua & Barbuda FDI

(Source: Central Bank)

Portfolio Investment

 

The portfolio investment has increased from XCD -16.5 million in 2009 to XCD 3.51 million in 2010.

 

                                          Antigua & Barbuda Portfolio Investment

(Source: Central Bank)

Banking Sector Assets

 

The table below displays the assets of the Central Bank of Antigua and Barbuda.

Currency Unit: Dollar (XCD)

Balance Sheet – Assets of Commercial Bank of Antigua and Barbuda (XCD million)

End of period

December 2010

December 2009

Claims On Central Bank

300.926

249.675

Other local Banks

22.986

21.258

Other ECCB Area Banks

890.127

775.849

Loans and Advances

2,957.05

3,147.13

Investments

188.385

100.511

Foreign Assets

484.846

1,121.835

Other Assets

249.058

393.486

Total Assets

5,093.38

5,809.75

(Source: Central Bank)

[Top] Financial Indicators & Government Financial

Consumer Price Index

 

The consumer price index has increased from 118.22 in August 2009 to 121.89 in August 2010. It indicates that the price of consumer goods in the country has increased.

                                      Antigua & Barbuda Consumer Price Index

Base, January 2001 = 100

(Source: Central Bank, Central Bank)

 


Interest rates

 

The average weighted interest rate on deposits in the country is 3.34%.

(Source: Central Bank)

 

Rates on Government Securities (%)

3-Month T-bill

6.50

5 Year Note

8.25

7 Year Bond

8.00

(Source: Central Bank)

Money supply

 

                                        Antigua & Barbuda Money Supply

(Source: Central Bank)

Government Expenditure

The total expenditure is estimated to be XCD 787 million in 2010 compared to XCD 1,198 million in 2009.

                                                  Antigua & Barbuda Government Expenditure

e = estimated

(Source: IMF)

Official exchange rate

The exchange rate in April 2011 was XCD 2.6882 per USD buying and XCD 2.7169 per USD selling.

(Source: Central Bank)

Government finances


Fiscal balance

The fiscal deficit in the year 2010 is estimated at XCD 31 million compared to a deficit of XCD 592 million in 2009.

                                                                Antigua & Barbuda Fiscal Balance

(Source: IMF)

Total Revenue

 

The total revenue has increased from XCD 606 million in 2009 to XCD 757 million in 2010.

                                                            Antigua & Barbuda Total Revenue

(Source: IMF)

Tax Revenue

The revenue from tax in the second quarter of 2010 was recorded at XCD 146.49 million compared to XCD 153.74 million in the corresponding period of 2009.

(Source: Central Bank)

Current Account Balance

                                                        Antigua & Barbuda Current Account Balance

(Source: IMF)

Balance of Payments

Balance of Payments (XCD million)

 

2010

2009

Current Account

-512.77

-679.37

Capital and Financial account

464.43

638.27

Net errors and omissions

5.87

13.66

Overall balance

-42.47

-27.44

(Source: Central Bank)

[Top] Labour Force and Employment Overview

The labour force in 2009 is estimated to be 30,000. The labour force participation rate in 2001 was 71.7% and the ratio of employment to population was 65.8.

(Source: Indexmudi,ILO)

There is no official data available on the country's unemployment. However, the unemployment rate in 2009 was estimated at 11%.

(Source:indexmundi)

Minimum wage

In 2008, the minimum wage in the country is XCD 7.50 per hour for all labourers.

(Source: laws.gov.ag)

Level of Unionisation

 

The major trade unions in the country include:

 

  • Antigua & Barbuda Public Service Association (ABPSA)
  • Antigua & Barbuda Workers' Union (ABWU)

(Source: ICFTU)

[Top] Political Stability

Antigua and Barbuda is a Constitutional Monarchy. Queen Elizabeth II is the head of state and is represented by the Governor-General. The Governor-General is appointed on the advice of the Prime Minister. The Prime Minister is the head of government.

 

The country’s parliament is bicameral and includes the House of Representatives and the Senate. The House of Representatives has 19 members, of whom 17 are directly elected. The other two members include one ex officio member (the Attorney General) and the Speaker. The Senate is also comprised of 17 members, appointed by the Governor General on the Prime Minister’s advice and the leader of the opposition. The term of members of both houses of parliament is five years.

(Source: commonwealth-of-nations.org, IPU)

Regulatory Environment

 

Antigua & Barbuda is not included in the 2011 Index of Economic Freedom.

(Source: heritage.org)

Corruption perception

 

Antigua & Barbuda is not included in the Corruption Perception Index 2010.

(Source: transparency.org)

Freedom of Information

 

The constitution guarantees the freedom of press in the country. Many of the TV and radio broadcasting stations are under the control of the Antigua Labour Party.

(Source: BBC)

The various newspapers in the country include:

  • Antigua Sun
  • Daily Observer
  • The Worker's Voice

(Source: BBC)

Judicial system

 

The judiciary in the country includes:

  • Eastern Caribbean States Supreme Court
  • High Court
  • Magistrate's Court
  • Judicial Committee of the Privy Council
  • Caribbean Court of Justice (CCJ)

[Top] Demographic Overview

The total population in 2009 was recorded at 87,600. In 2007, the total population was registered at 85,903, of which about 53.04% were females.

(Source: National Statistics, World Bank)

                                                                                                  Antigua & Barbuda Population by Gender

      

In 2009, there were 88.6 males per 100 females in the country indicating an imbalanced gender ratio.

(Source: UN)

In 2009, the population aged below 14 years was recorded at 28.3%. The male population aged above 60 years was 8.8% and females were 9.8%.

(Source: UN)

 

In 2007, the crude birth rate was registered at 14.44 and the crude death rate was recorded at 5.87. The infant mortality rate was recorded at 21.77 in the year 2007.

 

The life expectancy at birth for males was 71.78 years and for females it was 80.65 years.

(Source: National Statistics)

International migrant stock till mid 2010 was recorded at 20,900 individuals, comprising 23.6% of the total population.

 

In the period 2005 to 2010, the average annual growth rate of urban and rural population was 0.9% and 1.3% respectively. In 2007, the urban population comprised 30.5% of the total population.

(Source: UN)

The various ethnic groups in the country include African, British, Portuguese and Levantine Arab origin. The various religions in the country include Anglican, Protestant and Roman Catholic.

(Source:State.gov)

[Top] Soft Infrastructure

Literacy rate

The literacy rate in the age group of 15 to 24 years is estimated at 90%.

(Source: National Statistics)

Education resource

Education is compulsory in the country from the age of five to 16 years. In 2009, the gross enrolment of males in primary school is estimated to be 105 and of females is estimated to be 96. The gross enrolment of males in secondary school is estimated to be 119 and of females are 110.

(Source: estandardsforum.org)

Health care

 

The total expenditure incurred on health was 4.7% of GDP.

 

For every 100,000 individuals, the country has about 17 doctors and 170 hospital beds.

 

Cardiovascular diseases are the major cause of deaths in the country accounting 28.6% of the total number of deaths in 2004. Cancer and diabetes each accounted for 14.3% of the total number of deaths. There are about 17 doctors and 170 hospitals per 100,000 people.

(Source: estandardsforum.org)

[Top] Hard Infrastructure

Roadways are the major medium of mass public transport in Antigua and Barbuda. Taxis and buses are the major medium of mass public transit in the country.

 

Ports

Saint John's Harbour is the major port in Antigua and Barbuda.

(Source: worldportsource)

Airports

 

V C Bird International is the major airport of the country, located in St Johns town, with a runway which is 9,000 ft long.

(Source: aircraft-charter-world)

Telecommunications networks

 

The number of internet users in the country was recorded at 65,000 in 2010 with a penetration rate of 74.9%.

 

 

                                        Antigua & Barbuda Internet Usage

(Source: internetworldstats)

The number of fixed telephone lines in Antigua & Barbuda has decreased from 38,000 in 2004 to 37,400 in 2009, registering a CAGR of -0.3%. The usage of fixed telephone lines has declined from 46.11 per 100 inhabitants in 2004 to 42.64 per 100 inhabitants in 2009.

(Source: ITU)

The number of mobile cellular subscriptions rose from 54,000 in 2004 to 134,900 in 2009, registering a CAGR of 20.1%. The ratio of mobile cellular subscriptions to fixed telephone lines was 3.6:1, indicating that mobile cellular usage in the country is more compared to fixed telephone line usage.

(Source: ITU)

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