Economy of Anguilla

This article is an overview of the economy of Anguilla.

Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September but recovered in 1996. Increased activity in the tourism industry, which has spurred the growth of the construction sector, has contributed to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small, but growing. A comprehensive package of financial services legislation was enacted in late 1994. In the medium term, prospects for the economy will depend largely on the tourism sector and, therefore, on revived income growth in the industrialized nations as well as on favorable weather conditions.

Statistics

GDP: purchasing power parity - $104 million (2001 est.)

GDP - real growth rate: 2.8% (2001 est.)

GDP - per capita: purchasing power parity - $8,600 (2001 est.)

GDP - composition by sector:

• agriculture: 4%
• industry: 18%
• ''services: 78% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:

• lowest 10%: NA%
• highest 10%: NA%

Inflation rate (consumer prices): 2.3%

Labor force: 6,049 (2001)

Labor force - by occupation: (2001 est.)

• commerce 36%
• services 29%
• construction 18%
• transportation and utilities 10%
• manufacturing 3%
• agriculture/fishing/forestry/mining 4%

Unemployment rate: 6.7% (2001)

Budget:

• revenues: $22.8 million
• expenditures: $22.5 million, including capital expenditures of NA (2000 est.)

Industries: tourism, boat building, offshore financial services

Industrial production growth rate: 3.1% (1997 est.)

Electricity - production: NA kWh

Electricity - production by source:

• fossil fuel: NA%
• hydro: NA%
• nuclear: NA%
• other: NA%

Electricity - consumption: 42.6 million kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

Agriculture - products: small quantities of tobacco, vegetables; cattle raising

Exports: $2.6 million (1999)

Exports - commodities: lobster, fish, livestock, salt, concrete blocks, rum

Exports - partners: UK, US, Puerto Rico, Saint Martin (2000)

Imports: $80.9 million (1998)

Imports - commodities: fuels, foodstuffs, manufactures, chemicals, trucks, textiles

Imports - partners: US, Puerto Rico, UK (2000)

Debt - external: $8.8 million (1998)

Economic aid - recipient: $3.5 million (1995)

Currency: 1 East Caribbean dollar (XCD) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: April 1 - March 31

See also : Anguilla