Anguilla Economy - 2004

Economy - overview:
Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. 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. 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.

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:
commerce 36%, services 29%, construction 18%, transportation and utilities 10%, manufacturing 3%, agriculture/fishing/forestry/mining 4% (2000 est)

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

Electricity - production by source:
fossil fuel: NA%
hydro: NA%
other: NA%
nuclear: NA%

Electricity - consumption:
42.6 million 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 (1999)

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:
East Caribbean dollar (XCD)

Currency code:
XCD

Exchange rates:
East Caribbean dollars per US dollar - 2.70 (fixed rate since 1976)