Exploring Antigua And Barbuda's Gdp Per Capita

The GDP per capita of Antigua and Barbuda has fluctuated over the years, with a notable increase from 2021 to 2022. In 2022, the GDP per capita was $19,920, representing a 15.96% increase from the previous year. This rise in GDP per capita indicates a positive economic trajectory for the country. The economy of Antigua and Barbuda is primarily service-based, with tourism and government services being the key sources of income and employment. The country's economic growth is influenced by factors such as income growth in industrialized nations, particularly the United States, which accounts for a significant portion of tourist arrivals.

GDP per capita in 2022

The GDP per capita in Antigua and Barbuda for 2022 is estimated to be between $16,381 and $16,649. This is an increase from 2021, where the GDP per capita was $15,432. This represents a change of 7.9% in GDP per capita.

The GDP per capita in Antigua and Barbuda has been steadily increasing over the last decade, with a GDP per capita of $13,426 in 2012. The country's GDP per capita is expected to continue to increase between 2024 and 2029, with a forecasted total increase of $4,114.70 (+20.04 percent). By 2029, the GDP per capita is estimated to reach a new peak of $24,647.69.

The GDP per capita is a measure of a country's productivity and refers to the total value of goods and services produced during a given time period, usually a year. It is calculated by converting the gross domestic product from the national currency to US dollars at current exchange prices and then dividing it by the total population.

The GDP per capita of Antigua and Barbuda in 2023 was €18,616 or $20,130, an increase of €2,066 or $2,689 from 2022. The absolute value of GDP in Antigua and Barbuda rose by €212 million or $275 million in 2023 compared to the previous year.

GDP growth rate in 2022

The economy of Antigua and Barbuda is service-based, with tourism and government services being the primary sources of income and employment. In 1999, tourism contributed to 60% of the GDP and constituted more than half of all jobs. The country's GDP per capita in 2022 was $16,649, a 7.9% increase from 2021.

The GDP growth rate in 2022 was 8.46%, an increase of $120,551,574 over 2021, when the Real GDP was $1,425,172,891. The nominal gross domestic product (GDP) of Antigua and Barbuda was $1,757,603,704 in 2022. The Real GDP (constant, inflation-adjusted) of Antigua and Barbuda in 2022 was $1,454,507,892.

The GDP of Antigua and Barbuda is projected to increase continuously between 2024 and 2029 by a total of 0.6 billion US dollars (+28.17%). This will result in a new peak of $2.72 billion in 2029, a 2.72% increase from the previous year.

Historical GDP per capita data

The economy of Antigua and Barbuda is service-based, with tourism and government services being the key sources of income and employment. In 1999, tourism contributed 60% of the GDP and constituted more than half of all jobs. In 1998, tourism contributed 15% directly and 40% indirectly to the GDP.

In 2008, the GDP per capita, in terms of purchasing power parity, was $19,000. This placed Antigua and Barbuda 64th in a country comparison to the world.

In 2022, the GDP per capita in Antigua and Barbuda was $16,649, with a population of 92,840 people. This was an increase of $1,217 from 2021, when the GDP per capita was $15,432. This represents a change of 7.9% in GDP per capita.

The GDP per capita in Antigua and Barbuda is forecast to continuously increase between 2024 and 2029 by a total of 4,114.7 US dollars (+20.04%). After the ninth consecutive increasing year, the GDP per capita is estimated to reach 24,647.69 US dollars in 2029, a new peak.

Comparison to other countries

Antigua and Barbuda's GDP per capita has been ranked 58th out of 196 countries. In 2022, the GDP per capita was $16,649, an increase of $1,217 from 2021. This represents a change of 7.9% in GDP per capita. In 2008, the GDP per capita was $19,000, ranking 64th in a comparison to the world.

A 2024 report forecasted that the GDP per capita in Antigua and Barbuda would continuously increase between 2024 and 2029, by a total of 4,114.7 US dollars (+20.04%). After the ninth consecutive increasing year, the GDP per capita is estimated to reach 24,647.69 US dollars in 2029, which would be a new peak.

In comparison to other countries, Antigua and Barbuda's GDP per capita is relatively high. For example, in 2023, Jamaica's GDP per capita was 6,204.42 USD, the Dominican Republic's was 8,773.51 USD, and Haiti's was 1,329.76 USD.

The economy of Antigua and Barbuda is service-based, with tourism and government services being the key sources of employment and income. Tourism accounts for more than half of the country's GDP and is also the principal earner of foreign exchange. The country's agricultural production is mainly directed at the domestic market, and the sector is constrained by limited water supply and labour shortages. Manufacturing comprises enclave-type assembly for export, with major products including bedding, handicrafts, and electronic components.

The economy of Antigua and Barbuda

Agriculture, which was once the main industry, now accounts for a much smaller proportion of the GDP. Over the past 30 years, its contribution has fallen from over 40% to 12%. The main agricultural products include cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, and sugarcane, with some livestock farming. However, the sector is constrained by limited water supply and labor shortages, as workers are drawn to the higher wages in tourism and construction.

The manufacturing industry in Antigua and Barbuda is relatively small, accounting for approximately 5% of the GDP. The main manufactured products are bedding, handicrafts, clothing, alcohol, and electronic and household appliances.

In terms of trade, Antigua and Barbuda's exports totaled $84.3 million in 2007, with its main export partners being Spain, Germany, Italy, Singapore, and the UK. Imports, on the other hand, were much higher at $522.8 million in 2007, with the main sources being the US, China, Germany, Singapore, and Spain.

The GDP per capita in Antigua and Barbuda has seen fluctuations over the years but generally shows an upward trend. It was estimated to be $19,000 in 2008, and in 2022, it was approximately $19,920, representing a 15.96% increase from 2021.

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