Economy of Anguilla

source: CIA World Fact Book 1997

Economy - overview: Anguilla has few natural resources, and the economy depends heavily on high-class tourism, offshore banking, lobster fishing, and remittances from emigrants. Output growth had averaged about 7% in recent years, mainly as a result of a boom in tourism thanks to economic expansion in North America and the UK. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September. Agricultural output had only just begun to recover from a drought in 1994 when Luis hit. Anguillan officials have put substantial effort into developing the offshore financing sector. A comprehensive package of financial services legislation was enacted in late 1994. In the medium term, prospects for the economy will depend on the tourism sector and, therefore, on continuing income growth in the industrialized nations.

GDP: purchasing power parity - $52 million (1995 est.)

GDP - real growth rate: -4.3% (1995 est.)

GDP - per capita: purchasing power parity - $7,400 (1995 est.)

• agriculture : NA%
• industry: NA%
• services: NA%

Inflation rate - consumer price index: 1.6% (1995 est.)

• total: 4,400 (1992)
• by occupation: commerce 36%, services 29%, construction 18%, transportation and utilities 10%, manufacturing 3%, agriculture/fishing/forestry/mining 4%

Unemployment rate: 7% (1992 est.)

• revenues: $13.5 million (1993)
• expenditures: $17.6 million, including capital expenditures of $740,000 (1995 est.)

Industries: tourism, boat building, offshore financial services

Agriculture - products: pigeon peas, corn, sweet potatoes; sheep, goats, pigs, cattle, poultry; fishing (including lobster)

• total value : $1.3 million (f.o.b., 1995)
• commodities: lobster and salt
• partners : NA

• total value: $39.8 million (f.o.b., 1995)
• commodities: NA
• partners: NA

Debt - external: $8.5 million (1995 est.)

Economic aid: $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (February 1997; fixed rate since 1976)

Fiscal year: 1 April - 31 March