Antigua and Barbuda Economy and Business

• GDP: US$1.5 billion (2007).
• Main exports: Petroleum products, manufactured goods, food and livestock and machinery and transport equipment.
• Main imports: Food and live animals, machinery, manufactured goods, chemicals and oil.
• Main trade partners: Barbados, Guyana, Trinidad & Tobago, USA and Canada.

Antigua was one of the first Caribbean islands to actively encourage tourism. Tourism and financial services are now the main components of the service sector, which accounts for over three-quarters of the Antiguan economy. Both have suffered problems in recent years – tourism because of repeated hurricanes, and finance because of questionable associations with money-laundering operations.

Fears of an over-reliance on tourism and finance have led the government to try and diversify the economy into manufacturing, agriculture and fishing. Internet gaming is playing an important role in the diversification and expansion of the services sector. A final source of revenue for the government is the rent on two US military bases.

Despite these measures, national debts are high. The 2005 budget included cuts to the public service salary and the reintroduction of income tax. Antigua & Barbuda has large trade and balance of payments deficits and relies heavily on foreign aid.

A lightweight suit is suitable for most business visits. Handshaking is the normal greeting for acquaintances and for formal introductions. Business cards are expected from people who do not live on the islands.

Office hours: Mon-Fri 0800-1200 and 1300-1630.

Government office hours: Mon-Thurs 0800-1600, Fri 0800-1500.

Around 20% of the members of the Antigua Hotels & Tourist Association (see Accommodation) offer meeting facilities.

Investment Authority
PO Box 80, Redcliffe Street, St John's, Antigua
Tel: 462 1033.

Antigua & Barbuda Chamber of Commerce and Industry Ltd
PO Box 774, Corner of Popeshead Street and North Street, St John’s, Antigua
Tel: 462 0743.

Alexander Parrish (Antigua) Ltd (Information on Conferences/Conventions)
PO Box 45, Travel Department, Redcliffe Street, St John’s, Antigua
Tel: 462 0638.
Website: www.apalantigua.com