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Economy - overview:
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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 has spurred the growth of the construction sector, contributing 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.
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GDP (purchasing power parity):
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$108.9 million (2004 est.)
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GDP (official exchange rate):
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$108.9 million (2004 est.)
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GDP - real growth rate:
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10.2% (2004 est.)
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GDP - per capita (PPP):
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$8,800 (2004 est.)
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GDP - composition by sector:
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agriculture: 4%
industry: 18%
services: 78% (2002 est.)
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Labor force:
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6,049 (2001)
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Labor force - by occupation:
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agriculture/fishing/forestry/mining 4%, manufacturing 3%, construction 18%, transportation and utilities 10%, commerce 36%, services 29% (2000 est.)
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Unemployment rate:
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8% (2002)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Budget:
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revenues: $22.8 million
expenditures: $22.5 million (2000 est.)
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Inflation rate (consumer prices):
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5.3% (2006 est.)
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Central bank discount rate:
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6.5% (31 December 2007)
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Commercial bank prime lending rate:
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9.76% (31 December 2007)
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Stock of money:
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$23.57 million (31 December 2007)
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Stock of quasi money:
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$470.1 million (31 December 2007)
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Stock of domestic credit:
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$447.7 million (31 December 2007)
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Agriculture - products:
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small quantities of tobacco, vegetables; cattle raising
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Industries:
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tourism, boat building, offshore financial services
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Industrial production growth rate:
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3.1% (1997 est.)
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Electricity - production:
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NA kWh
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Current account balance:
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-$42.87 million (2003 est.)
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Exports:
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$13 million (2006)
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Exports - commodities:
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lobster, fish, livestock, salt, concrete blocks, rum
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Exports - partners:
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UK, US, Puerto Rico, Saint-Martin (2006)
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Imports:
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$143 million (2006)
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Imports - commodities:
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fuels, foodstuffs, manufactures, chemicals, trucks, textiles
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Imports - partners:
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US, Puerto Rico, UK (2006)
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Debt - external:
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$8.8 million (1998)
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Currency (code):
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East Caribbean dollar (XCD)
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Exchange rates:
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East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
note: fixed rate since 1976
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