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Antigua
& Barbuda
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The
Siboney were the first to inhabit the islands of Antigua
and Barbuda in 2400 B.C., but Arawak Indians populated
the islands when COLUMBUS landed on his second voyage
in 1493. Early settlements by the Spanish and French were
succeeded by the English who formed a colony in 1667.
Slavery, established to run the sugar plantations on Antigua,
was abolished in 1834. The islands became an independent
state within the British Commonwealth of Nations in 1981
Antigua
has a relatively high GDP per capita in comparison to
most other Caribbean nations. The economy experienced
solid growth from 2003 to 2007, reaching over 12% in 2006,
driven by a construction boom in hotels and housing associated
with the Cricket World Cup. Growth dropped off in 2008
with the end of the boom. Tourism continues to dominate
the economy, accounting for nearly 60% of GDP and 40%
of investment. The dual-island nation's agricultural production
is focused on the domestic market and constrained by a
limited water supply and a labor shortage stemming from
the lure of higher wages in tourism and construction.
Manufacturing comprises enclave-type assembly for export
with major products being bedding, handicrafts, and electronic
components. Prospects for economic growth in the medium
term will continue to depend on tourist arrivals from
the US, Canada, and Europe and potential damages from
natural disasters. Since taking office in 2004, the SPENCER
government has adopted an ambitious fiscal reform program,
and has been successful in reducing its public debt-to-GDP
ratio from 120% to about 90%.
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