This article is an overview of the economy of Anguilla.

Anguilla

Anguilla

Anguilla is a British overseas territory and overseas territory of the European Union in the Caribbean. It is one of the most northerly of the Leeward Islands in the Lesser Antilles, lying east of Puerto Rico and the Virgin Islands and directly north of Saint Martin...

 has few natural resources

Natural Resources

Natural Resources is a soul album released by Motown girl group Martha Reeves and the Vandellas in 1970 on the Gordy label. The album is significant for the Vietnam War ballad "I Should Be Proud" and the slow jam, "Love Guess Who"...

, and the economy depends heavily on luxury tourism

Tourism

Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...

, offshore banking, lobster

Lobster

Clawed lobsters comprise a family of large marine crustaceans. Highly prized as seafood, lobsters are economically important, and are often one of the most profitable commodities in coastal areas they populate.Though several groups of crustaceans are known as lobsters, the clawed lobsters are most...

 fishing

Fishing

Fishing is the activity of trying to catch wild fish. Fish are normally caught in the wild. Techniques for catching fish include hand gathering, spearing, netting, angling and trapping....

, and remittances from emigrants. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis

Hurricane Luis

Hurricane Luis was one of the deadliest and most destructive hurricanes of the 1995 Atlantic hurricane season, with maximum sustained winds of 140 mph . The storm was the twelfth tropical storm, sixth hurricane, and second major hurricane of the season...

 in September but recovered in 1996. Increased activity in the tourism industry, which has spurred the growth of the construction sector, has contributed to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small, but growing. A comprehensive package of financial services legislation was enacted in late 1994. 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.

Now its economy is falling with the fastest speed in the World due to the 2008- World crisis.

Statistics

GDP: purchasing power parity

Purchasing power parity

In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...

 - $108.9 million (2004 est.)

country comparison to the world: 219

GDP - real growth rate: -8.5% (2010 est.)

country comparison to the world: 215

GDP - per capita: purchasing power parity - $8,800 (2004 est.)

country comparison to the world: 114

GDP - composition by sector:

• agriculture
  Agriculture
  Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
  
  : 4%
• industry
  Industry
  Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
  
  : 18%
• services: 78% (2002 est.)

Population below poverty line: 23% (2002)

Household income or consumption by percentage share:

• lowest 10%: NA%
• highest 10%: NA%

Inflation

Inflation

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...

 rate (consumer prices): 5.3% (2006 est.)

country comparison to the world: 94

Labor force: 6,049 (2001)

country comparison to the world: 212

Labor force - by occupation: (2001 est.)

• commerce 36%
• services 29%
• construction 18%
• transport
  Transport
  Transport or transportation is the movement of people, cattle, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations...
  
  ation and utilities 10%
• manufacturing
  Manufacturing
  Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
  
   3%
• agriculture/fishing/forestry
  Forestry
  Forestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
  
  /mining
  Mining
  Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
  
   4%

Unemployment

Unemployment

Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...

 rate: 8% (2002)

country comparison to the world: 105

Budget:

• revenues: $22.8 million
• expenditures: $22.5 million, including capital expenditures of NA (2000 est.)

Industries:
tourism, boat building

Boat building

Boat building, one of the oldest branches of engineering, is concerned with constructing the hulls of boats and, for sailboats, the masts, spars and rigging.-Parts:* Bow - the front and generally sharp end of the hull...

, offshore financial services

Industrial production growth rate: 3.1% (1997 est.)

Electricity

Electricity

Electricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...

 - production: NA kWh

Electricity - production by source:

• fossil fuel
  Fossil fuel
  Fossil fuels are fuels formed by natural processes such as anaerobic decomposition of buried dead organisms. The age of the organisms and their resulting fossil fuels is typically millions of years, and sometimes exceeds 650 million years...
  
  : 100%
• hydro
  Hydroelectricity
  Hydroelectricity is the term referring to electricity generated by hydropower; the production of electrical power through the use of the gravitational force of falling or flowing water. It is the most widely used form of renewable energy...
  
  : NA%
• nuclear
  Nuclear reactor
  A nuclear reactor is a device to initiate and control a sustained nuclear chain reaction. Most commonly they are used for generating electricity and for the propulsion of ships. Usually heat from nuclear fission is passed to a working fluid , which runs through turbines that power either ship's...
  
  : NA%
• other: NA%

Electricity - consumption: 42.6 GWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

Agriculture - products: small quantities of tobacco, vegetables; cattle raising

Current account balance: -$42.87 million (2003 est.)

country comparison to the world: 75

Exports: $13 million (2006)

country comparison to the world: 212

Exports - commodities: lobster, fish, livestock

Livestock

Livestock refers to one or more domesticated animals raised in an agricultural setting to produce commodities such as food, fiber and labor. The term "livestock" as used in this article does not include poultry or farmed fish; however the inclusion of these, especially poultry, within the meaning...

, salt

Salt

In chemistry, salts are ionic compounds that result from the neutralization reaction of an acid and a base. They are composed of cations and anions so that the product is electrically neutral...

, concrete

Concrete

Concrete is a composite construction material, composed of cement and other cementitious materials such as fly ash and slag cement, aggregate , water and chemical admixtures.The word concrete comes from the Latin word...

 blocks, rum

Rum

Rum is a distilled alcoholic beverage made from sugarcane by-products such as molasses, or directly from sugarcane juice, by a process of fermentation and distillation. The distillate, a clear liquid, is then usually aged in oak barrels...

Exports - partners: UK

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

, USA

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, Puerto Rico

Puerto Rico

Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...

, Saint Martin

Saint Martin

Saint Martin is an island in the northeast Caribbean, approximately east of Puerto Rico. The 87 km2 island is divided roughly 60/40 between France and the Kingdom of the Netherlands ; however, the Dutch side has the larger population. It is one of the smallest sea islands divided between...

 (2006)

Imports: $143 million (2006)

country comparison to the world: 2007

Imports - commodities: fuels, foodstuffs, manufactures, chemicals, trucks, textiles

Imports - partners: US, Puerto Rico, UK (2006)

Debt - external: $8.8 million (1998)

country comparison to the world: 198

Economic aid - recipient: $9 million (2004 est.)

Currency: 1 East Caribbean dollar

East Caribbean dollar

The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...

(XCD) = 100 cents

Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) note: fixed rate since 1976

Fiscal year: April 1 - March 31