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Anguilla (overseas territory of the UK) Economy 1999
Economyoverview: Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September but recovered in 1996. Increased activity in the tourism industry, which has spurred the growth of the construction sector, contributed to economic growth in 1997-98. 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$81 million (1997 est.) GDPreal growth rate: 6.5% (1997 est.) GDPper capita: purchasing power parity$7,300 (1997 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 0.6% (1997) Labor force: 4,400 (1992) Labor forceby occupation: commerce 36%, services 29%, construction 18%, transportation and utilities 10%, manufacturing 3%, agriculture/fishing/forestry/mining 4% Unemployment rate: 7% (1992 est.)
Budget:
Industries: tourism, boat building, offshore financial services Industrial production growth rate: 3.1% (1997 est.) Electricityproduction: NA kWh
Electricityproduction by source:
Electricityconsumption: NA kWh Electricityexports: NA kWh Electricityimports: NA kWh Agricultureproducts: pigeon peas, corn, sweet potatoes; sheep, goats, pigs, cattle, poultry; fish, lobsters Exports: $1.6 million (1997) Exportscommodities: lobster, fish, livestock, salt Exportspartners: NA Imports: $54.2 million (1997) Importscommodities: NA Importspartners: NA Debtexternal: $8.5 million (1996) Economic aidrecipient: $3.5 million (1995) Currency: 1 East Caribbean dollar (EC$) = 100 cents Exchange rates: East Caribbean dollars (EC$) per US$12.7000 (fixed rate since 1976) Fiscal year: 1 April31 March
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