As one of the fastest growing economies in the Caribbean, Antigua & Barbuda recorded an impressive 8.5 percent growth in 2022. Furthermore, the Eastern Caribbean Central Bank has forecast that the country will see a 9.4 percent increase in its Gross Domestic Product (GDP) in 2023. This is even more impressive when considering that economic growth in the Latin America and Caribbean region is expected to decline to just 1.8 percent this year. Private sector investment continues to flow into the country, including luxury developments on both islands, hotel expansions and even a conference retreat centre.
With a service-based economy, tourism continues to dominate the economy and in 2022, grew by 56.4 percent. However, the government is rapidly diversifying the economy, and with a skilled and educated workforce, sectors such as financial services, tertiary education and e-commerce, as well as the booming real estate sector, have become significant contributors.
The construction sector continues to build momentum with growth of 20 percent in 2022 and is spurring economic activity, not only in constructing new hotels but also for roads, housing development and expansion of utilities infrastructure.
Antigua & Barbuda offers a welcoming business investment climate from both local and external sources. Through the Antigua & Barbuda Investment Authority Act and The Small Business Development Act, there are many incentives and concessions available to investors.