{"id":221069,"date":"2025-01-07T00:00:00","date_gmt":"2025-01-07T04:00:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=221069"},"modified":"2025-01-06T21:10:41","modified_gmt":"2025-01-07T01:10:41","slug":"antigua-and-barbuda-reports-42-increase-in-revenue-collections","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-reports-42-increase-in-revenue-collections\/","title":{"rendered":"Antigua and Barbuda Reports 42% Increase in Revenue Collections"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>\n

Antigua and Barbuda recorded a 42% increase in revenue collections in 2024, according to Financial Secretary Rasona Davis-Crump.<\/p>

\"\"<\/a><\/div>\n\n\n\n

The announcement was made during the National Service of Thanksgiving at St. John\u2019s Pentecostal Church on Sunday.<\/p>\n\n\n\n

Preliminary data shows that the revenue boost has exceeded projections made at the start of the year. <\/p>

\"\"<\/a><\/div>
\"\"<\/a><\/div>\n\n\n\n

Initially, the Ministry of Finance anticipated a fiscal deficit of 1.3% of GDP and a primary surplus of just under 1%. <\/p>

\"\"<\/a><\/div>\n\n\n\n

However, updated figures now indicate an overall fiscal surplus of 1.4% of GDP, equivalent to $86.4 million, and a primary surplus of 3.5%.<\/p>\n\n\n\n

The increase in revenue has been attributed to growth in key sectors such as tourism and construction. Cruise arrivals rose by 23% to over 820,000 visitors, while stay-over arrivals grew by nearly 20%. <\/p>

\"\"<\/a><\/div>\n\n\n\n

The construction industry contributed an estimated $1 billion in value during the year.<\/p>\n\n\n\n

The improved revenue collections come alongside a projected decline in the debt-to-GDP ratio, which is expected to fall from 75% to 62%.<\/p>

\"\"<\/a><\/div>\n\n\n\n

Davis-Crump also noted the significance of these developments for the country\u2019s fiscal performance, with implications for the broader economy as Antigua and Barbuda prepares for 2025.<\/p>

\"\"<\/a><\/div>\n\n\n\n
\n