Antigua and Barbuda Surpasses IMF Growth Projections with 6% Real GDP Growth

Antigua and Barbuda Surpasses IMF Growth Projections with 6% Real GDP Growth

Antigua and Barbuda continues to demonstrate exceptional economic resilience, surpassing international growth projections for 2024. Prime Minister Gaston Browne, in delivering the 2025 Budget Statement, proudly announced that the nation achieved real GDP growth of 6% in 2024, far exceeding the International Monetary Fund’s (IMF) global projection of 3.2%.

“This performance outstrips major economies such as the United States, the Euro area, and the United Kingdom,” Prime Minister Browne emphasized during his presentation. Over the past three years, the nation has recorded an impressive average annual growth rate of 7.4%. Among Caribbean countries, Antigua and Barbuda trails only Guyana, whose growth has been propelled by its burgeoning oil and gas industry. The Prime Minister credited this stellar performance to sound economic management and the resilience of the country’s people. “This achievement is a testament to the effective management of our economy and the resilience of our people,” he declared.

Antigua and Barbuda’s economic recovery has been particularly remarkable considering the sharp 19% economic contraction it experienced in 2020 due to the COVID-19 pandemic. Browne described the recovery as not merely a rebound but a significant leap forward. “Despite our small size and the challenges we face, including the existential climate emergency and limited access to concessional financing from global financial institutions, we have not only rebounded but bounced forward,” he said.

Looking ahead, the IMF has forecasted real GDP growth of 5.8% in 2024 and 3.5% in 2025 for Antigua and Barbuda. Prime Minister Browne expressed confidence in exceeding these figures, as has been the trend in recent years. “We have surpassed the 2024 projection and are confident that, with the continued support and contribution of every working person in our country, we will exceed the 3.5 per cent growth forecast for 2025,” he remarked.

The economic growth has been fueled by significant contributions from major sectors, including tourism, construction, and wholesale and retail trade. Tourism, in particular, has been a cornerstone of the nation’s recovery. Stay-over arrivals surged by 17% as of October 2024, thanks to strategic measures such as expanded airlift and targeted marketing initiatives. “It is these courageous interventions that define our government’s leadership: solutions marked by creativity and foresight for the benefit of our nation,” Browne said.

The construction sector has also played a pivotal role, contributing a record $900 million to the national economy in 2024. This growth has been driven by major private sector projects such as Airbnb properties, renovations of prominent hotels, and the ongoing Paradise Found development in Barbuda. According to Browne, this level of activity reflects the confidence investors and citizens have in the country’s economy.

Employment figures also underscore the economic progress. Data from the Antigua Barbuda Social Security Board reveals that the total number of active jobs increased from 47,996 in 2023 to 49,915 in 2024, with workers earning a combined $1.8 billion. The Prime Minister expects an additional 2,000 jobs to be created in 2025, particularly in the tourism and construction sectors. “This is further cause to rejoice over all that has been achieved,” he said.

Fiscal responsibility has been a key factor in Antigua and Barbuda’s economic success. The government achieved a remarkable fiscal turnaround, transitioning from a $91.9 million deficit in 2023 to a projected $86.4 million surplus in 2024. Revenue collection improvements, including a 25% increase in Antigua and Barbuda Sales Tax (ABST) receipts, have bolstered this performance.

While celebrating these achievements, Browne acknowledged the challenges that remain, including global economic uncertainty, climate change, and inflation. Nevertheless, he expressed optimism in the nation’s ability to overcome these hurdles. “The global economic landscape remains uncertain; the effects of climate change are increasingly profound; and inequality continues to demand our urgent attention. Yet, we are armed with an indomitable spirit and a clear roadmap,” he asserted.

“Together, with the dedication of our people and the strength of our policies, we will continue to transform our economy, create opportunities for all, and ensure that every citizen and resident can share in the prosperity of our nation.”

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]