Data until September 2023 from the Eastern Caribbean Central Bank predicts 8.1 percent economic growth for Antigua & Barbuda by 2023.
In his budget address, Prime Minister Gaston Browne noted the country’s development.
“The outcome was 8.2% growth in 2021, 9.5 percent in 2022, and 8.1% growth in 2023, unsurpassed by any nation save Guyana with its recent oil and gas extraction. “My government is proud to have led our country and people with courage and vision, benefiting their interests, wellbeing, and progress,” he said.
Tourism and construction contributed significantly to GDP, but Browne noted that ‘it should be noted that every other sector in the economy; from agriculture to manufacturing and wholesale and retail trade, to transportation, telecommunications and financial services have experienced growth in 2023’.
He said that cruise passengers increased by 435,649 from January to October 2023, exceeding 380,172 in 2022. Year-end cruise passengers should surpass 680,000 in 2023.
The finance minister also hailed Antigua and Barbuda’s Caribbean Travel Awards wins for Wedding Destination, Tourist Board, and Culinary Destination.
Browne said, “Based on data available up to September 2023, it is expected that the rate of growth in the construction sector will double to 10%.”
He closed his address by saying “success is not a destination; while it is an admirable high point in our march to long-term.”
