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Economy of Anguilla
 
 
 

General

Anguilla's thin arid soil is largely unsuitable for agriculture, and the island has few land-based natural resources. Its main industries are tourism, offshore incorporation and management, offshore banking, and fishing. Many insurance and financial businesses are based in Anguilla.

The economy of Anguilla is falling with the highest speed in the world as a result of the 2008-World crisis.
Before that the economy of Anguilla was expanding rapidly, especially the tourism sector which was driving major new developments in partnerships with multi-national companies.

Anguilla's currency is the East Caribbean dollar, though the US dollar is also widely accepted. The exchange rate is fixed to the US dollar at $1 = EC$2.68.

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. Hotels were hit particularly hard during this time. Another economic setback occurred during the aftermath of Hurricane Lenny in 2000.

Overview

Economy - overview :
Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. Increased activity in the tourism industry has spurred the growth of the construction sector contributing to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small but growing. In the medium term, prospects for the economy will depend largely on the tourism sector and, therefore, on revived income growth in the industrialized nations as well as on favourable weather conditions.

GDP (purchasing power parity) :
$175.4 million (2009 est.)

GDP (official exchange rate) :
$175.4 million (2009 est.)

GDP - real growth rate :
-8.5% (2009 est.)

GDP - per capita (PPP) :
$12,200 (2008 est.)


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