Commonwealth realm of Antigua and Barbuda

Antigua and Barbuda
Federation Commonwealth realm


Motto Each Endeavouring, All Achieving
Anthem Fair Antigua and Barbuda God Save the Queen


Capital	Saint John's

Government	Constitutional monarchy and parliamentary democracy
Monarch
- From 2011	Elizabeth II
Governor-General
- From 2007	Dame Louise Lake-Tack
Prime Minister
- From 2004	Baldwin Spencer

Legislature	Parliament
- Unicameral chamber	Senate

History
- November 1, 1981	Independence from the United Kingdom

Commonwealth accession	November 1, 1981

Area	440 km²

Population
- 2010	86,754
Density	197.1/km²

GDP	2010 (PPP)
- Total	US$ 1.4 billion
- Per capita	US$ 16,573

Currency	East Caribbean dollar

State of Antigua and Barbuda
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Antigua and Barbuda is a commonwealth realm and a federal parliamentary democracy in the Caribbean.

Background

The Siboney were the first to inhabit the islands of Antigua and Barbuda in 2400 B.C., but Arawak Indians populated the islands when COLUMBUS landed on his second voyage in 1493. Early settlements by the Spanish and French were succeeded by the English who formed a colony in 1667. Slavery, established to run the sugar plantations on Antigua, was abolished in 1834. The islands became an independent state within the British Commonwealth of Nations in 1981.^[1]

Economy

Tourism continues to dominate Antigua and Barbuda's economy, accounting for nearly 60% of GDP and 40% of investment. The dual-island nation's agricultural production is focused on the domestic market and constrained by a limited water supply and a labor shortage stemming from the lure of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on tourist arrivals from the US, Canada, and Europe and potential damages from natural disasters. After taking office in 2004, the SPENCER government adopted an ambitious fiscal reform program, and was successful in reducing its public debt-to-GDP ratio from 120% to about 90% in 2008. However, the global financial crisis that began in 2008, has led to a significant increase in the national debt, which topped 130% at the end of 2010. The Antiguan economy experienced solid growth from 2003 to 2007, reaching over 12% in 2006 driven by a construction boom in hotels and housing associated with the Cricket World Cup, but growth dropped off in 2008 with the end of the boom. In 2009, Antigua's economy was severely hit by the global economic crisis, suffering from the collapse of its largest financial institution and a steep decline in tourism. This decline continued in 2010 as the country struggled with a yawning budget deficit.^[2]