The Eastern Caribbean Central Bank projects an 8.1 percent growth in Antigua and Barbuda’s economy by the close of 2023, as per data available through September 2023.
Prime Minister Gaston Browne shared this forecast during his budget speech, noting the country’s growth trajectory.
“The result was growth of 8.2 per cent in 2021; 9.5 per cent in 2022; and spectacular growth of 8.1 per cent in 2023, unmatched by any country, except Guyana with its recent exploitation of oil and gas. My government is proud to have given courageous and visionary leadership to our country and our people, who benefitted from its implementation in their interest, wellbeing, and progress,” he revealed.
Browne attributed the significant contribution to GDP from tourism and construction but said “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 highlighted the remarkable increase in cruise passengers, with 435,649 visiting from January to October 2023, surpassing the 2022 total of 380,172. The anticipated year-end cruise passenger count is expected to exceed 680,000 for 2023.
The finance minister also celebrated Antigua and Barbuda’s recognition at the Caribbean Travel Awards, winning accolades as Wedding Destination of the Year, Tourist Board of the Year, and Culinary Destination of the Year.
Regarding the construction sector, Browne stated, “Based on data available up to September 2023, it is expected that the rate of growth in the construction sector will double to 10 per cent.”
He concluded this segment of his speech by emphasizing that “success is not a destination; while it is an admirable high point in our march to long-term.”
