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Antigua and Barbuda is a nation in the Caribbean Basin and a member of the Eastern Caribbean with a population 98,731. The main sources of income and employment in Antigua and Barbuda stems from the tourism industry and government service, with a national income per capita of 14.3 thousand U.S. dollars for the year 2020 and a GDP growth of -16.0, lower than the previous year.
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Due to the exceptionally high costs of natural disasters, economic activity after natural events has further plunged the country into debt where they became one of the three largest borrowers form the Caribbean Development Bank in 2017.
In 2014 hurricane Gonzalo affected the country however it isn’t after hurricane Irma made landfall as a category 5 storm on September 6th, 2017, followed by Hurricane Maria on 18th September 2017 that caused catastrophic effects to the country and its economic stability. Damage assignments from hurricane Irma and Maria was conducted by the World Bank Group; ‘concluding that the total damage of the hurricanes Irma and Maria for Antigua and Barbuda comes to EC$ 367.5 million (US$ 136.1 million), while losses amount to approximately EC$ 51.2 million (US$ 18.9 million). Recovery needs amount to EC$ 600.1 million (US$ 222.2 million)’ .
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Antigua and Barbuda had estimated a real GDP growth of 4.6 percent for the year 2017, however a post-storm estimate inferred a GDP growth of 3.5 but the concluded GDP growth reported for the year 2017 was 3.1 percent.