International Monetary Fund Washington, D.C.

Transcription

1 2008 International Monetary Fund July 2008 IMF Country Report No. 08/226 Antigua and Barbuda: Statistical Appendix This Statistical Appendix for Antigua and Barbuda was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on January 17, The views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Antigua and Barbuda or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. Copies of this report are available to the public from International Monetary Fund Publication Services th Street, N.W. Washington, D.C Telephone: (202) Telefax: (202) publications@imf.org Internet: Price: $18.00 a copy International Monetary Fund Washington, D.C.

2

3 INTERNATIONAL MONETARY FUND ANTIGUA AND BARBUDA Statistical Appendix Prepared by a staff team consisting of Guy Meredith, Koffie Nassar, Rupa Duttagupta, and Dmitriy Kovtun Approved by Western Hemisphere Department January 17, 2008 Contents Page Basic Data...2 Tables 1. GDP by Sector of Origin at Current Prices, GDP by Sector of Origin at Constant 1990 Prices, Consumer Prices, Central Government Operations, Central Government Revenue and Grants, Central Government Expenditure, Monetary Survey, Summary Operations of the Eastern Caribbean Central Bank, Consolidated Accounts of the Commercial Banks, Distribution of Commercial Bank Loans and Advances, Selected Interest Rates, Balance of Payments, Selected Tourism Statistics, Air Stayover Arrivals, Air Stayover Arrivals by Country of Origin, Visitor Arrivals as a Share of the Caribbean Area, Public and Publicly Guaranteed External Debt, Effective Exchange Rate Indices,

4 2 Antigua and Barbuda: Basic Data I. Social and Demographic Indicators Area (sq. km) 443 Health (most recent year) Arable land (percent of land area) 27.3 Population per physician 274 Population per hospital bed 164 Population (2005) Total 84,334 Education (2001; in percent) Annual rate of growth, (percent a year) 1.0 Adult literacy rate 87 Density (per sq. km.) 171 GDP per capita (US$), ,319 Energy (2005; in millions of US$) Imports of petroleum products 96.5 Population characteristics (1999) Exports of petroleum products 0 Life expectancy at birth (years) 75 Crude birth rate (per thousand) 19 GDP (2005) Crude death rate (per thousand) 8 (in millions of EC$) 2,350 Poverty level (2005) 18.4 (in millions of US$) 870 II. Selected Economic and Financial Indicators, Est. (Annual percentage chance, unless otherwise indicated) National income and prices GDP at constant factor cost Nominal GDP at market prices Consumer prices (period average) External sector Exports, f.o.b Imports, f.o.b. n.a Travel receipts (gross) Nominal effective exchange rate (period ave., depreciation -) 1/ Real effective exchange rate (period ave., depreciation -) 1/ (Contribution to broad money growth) Money and credit Net foreign assets Net domestic assets Net credit to the public sector Credit to the private sector Broad money Average deposit rate (in percent per annum) 2/ Average lending rate (in percent per annum) 2/ (In percent of GDP) Central government Primary balance Overall balance Total revenue and grants Total expenditure and net lending Identified financing External Domestic Debt relief Statistical discrepancy External sector Current account balance Trade balance Nonfactor service balance Gross tourism receipts Foreign direct investment (net) Overall balance External government debt (end of year) Arrears Scheduled external debt service 3/ (In percent of exports of goods and services) Memorandum intems: Gross international reserves of the ECCB (In millions of U.S. dollars) (In percent of ECCU broad money) Nominal GDP at market prices (in millions of EC$) 1,938 2,036 2,210 2,350 2,712 Central government debt stock (In millions of EC$) 2,572 2,681 2,806 2,411 2,673 (In percent of GDP) Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates and projections. 1/ Data for 2007 is up to April / There is a break in the interest rate series in 2003, owing to changes in reporting requirements for banks. 3/ Data for 2005 includes debt relief from Italy.

5 3 Table 1. Antigua and Barbuda: GDP by Sector of Origin at Current Prices, (In millions of Eastern Caribbean dollars) GDP at current market prices 1, , , , ,711.6 (In millions of U.S. dollars) ,004.3 Net indirect taxes GDP at factor cost 1, , , , ,274.2 Agriculture Crops Livestock Forestry Fisheries Mining and quarrying Manufacturing Electricity and water Construction Transportation Road transport Sea transport Air transport Communication Trade Hotels and restaurants Banks and insurance Housing Government services Other services Less: imputed banking services (In percent of GDP at factor cost) GDP at factor cost Agriculture Crops Livestock Forestry Fisheries Mining and quarrying Manufacturing Electricity and water Construction Transportation Road transport Sea transport Air transport Communication Trade Hotels and restaurants Banks and insurance Housing Government services Other services Less: imputed banking services (Annual percentage change) GDP at current market prices GDP at current factor cost Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates.

6 4 Table 2. Antigua and Barbuda: GDP by Sector of Origin at Constant 1990 Prices, (In millions of Eastern Caribbean dollars) GDP at factor cost 1, , , , ,681.8 Agriculture Crops Livestock Forestry Fisheries Mining and quarrying Manufacturing Electricity and water Construction Transportation Road transport Sea transport Air transport Communication Trade Hotels and restaurants Banks and insurance Housing Government services Other services Less: imputed banking services (Annual percentage change) GDP at factor cost Agriculture Crops Livestock Forestry Fisheries Mining and quarrying Manufacturing Electricity and water Construction Transportation Road transport Sea transport Air transport Communication Trade Hotels and restaurants Banks and insurance Housing Government services Other services Less: imputed banking services Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates.

7 5 Table 3. Antigua and Barbuda: Consumer Prices, / Weight (End-of Period Index, January 2001 = 100) All items Food Alcoholic beverages and tobacco Clothing and footwear Accommodations Household furnishings Fuel and light Transportation and communication Medical care Education Personal services Other Special indices: Energy Energy services (electricity) Energy commodities (LPG/cooking gas) Energy commodities (gasoline) All items less food All items less energy All items less food and energy (Annual percentage change) All items Food Alcoholic beverages and tobacco Clothing and footwear Accommodations Household furnishings Fuel and light Transportation and communication Medical care Education Personal services Other Special indices: Energy Energy services (electricity) Energy commodities (LPG/cooking gas) Energy commodities (gasoline) All items less food All items less energy All items less food and energy Source: Antigua and Barbuda authorities. 1/ Based on preliminary estimates of an unpublished, new consumer price index, beginning January 2001, compiled by the Statistics Division, Ministry of Finance.

8 6 Table 4. Antigua and Barbuda: Central Government Operations, (In millions of Eastern Caribbean dollars) Total revenue and grants Current revenue Tax revenue Capital grants Total expenditure Current expenditure Wages and salaries Employment contributions 1/ Goods and services, including utilities Interest payments External Domestic Pensions and other transfers Capital expenditure and net lending Current account balance Primary balance Overall balance Identified financing External (net) Increase in arrears External borrowing Disbursement Amortization Domestic (net) Increase in arrears 2/ ECCB Banks and others Land sales and privatization proceeds Debt relief 3/ Statistical discrepancy (In percent of GDP) Total revenue and grants Current revenue Tax revenue Capital grants Total expenditure and net lending Current expenditure Wages and salaries Employment contributions Other goods and services Interest payments Pensions and other transfers Capital expenditure and net lending Current account balance Primary balance Overall balance Identified financing External (net) Increase in arrears External borrowing (net) Disbursement Amortization Domestic (net) Increase in arrears ECCB (net) Banks and others (net) Land sales and privatization proceeds Debt relief 3/ Statistical discrepancy Sources: Antigua and Barbuda authorities; and Fund staff estimates. 1/ Contributions to social security, medical benefit, and education levy. 2/ Includes interest and amortization arrears, other arrears, and unpaid employment contributions. 3/ Debt relief from a commerical supplier in 2004, and from the Italian government in 2005.

9 7 Table 5. Antigua and Barbuda: Central Government Revenue and Grants, (In millions of Eastern Caribbean dollars) Total revenue and grants Current revenue Tax revenue Taxes on income Corporation tax Business tax Personal income tax Taxes on property Taxes on domestic production and consumption Hotel (bed-night) tax Guest tax (6.5 percent) Hotel guest levy (2 percent) Restaurant sales tax Casino tax Telecommunications tax Stamp duties Other Taxes on international transactions Consumption duties Import duty Customs service charge Travel tax Embarkation tax Foreign currency levy Cruise passenger tax Tax on gross income of offshore banks Money tansfer levy Environmental tax Other (export duties, time share) Passenger facility charge Nontax revenue ECCB profits Propety leases and rents Post office revenue Other 1/ Capital grants (In percent of GDP) Total revenue and grants Current revenue Tax revenue Taxes on income and property Taxes on domestic production and consumption Taxes on international transactions Nontax revenue Capital grants Sources: Antigua and Barbuda authorities; and Fund staff estimates. 1/ Including taxes on services and profit-sharing from the West Indies Oil Company and surplus transfer from public enterprises.

10 8 Table 6. Antigua and Barbuda: Central Government Expenditure, (In millions of Eastern Caribbean dollars) Total expenditure and net lending Current expenditure Wages and salaries Established civil servants Payments in arrears Nonestablished workers Payments in arrears Traveling allowances 1/ Other personnel costs 1/ Social security contributions Payments in arrears Medical benefit contributions Payments in arrears Education levy Payments in arrears Goods and services, including utilities Payments in arrears Interest obligations Domestic Payments in arrears External Payments in arrears Pensions and gratuities Payments in arrears Other transfers Private sector Regional and international Public enterprises Local government Capital expenditure and net lending Change in unpaid capital vouchers (In percent of GDP) Total expenditure and net lending Current expenditure Wages and salaries Goods and services, including utilities Interest payments Other Capital expenditure and net lending Sources: Antigua and Barbuda authorities; and Fund staff estimates. 1/ Data for reflect reclassification of items from "other personnel costs" to "traveling allowance."

11 9 Table 7. Antigua and Barbuda: Monetary Survey, (In millions of Eastern Caribbean dollars, end of period) Net foreign assets Net imputed international reserves Commercial banks Net domestic assets 1, , , , ,589.6 Net credit to the public sector Claims on government (net) ECCB net credit to central government Commercial bank net credit to government Net credit to other public sector Credit to private sector 1, , , , ,005.5 Other items (net) Money and quasi-money (M2) 1, , , , ,515.7 Money Currency outside banks Demand deposits Quasi-money 1, , , , ,833.8 Time deposits Savings deposits Foreign currency deposits (12-month change in percent of M2 at the beginning period) Net foreign assets Net imputed reserves Commercial banks net foreign assets Net domestic assets Credit to the public sector Credit to the central government Credit to the rest of the public sector Credit to the private sector Other items (net) (12-month percentage change) Credit to the private sector Money and quasi-money Money Quasi-money Memorandum item: Income velocity of M Source: Eastern Caribbean Central Bank.

12 10 Table 8. Antigua and Barbuda: Summary Operations of the Eastern Caribbean Central Bank, (In millions of Eastern Caribbean dollars) Net (imputed) international reserves Net claims on commercial banks Claims Liabilities Currency held by banks Statutory reserves Fixed deposits Net claims on statutory bodies Net domestic assets Net credit to central government Interest on securities Temporary advances Treasury bills Debentures Other claims Central government deposits Currency in circulation Total currency issued Less: Currency held by banks Source: Eastern Caribbean Central Bank.

13 11 Table 9. Antigua and Barbuda: Consolidated Accounts of the Commercial Banks, (In millions of Eastern Caribbean dollars) Net foreign assets Foreign assets Foreign currency holdings Claims on ECCB area banks Claims on banks abroad Other Foreign liabilities Balances due to ECCB area banks Balances due to banks abroad Nonresident deposits Other Net position with ECCB Net claims on ECCB Currency holdings Current deposits Fixed deposits and call accounts Liabilities to ECCB Net domestic assets 1, , , , ,503.2 Net credit to government Treasury bills Other securities Loans and advances Deposits Net credit to National Insurance Scheme Net credit to public enterprises Loans, advances, and investments Deposits Net credit to other financial institutions Loans, advances, and investments Deposits Credit to private sector 1, , , , ,005.5 Interbank float Claims Liabilities Net unclassified assets Liabilities to the private sector 1, , , , ,331.8 Demand deposits Saving deposits Time deposits Foreign currency deposits Source: Eastern Caribbean Central Bank.

14 12 Table 10. Antigua and Barbuda: Distribution of Commercial Bank Loans and Advances, / (In millions of Eastern Caribbean dollars) Total 1, , , , ,431.5 Public sector Government and public enterprises, n.i.e Public utilities Businesses Agriculture and fisheries Manufacturing and mining Distributive trades Tourism and entertainment Transport Construction and land development Professional and other services Financial institutions Households ,147.9 House and land purchases Durable consumer goods Other (In percent of total) Public sector Government and public enterprises, n.i.e Public utilities Businesses Agriculture and fisheries Manufacturing and mining Distributive trades Tourism and entertainment Transport Construction and land development Professional and other services Financial institutions Households House and land purchases Durable consumer goods Other Source: Eastern Caribbean Central Bank. 1/ Includes credits to nonresidents.

15 13 Table 11. Antigua and Barbuda: Selected Interest Rates, (In percent per annum) ECCB discount rate Money market rate 1/ Treasury bill rate (3 month) Commercial bank deposit rates Savings Time Up to 3 months months months Average deposit rate Commercial bank lending rates Prime rate Effective lending rate Average lending rate Memorandum item: Libor on U.S. dollar six-month deposits (average) Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates. 1/ Break in the data series in 2001.

16 14 Table 12. Antigua and Barbuda: Balance of Payments, (In millions of U.S. dollars) Current account Trade balance Exports (f.o.b.) 1/ Imports (f.o.b.) 1/ Nonfactor services balance Gross tourist receipts Income (net) Interest on public sector debt Current transfers (net) Capital Account Capital grants Migrant transfers (net) Financial Account Official flows Portfolio liabilities Public sector loans Disbursements Amortization (-) Nonofficial flows Foreign direct investment (net) Portfolio investment (net) Commercial banks Other private (net) Errors and omissions Overall balance Financing Change in imputed reserves (increase -) Exceptional financing Increase in arrears Debt forgiveness (In percent of GDP) Current account Trade balance Merchandise imports Gross tourist receipts Capital account Financial Account Official flows (net) Direct investment (net) Errors and omissions Overall balance Memorandum items: External public sector debt 2/ 3/ External public sector debt service (in percent of exports of goods and services) Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates and projections. 1/ Based on ECCB estimates. There is a structural break in 2005 owing to introduction of data from ASYCUDA. 2/ Reflects debt relief from Devcon in 2004 and Italy in / Includes financing gap.

17 15 Table 13. Antigua and Barbuda: Selected Tourism Statistics, (Number of visitors) Total visitors 548, , , , ,057 Cruise-ship 312, , , , ,673 Yacht 18,193 17,362 17,778 17,422 26,715 Stayovers (staying in hotels) 174, , , , ,935 Private homes and other 1/ 43,680 48,329 53,593 49,076 50,734 (Percentage share of visitors) Total visitors Cruise ship Yacht Stayovers (staying in hotels) Private homes and other 1/ (Annual percentage change) Total visitors Cruise ship Yacht Stayovers (staying in hotels) Private homes and other 1/ (In millions of U.S. dollars) Total expenditure 2/ Cruise ship Yacht Stayovers (staying in hotels) Private homes and other 1/ (Annual percentage change) Total expenditure Cruise ship Yacht Stayovers (staying in hotels) Private homes and other 1/ Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Caribbean Tourism Organization. 1/ Arrivals by air and sea not staying in hotels. 2/ Estimated using average expenditure from the 1995 visitor survey carried out by the Caribbean Tourism Organization.

18 16 Table 14. Antigua and Barbuda: Air Stayover Arrivals, (In thousands of arrivals) Total Quarter I January February March Quarter II April May June Quarter III July August September Quarter IV October November December (In percent of annual arrivals) Total Quarter I January February March Quarter II April May June Quarter III July August September Quarter IV October November December Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Caribbean Tourism Organization.

19 17 Table 15. Antigua and Barbuda: Air Stayover Arrivals by Country of Origin, (In thousands of arrivals) Air stayover arrivals 1/ United States Canada Europe Caribbean Other (In percent of air stayover arrivals) United States Canada Europe Caribbean countries Other (Average length of stay, in days) Visitors staying in hotels Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Caribbean Tourism Organization. 1/ Includes stayovers in hotels, private residences, etc.

20 18 Table 16. Antigua and Barbuda: Visitor Arrivals as a Share of the Caribbean Area, / (In thousands, unless otherwise indicated) Stayover passenger arrivals 2/ Antigua and Barbuda Caribbean area 16,206 15,736 17,207 18,313 18,647 Antiguan share of market (in percent) Cruise ship passenger arrivals Antigua and Barbuda Caribbean area 13,964 14,347 17,257 18,792 18,106 Antiguan share of market (in percent) (Annual percentage change) Stayover passenger arrivals 2/ Antigua and Barbuda Caribbean area Cruise ship passenger arrivals Antigua and Barbuda Caribbean area Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Caribbean Tourism Organization. 1/ Comprising 32 countries and dependent territories monitored by the Caribbean Tourism Organization. 2/ Including stayover arrivals by sea and air.

21 19 Table 17. Antigua and Barbuda: Public and Publicly Guaranteed External Debt, (In millions of U.S. dollars) Outstanding debt (beginning of year) Central government Government guaranteed Disbursements Central government Government guaranteed Cash amortization Central government 2/ Government guaranteed Increase in interest arrears Central government Government guaranteed 3/ Stock adjustments 4/ Central government Government guaranteed Outstanding debt (end of year) Central government Government guaranteed Scheduled debt-service obligations 3/ Interest Central government Guaranteed Principal Central government Guaranteed Cash payments on debt obligations 2/ Interest Central government Government guaranteed Principal Central government Government guaranteed Stock of arrears (end of year) 5/ Interest arrears Guaranteed Central government Principal arrears Guaranteed Central government (In percent of total outstanding debt) Debt by creditor Multilateral creditors Bilateral creditors Commercial creditors Debt indicators Scheduled debt service/exports of goods and services Scheduled debt service/central government revenue and grants Cash payments/scheduled obligations Debt outstanding/gdp Stock of arrears/gdp Average implied interest rate Sources: Antigua and Barbuda authorities; Eastern Caribbean Central Bank; and Fund staff estimates. 1/ Including arrears. Debt at beginning of year equals debt outstanding at end of preceding year. 2/ Includes cash payments to the Italian government in and to a commercial supplier in / For government guaranteed debt, scheduled debt service is assumed to equal cash debt service before 2004, due to data constraints. 4/ Including exchange rate valuation adjustments and other adjustments mainly due to debt relief and rescheduling. 5/ Including interest arrears.

22 20 Table 18. Antigua and Barbuda: Effective Exchange Rate Indices, (2000 = 100; period averages) Real Effective Nominal Effective Consumer Relative Exchange Rate Exchange Rate Price Price Index Index Index 1/ Index I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II Source: IMF, Information Notice System. 1/ Seasonally adjusted.