Antigua and Barbuda sees 6% growth in 2024, expanding economy to $6 Billion

Antigua and Barbuda marked a significant growth of 6% in 2024, expanding the economy to 6 billion, highlighting a year of resilience and growth. This impressive growth is driven by several sectors including, advancements in infrastructure, agriculture, tourism as well as increase in climate resilience.

Emphasizing on the economic conditions of Antigua and Barbuda, Prime Minister Gaston Browne said that it continued to grow at a healthy pace despite challenging global conditions, economic uncertainty, and humanitarian crises. While highlighting the growth registered by the federation during the previous year, the leader of the nation called 2024, ‘a year of records’.

Antigua and Barbuda welcomed 1.1 million visitors

Prime Minister Gaston Browne emphasized on the tourism sector of the twin-island nation and said that they have marked a significant milestone by welcoming around 1.1 million visitors to the country. He added that this remarkable figure has surpassed all the previous records registered by the tourism sector. This mark has even surpassed the year 2019, which was considered as the best tourism year in record.

The leader of the nation added that this milestone has been delayed only due to the COVID-19 pandemic otherwise they could have achieved it much earlier. He added that this crucial growth in the arrival of visitors highlights the courage, resilience and dedication of the Government of Antigua and Barbuda to leading the nation towards growth and development.

Heavy traffic in V.C. Bird International Airport and Barbuda International Airport

PM Browne also highlighted the busy day witnessed by the V.C. Bird International Airport on Saturday, 21st December. He added that the airport was on full display with the arrival of around 51 flights, including 13 international flights, 35 regional flights, and 3 private charters.

He shed light on those arrivals and said that was a remarkable milestone achieved by them in its tourism sector, highlighting the growing reputation of Antigua and Barbuda as a leading Caribbean destination in global tourism.

The Prime Minister also highlighted about the opening of Barbuda International Airport in 2024 and asserted that it has played a significant role in welcoming many private jets, carrying high net worth visitors.

Addition and Expansion of Flight Services

PM Gaston Browne said that when he assumed office in 2014, Antigua and Barbuda had just one daily flight from American Airlines, that also with subsidies. However, today American Airlines operates 4 daily flight services to Antigua and Barbuda, with 2 from Miami, 1 from New York and 1 from Charlotte. He added that all these services are operated between American and Antigua and Barbuda without any subsidies.

He also shed light on the services from other carriers including, Delta, JetBlue, United, Virgin Atlantic, and British Airways and said that these flight operations have always played a significant role in strengthening their connectivity with the world. 

Benefit to local businesses 

The Prime Minister said that tourism plays a huge role in empowering their people as the people of Antigua and Barbuda directly own 450 small tourism enterprises and 85% of the 900 Airbnb accommodations. He added that in 2024, these businesses earned the rewards of 824,000 cruise passengers and 21,000 yacht visitors.

He added that their economy grew to around $6,000,000,000 with a per capita income of 60,000, which is the highest in our history. 

Development in Banking Sector

PM Browne also mentioned about the growth recorded by them in their banking sector. He added that in 2024, the local majority owned banks commanded 75% ownership of the banking sector and achieved huge profits. As this growth continues, retained earnings will grow, making the banks stronger with higher dividend for shareholders.

He added that this transformation is not just an accident but is a result of the administration's determination and action. The Prime Minister further went on to add that today, the Antigua Commercial Bank, ACB, Eastern Caribbean Amalgamated Bank, ECEB, and the state-owned Caribbean Union Bank, CUB, stand as pillars of a thriving financial sector in twin-island nation.