Overview Of Antigua and Barbuda

The country’s GDP is US $2.731 billion, according to 2019 data. The per capita income of the country is US $29,298. The economy is ruled by the tourism sector, followed by the finance and Investment sector and agriculture. There is a mentionable number of exports and imports in and out of the country. Though manufacturing serves a small percentage of the economy, it is worth mentioning the sector for its high-end assembly lines, electronics and handicrafts.

• Total Population - 99,337
• GDP- US $2.731 billion

Economic Overview

Assimilating the data presented by the statistical archives of the Government of Antigua and Barbuda, the economy is ruled by Tourism. Due to the pandemic, the main source of income for the government has fallen by 8.9%. The finance sector stays strong with adaptation to the USA and European standards.

With the working class providing the majority employment rate, the unemployment rate is also at its peak. Students studying and working part-time or through internships form the second largest part of the employment rate. Above the age of 65 years, the rates drop due to very less population present in that age category.

The economy is expected to flourish once the pandemic shows a downward scale and tourism start later next year.

Market Size

The market is said to be in a slightly unstable condition due to the pandemic, with tourism in decline and the manufacturing and service sector rising. It is predicted that by 2025 there will be a shift in manufacturing over agriculture.

A brief glimpse of the industries

• Antigua and Barbuda saw the most income generated from tourism during 2018, followed by a steep fall in 2020 due to pandemics.
• Agriculture flourishes with the production of cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane and livestock. These are kept majorly for domestic use only. Imports are done for some essential eatables, while spices like pepper and vegetables are exported to nearby countries of US and Canada.
• As far as the Financial Sector is concerned, the World Bank’s 2020 Doing Business Report states Antigua and Barbuda ranks 113th out of 190 countries rated.  There is greater good by investing through FDI in the commercial activities in the country. The government of Antigua and Barbuda gives 100% control and share to the FDI owners.
• The manufacturing sector has seen an increase in its value over the period of 2019-2020. With the loss of employment in IT sectors, more opportunities opened, causing a significant rise in its value to 2.561 points.

Cost Of Living in Antigua And Barbuda

Travel tours are likely to cost a higher range of living expenses than moving in. Hotels and Beds, and Breakfasts are the main money-making machines, thus having high costs. At the same time, daily living is cheaper as there are not many immigrants moving in for employment chances. Living in Antigua and Barbuda will prove more of an experience in the elite US or European countries.

Cost Of Renting

A one-bedroom apartment costs up to around US $1,000 is located in the city centre, and around US $700 is located outside the city center. Renting a three-bedroom apartment in the city center will cost approximately US $1,850 and around US $1,200 is located outside the city center.

Cost Of Living Depending Upon Your Location

Top Skills In Antigua and Barbuda

With high priority given to tourism, the people working are skilled in hotel management, culinary, marketing, advertisement etc. Finance being another equal part number of people are seen to be employed as finance consultants, personal finance manager, bank executive etc. A few are skilled at animal husbandry, dairy farming, cultivation of crops etc.

Major skills and areas which have witnessed a recent growth rate: -

• Manufacturing engineers
• Management
• Financial Experts
• Architecture
• Sales and marketing

Hiring Cost

Due to the smaller size of the country, most of the student population moves to the USA or Canada or Europe for higher studies and gets employed through campus interviews into MNC’s. The native population is poorly skilled and inadequately trained for high-end job openings. The cost of hiring thus comprises -

• Pre-job training
• Providing essential instruments such as laptops and smartphones
• Time spent on hiring and recruiting

Salary structure for various roles

The table below depicts the average salaries that are offered to employees in Antigua and Barbuda according to different fields: -

Employment Laws In Antigua And Barbuda

The country constructs a loose cape over how to employ employees, rules to be followed during recruiting etc. Some of which are –

• Maintaining office ethics during working hours
• Completing recruitment process within 2months.
• Self employed are free to form unharmful trade unions.
• Any violation will be scrutinized under the legal branch of government
• Reservation for women at minimum should be followed.
• Payment of equal salary to all genders.
• Workplace safety to be followed all time

These regulations can be found under some of the government enacted acts and conventions

• Equal Remuneration Convention, 1951
• Occupational Safety and Health Convention, 1981
• Termination of Employment Convention, 1982
• Freedom of Association Convention, 1948

How Can Skuad Help You with Hiring in Antigua and Barbuda?

In a highly competitive market, your focus should be on the expansion of your operations and the minimization of the expenses. By engaging in an expensive and prolonged recruitment process, you end up spending more than you ought to. Skuad offers to streamline your hiring process with the help of experienced consultants. Connect with Skuad Experts to know more.