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Anguilla's Gross Domestic Product Grew Over 10% in 2007
Real estate news By SC Admin
01/17/2008
Mr Speaker, according to Government's official statistics, Anguilla's gross domestic product (GDP), in real terms grew by 15% in 2006 to $281.9 million. This represents an increase from 2005 when the economy grew by 10.9 per cent.
Hotel and Restaurants continue to be the largest sector accounting for 32.7% of economic activity. Banking and Insurance is the next largest sector accounting for 17.1% of economic activity. The top three is rounded out by Construction which accounts for 16.7% of economic activity. These sectors grew by 17.5%, 6.0% and 36.6%, respectively in 2006. The strong growth in construction is linked to robust activity in all sub-sectors: resort, villa, residential and commercial construction.
Mr Speaker preliminary estimates for 2007 indicate that the economy once again would have grown in excess of 10% in real terms. This would represent the 4th consecutive year the real GDP growth would have been in excess of 10 per cent. While this is an impressive achievement, this level of growth is not sustainable as the economy is already experiencing severe shortages in labour which is contributing to rising wage inflation, particularly in the construction sector. Consequently, Government will be challenged to manage the situation so as to curb inflationary pressures and to protect real incomes.
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