Economy

Early Economy                

In 1632 the first English settlers came to Antigua and Barbuda. Constantly attacked by the French, Dutch and the Caribbean Indians, they had a difficult time preserving their settlements. Once stability was established on the islands, cotton, indigo, tobacco and ginger were grown and exported by the colonies, with reserves kept to supply food for the inhabitants.                

Sugarcane cultivation became a thriving business in Antigua, destroying the island’s rainforests as the style of farming required great plots of land. The availability of timber was also taken advantage of. Antigua used to be the most densely wooded area in the Eastern Caribbean before the English settled there. The island’s timber was largely consumed by seamen who built and repaired their ships.                

Sir Christopher Codrington, who arrived on the island from Barbados, established the large scale sugar plantations which became an economic success.  150 sugarcane mills were established on the island’s countryside after other farmers were enthused by Sir Christopher’s accomplishments. Many of these mills are still remain standing in Antigua today!                 

In 1834 slavery was abolished, however laws were imposed that kept former slaves in other kinds of servitude. Plantation owners still had a steady labour supply even though the slaves were officially free. Sugar plantations, nevertheless, started to become extinct in Antigua. 

Present Day Economy            

Antigua is currently a member of the Eastern Caribbean Currency Union (ECCU. This union is made up of a number of nations in the Caribbean which share the same currency and a common bank, The Eastern Caribbean Central Bank (ECCB). Tourism has now taken over from the sugarcane industry as Antigua’s primary means of income for the economy, as well as being the key source of employment for those inhabiting the island. 

Not being able to beat the tourism industry, agriculture is also significant to Antigua’s financial system. The domestic market is agricultures primary focus rather than the export of goods. The agriculture market in Antigua is restricted due to a lack of fresh water supplies and limited labour because most workers are enticed by the high-paying tourism industry. Antigua’s workforce consists of around 30,000 individuals. About 82% work in commerce whilst only 11% work in agriculture. The islands cultivation provides cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane and livestock.