Antigua and Barbuda’s Bank Deposits Grow by $200 Million in 2024

Prime Minister Gaston Browne has announced that Antigua and Barbuda’s bank deposits increased by $200 million in 2024, bringing the total to over $6 billion, a remarkable milestone for a nation of approximately 100,000 people.

“This $200 million increase in deposits highlights the financial stability of our nation and the wealth generation among our people,” Browne stated. He explained that the growth in savings is largely attributed to individual depositors, as businesses typically reinvest earnings rather than accumulate significant savings.

Browne credited the expansion in the tourism and construction sectors for driving economic growth. Tourism has seen substantial gains in both cruise and overnight visitors, creating significant income opportunities for taxi operators, vendors, and other small businesses.

“Many taxi operators are now earning six figures annually,” Browne said, underscoring the economic impact of the sector.

In the construction industry, approximately $900 million was spent in 2024 on infrastructure and private projects, creating a high demand for skilled and unskilled labor.

“We’re facing a shortage of labor because of the construction boom,” Browne noted. “Workers are now earning up to $250 per day, reflecting the strong demand for their services.”

Antigua and Barbuda’s per capita income has now surpassed $60,000, placing the nation in the high-income category.

“This level of growth demonstrates the success of our policies and the resilience of our people,” Browne remarked.

The Prime Minister reiterated his administration’s commitment to ensuring that economic gains benefit all citizens as the nation prepares for another year of growth in 2025.

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