Antigua and Barbuda Reports 42% Increase in Revenue Collections

Antigua and Barbuda recorded a 42% increase in revenue collections in 2024, according to Financial Secretary Rasona Davis-Crump.

The announcement was made during the National Service of Thanksgiving at St. John’s Pentecostal Church on Sunday.

Preliminary data shows that the revenue boost has exceeded projections made at the start of the year.

Initially, the Ministry of Finance anticipated a fiscal deficit of 1.3% of GDP and a primary surplus of just under 1%.

However, updated figures now indicate an overall fiscal surplus of 1.4% of GDP, equivalent to $86.4 million, and a primary surplus of 3.5%.

The increase in revenue has been attributed to growth in key sectors such as tourism and construction. Cruise arrivals rose by 23% to over 820,000 visitors, while stay-over arrivals grew by nearly 20%.

The construction industry contributed an estimated $1 billion in value during the year.

The improved revenue collections come alongside a projected decline in the debt-to-GDP ratio, which is expected to fall from 75% to 62%.

Davis-Crump also noted the significance of these developments for the country’s fiscal performance, with implications for the broader economy as Antigua and Barbuda prepares for 2025.

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