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Anguilla Economy

Anguilla economy is based on various sectors and has been considered to be stable. Unlike the economies of other islands in the Caribbean region, Anguilla economy has not been dependent on agriculture due to the absence of fertile land and regular rainfall. Exports in sea food and livestock have however been more active areas of the Anguilla economy. Anguilla is home to long coasts of pristine beaches, and thus has been able to partly base the Anguillan economy on fishing for sale, gaming and water sporting activities that tourists participate in. Besides fish and other marine produce, salt, rum and concrete blocks are shipped to the United States, the United Kingdom, as well as nearby islands of St. Martin and Puerto Rico.

Offshore financial services have expanded over the years in the Anguilla economy. Offshore banking in particular has grown, and influenced a series of regulations which are aimed at making Anguilla economy safe and attractive for investors. Offshore banking is complemented with Anguilla enterprise construction, like Panama company incorporation, services which bring in income and create jobs in Anguilla economy. Offshore financial services currently contribute a significant part of the Anguilla economy and are one of the main Anguilla economic sectors.

With very limited potential for agriculture, Anguilla economy has heavily relied on tourism. Anguilla is peaceful and has many lovely beaches which cause tourism to have the significance that it has in the economy of Anguilla. Increased tourist arrivals created demand for the construction of hotels and development of island infrastructure so that the Anguilla economy could fully benefit from tourism.

Tourism as a result has been closely linked with real estate, which too has been prominent in Anguilla economy. Real estate has helped in Anguilla economic development as major investments are made in Anguilla economy through the construction of hotels, resorts, villas, vacation resorts, bars and restaurants by local and foreign nationals. These areas of Anguilla economy have however not been immune to the global financial crisis which resulted in a slowdown in real estate development programmes.

The main currency used is the Eastern Caribbean Dollar (XCD) which is pegged to the USD at XCD2.71 to USD1.The USD is however widely used given the island’s strong economic base. As a British overseas territory, Anguilla economy is supported by sound economic and financial legal frameworks and policies.