Economic Accounts

National Accounts

The System of National Accounts is a multi-purpose system designed for economic analysis, decision-taking and policy-making, whatever the industrial structure or stage of economic development reached by a country. The aim of this procedure is to provide a numerical summary of the many transactions taking place in an economy during a given period. These transactions relate, in particular, to the production and use of goods and services and use of income or capital between sectors of the economy.

The nation’s economic activity is measured by the Gross Domestic Product (GDP) which represents the total value of the goods and services produced in Antigua and Barbuda, plus taxes on imports and all non-deductible VAT or similar taxes less subsidies.

Balance of Payments

The Balance of Payment is a statistical statement that summarizes transactions between residents and nonresidents during a given period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and financial account. Under the double-entry accounting system that underlies the BOP, each transaction is recorded as consisting of two entries. The sum of the credit entries and the sum of the debit entries are the same.