Economy
Main article: Economy of AnguillaAnguilla's thin arid soil is largely unsuitable for agriculture, and the island has few land-based natural resources. Its main industries are tourism, offshore incorporation and management, offshore banking, and fishing. Many insurance and financial businesses are headquartered in Anguilla.
Before the 2008 world-wide crisis the economy of Anguilla was expanding rapidly, especially the tourism sector which was driving major new developments in partnerships with multi-national companies.
Anguilla's currency is the East Caribbean dollar, though the US dollar is also widely accepted. The exchange rate is fixed to the US dollar at US$1 = EC$2.68.
The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of Hurricane Luis in September but recovered in 1996. Hotels were hit particularly hard during this time. Another economic setback occurred during the aftermath of Hurricane Lenny in 2000.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)