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   Saturday, December 14, 2019 

St. Kitts and Nevis Flag St. Kitts and Nevis: Economy

Federation of St. Kitts and Nevis

Economy - overview: The economy has traditionally depended on the growing and processing of sugarcane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles. Most food is imported. The government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs. In 1997 some leaders in Nevis were urging separation from Saint Kitts on the basis that Nevis was paying far more in taxes than it was receiving in government services, but the vote on cessation failed in August 1998. In late September 1998, Hurricane Georges caused approximately $445 million in damages and limited GDP growth for the year.
GDP: purchasing power parity - $274 million (2000 est.)
GDP - real growth rate: 5% (2000 est.)
GDP - per capita: purchasing power parity - $7,000 (2000 est.)
GDP - composition by sector: agriculture:  5.5%

industry:  22.5%

services:  72% (1996)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 18,172 (June 1995)
Labor force - by occupation: NA
Unemployment rate: 4.5% (1997)
Budget: revenues:  $64.1 million

expenditures:  $73.3 million, including capital expenditures of $10.4 million (1997 est.)
Industries: sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate: NA%
Electricity - production: 90 million kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 83.7 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: sugarcane, rice, yams, vegetables, bananas; fish
Exports: $53.2 million (2000 est.)
Exports - commodities: machinery, food, electronics, beverages, tobacco
Exports - partners: US 68.5%, UK 22.3%, Caricom countries 5.5% (1995 est.)
Imports: $151.5 million (2000 est.)
Imports - commodities: machinery, manufactures, food, fuels
Imports - partners: US 42.4%, Caricom countries 17.2%, UK 11.3% (1995 est.)
Debt - external: $115.1 million (1998)
Economic aid - recipient: $5.5 million (1995)
Currency: East Caribbean dollar (XCD)
Currency code: XCD
Exchange rates: East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)
Fiscal year: calendar year


Source: CIA World Factbook 2001
(In general, information available as of 1 January 2001 was used in the preparation of this edition.)

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