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Economy of Saint Kitts and Nevis

Economy - overview:Sugar was the traditional mainstay of the Saint Kitts economy until the 1970s. The government closed the sugar industry following the 2005 harvest after decades of losses at the state-run sugar company. To compensate, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy. Activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. Tourism revenues are now the chief source of the islands' foreign exchange; about 341,800 tourists visited Nevis in 2005. Additional tourist facilities, including a second cruise ship pier, hotels, and golf courses are under construction.
GDP (purchasing power parity):$726 million (2006 est.)
GDP (official exchange rate):$453 million (2005)
GDP - real growth rate:4.9% (2005 est.)
GDP - per capita (PPP):$8,200 (2005 est.)
GDP - composition by sector:agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
Labor force:18,170 (June 1995)
Unemployment rate:4.5% (1997)
Population below poverty line:NA%
Household income or consumption by percentage share:lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):8.7% (2005 est.)
Budget:revenues: $89.7 million
expenditures: $128.2 million; including capital expenditures of $19.5 million (2003 est.)
Agriculture - products:sugarcane, rice, yams, vegetables, bananas; fish
Industries:tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate:NA%
Electricity - production:125 million kWh (2004)
Electricity - production by source:fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
Electricity - consumption:116.3 million kWh (2004)
Electricity - exports:0 kWh (2004)
Electricity - imports:0 kWh (2004)
Oil - production:0 bbl/day (2004 est.)
Oil - consumption:800 bbl/day (2004 est.)
Oil - exports:NA bbl/day
Oil - imports:NA bbl/day
Oil - proved reserves:0 bbl
Natural gas - production:0 cu m (2004 est.)
Natural gas - consumption:0 cu m (2004 est.)
Exports:$70 million (2004 est.)
Exports - commodities:machinery, food, electronics, beverages, tobacco
Exports - partners:US 64.7%, Canada 9.8%, Netherlands 6.9% (2006)
Imports:$405 million (2004 est.)
Imports - commodities:machinery, manufactures, food, fuels
Imports - partners:US 49.7%, Trinidad and Tobago 13.3%, UK 4.5% (2006)
Debt - external:$314 million (2004)
Economic aid - recipient:$NA
Currency (code):East Caribbean dollar (XCD)
Currency code:XCD
Exchange rates:East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
Fiscal year:calendar year

Saint Kitts and Nevis Quickstats

  • Population: 39,349 (July 2007 est.)
  • Area: 261 sq km
  • Density: 164 /km² (64th)
  • GDP (total): $339 million (213th)
  • GDP (per capita): $14,649 (47th)
  • Literacy: 97.8%

Languages of Saint Kitts and Nevis

Useful to know

  • Currency: East Caribbean dollar (XCD)
  • Dial code: +1 869

International Trade

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