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 |