Saint Kitts and Nevis

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Introduction - Saint Kitts and Nevis:
Location - Saint Kitts and Nevis:
People - Saint Kitts and Nevis:
Government - Saint Kitts and Nevis:
Economy - 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 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)

Exchange rates

East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)

Communications - Saint Kitts and Nevis:
Transportation - Saint Kitts and Nevis:
Military - Saint Kitts and Nevis:
This page was last updated on 16 September, 2007
Source: CIA >>>


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