Economy of Saint Kitts and Nevis

Mother Earth Travel > Country Index > St Kitts and Nevis > Map Economy History

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)
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 18,172 (June 1995)
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
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)
Agriculture - products: sugarcane, rice, yams, vegetables, bananas; fish
Exports: $53.2 million (2000 est.)
Exports - commodities: machinery, food, electronics, beverages, tobacco
Exports - partners: United States 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: United States 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: 1 East Caribbean dollar (XCD) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Saint Kitts and Nevis > Map Economy History