| Economy | Saint Kitts and Nevis |
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Economy - overview:
|
The economy of Saint Kitts and Nevis is heavily dependent upon tourism revenues, which has replaced sugar, the traditional mainstay of the economy until the 1970s. Following the 2005 harvest, the government closed the sugar industry after decades of losses of 3-4% of GDP annually. To compensate for employment losses, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy, such as tourism, export-oriented manufacturing, and offshore banking. More than 200,000 tourists visited the islands in 2009. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The current government is constrained by one of the world's highest public debt burdens equivalent to roughly 185% of GDP, largely attributable to public enterprise losses. |
GDP (purchasing power parity):
|
$918 million (2011 est.)
$904.2 million (2010 est.)
$917.8 million (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$16,400 (2011 est.)
$16,500 (2010 est.)
$17,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$700 million (2011 est.) |
GDP - real growth rate:
|
1.5% (2011 est.)
-1.5% (2010 est.)
-4.4% (2009 est.) |
GDP - composition by sector:
|
agriculture: 2.4%
industry: 22.7%
services: 74.8% (2011 est.) |
Investment (gross fixed):
|
39% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
4.6% (2011 est.)
0.5% (2010 est.) |
Central bank discount rate:
|
6.5% (31 December 2009)
6.5% (31 December 2008) |
Commercial bank prime lending rate:
|
9.1% (31 December 2011 est.)
8.625% (31 December 2010 est.) |
Stock of money:
|
$107.2 million (31 December 2008)
$97.31 million (31 December 2007) |
Stock of money - per capita:
|
2,131 USD per capita |
Stock of quasi money:
|
$680.6 million (31 December 2008)
$688.6 million (31 December 2007) |
Stock of quasi money - per capita:
|
13,528 USD per capita |
Stock of domestic credit:
|
$777.8 million (31 December 2011 est.)
$703.7 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
15,459 USD per capita |
Stock of narrow money:
|
$128.4 million (31 December 2011 est.)
$113.8 million (31 December 2010 est.) |
Stock of broad money:
|
$879.1 million (31 December 2010 est.)
$823.8 million (31 December 2009 est.) |
Labor force:
|
18,170 (June 1995) |
Labor force participation rate:
|
36.11 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
4.5% (1997) |
Unemployment, youth ages 15-24:
|
total: 16.64%
male: 16.61%
female: 16.7% (2009) |
Budget:
|
revenues: $222.2 million
expenditures: $222.2 million (2011 est.) |
Budget revenues per capita:
|
4,417 USD per capita |
Taxes and other revenues:
|
31.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
0% of GDP (2011 est.) |
Public debt:
|
185% of GDP (2009 est.) |
Industries:
|
tourism, cotton, salt, copra, clothing, footwear, beverages |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
130 million kWh (2008 est.) |
Electricity - production per capita:
|
2,584 kWh per capita |
Electricity - consumption:
|
120.9 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
2,403 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
14.51 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
1,699 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
sugarcane, rice, yams, vegetables, bananas; fish |
Current account balance:
|
-$154.4 million (2011 est.)
-$140.5 million (2010 est.) |
Current account balance - per capita:
|
-3,068 USD per capita |
Exports:
|
$63.1 million (2011 est.)
$61.7 million (2010 est.) |
Exports per capita:
|
1,255 USD per capita |
Exports - commodities:
|
machinery, food, electronics, beverages, tobacco |
Exports - partners:
|
US 56.5%, Canada 9.2%, Azerbaijan 5% (2010) |
Imports:
|
$315.7 million (2011 est.)
$292.7 million (2010 est.) |
Imports per capita:
|
6,275 USD per capita |
Imports - commodities:
|
machinery, manufactures, food, fuels |
Imports - partners:
|
US 39.5%, Trinidad and Tobago 17%, Poland 4.7%, Barbados 4% (2010) |
Reserves of foreign exchange and gold:
|
$100 million (31 December 2011 est.)
$168.9 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,988 USD per capita |
Debt - external:
|
$211.3 million (31 December 2011 est.)
$215.8 million (31 December 2010 est.) |
Debt - external - per capita:
|
4,200 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$623.9 million (31 December 2010)
$648 million (31 December 2009)
$595.2 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
12,401 USD per capita |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar -
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
|
Fiscal year:
|
calendar year |
|
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