| 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. Economic growth was above average for Latin America from 2004 to 2006, but has since slowed. Like other tourist destinations in the Caribbean, the St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The current government is constrained by a high public debt burden equivalent to nearly 185% of GDP by the end of 2006, largely attributable to public enterprise losses. |
GDP (purchasing power parity):
|
$784.9 million (2008 est.)
$758.5 million (2007)
$735.6 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$19,700 (2008 est.)
$19,200 (2007 est.)
$18,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$559 million (2008 est.) |
GDP - real growth rate:
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3.5% (2008 est.)
3.1% (2007 est.)
6.4% (2006 est.) |
GDP - composition by sector:
|
agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001) |
Investment (gross fixed):
|
void |
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):
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4.5% (2007 est.) |
Central bank discount rate:
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6.5% (31 December 2007) |
Commercial bank prime lending rate:
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9.28% (31 December 2007) |
Stock of money:
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$97.31 million (31 December 2007) |
Stock of money - per capita:
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2,425 USD per capita |
Stock of quasi money:
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$688.6 million (31 December 2007) |
Stock of quasi money - per capita:
|
17,159 USD per capita |
Stock of domestic credit:
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$782.4 million (31 December 2007) |
Stock of domestic credit - per capita:
|
19,497 USD per capita |
Labor force:
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18,170 (June 1995) |
Labor force participation rate:
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45.28 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
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4.5% (1997) |
Budget:
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revenues: $89.7 million
expenditures: $128.2 million (2003 est.) |
Budget revenues per capita:
|
2,236 USD per capita |
Public debt:
|
void |
Industries:
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tourism, cotton, salt, copra, clothing, footwear, beverages |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
130 million kWh (2006 est.) |
Electricity - production per capita:
|
3,240 kWh per capita |
Electricity - consumption:
|
120.9 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
3,013 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
950 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
8.64 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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917.8 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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sugarcane, rice, yams, vegetables, bananas; fish |
Current account balance:
|
-$163 million (2007 est.) |
Current account balance - per capita:
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-4,061 USD per capita |
Exports:
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$84 million (2006) |
Exports per capita:
|
2,094 USD per capita |
Exports - commodities:
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machinery, food, electronics, beverages, tobacco |
Exports - partners:
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US 66.3%, Canada 4.9%, Turkey 3.3% (2007) |
Imports:
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$383 million (2006) |
Imports per capita:
|
9,544 USD per capita |
Imports - commodities:
|
machinery, manufactures, food, fuels |
Imports - partners:
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US 47.7%, Trinidad and Tobago 13.3%, UK 5.6% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$314 million (2004) |
Debt - external - per capita:
|
7,825 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:
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$439.7 million (31 December 2007) |
Market value of publicly traded shares - per capita:
|
10,957 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$3.52 million (2005) |
Economic aid - recipient per capita:
|
88 USD per capita |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) |
Fiscal year:
|
calendar year |
|
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