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Saint Kitts and Nevis:
Economy

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Saint Kitts and Nevis Page


Other pages in this profile of Saint Kitts and Nevis:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
Sugar was the traditional mainstay of the Saint Kitts 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. Activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy and have contributed to the recent robust growth. Tourism revenues are now the chief source of the islands' foreign exchange; about 341,800 tourists visited Nevis in 2005. The current government is constrained by a high debt burden, public debt reached 190% of GDP by the end of 2005, largely attributable to public enterprise losses.
GDP (purchasing power parity)
Definition - World rank and map
$721 million (2007 est.)
GDP (official exchange rate)
Definition
$527 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$13,900 (2007 est.)
GDP - composition by sector
Definition
agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
Labor force
Definition
18,170 (June 1995)
Unemployment rate
Definition - World rank and map
4.5% (1997)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
4.5% (2007 est.)
Budget
Definition
revenues: $89.7 million
expenditures: $128.2 million (2003 est.)
Agriculture - products
Definition
sugarcane, rice, yams, vegetables, bananas; fish
Industries
Definition
tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
125 million kWh (2005)
Electricity - consumption
Definition - World rank and map
116.3 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,935.5 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
900 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
22.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
871.6 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$163 million (2007 est.)
Exports
Definition - World rank and map
$84 million (2006)
Exports - commodities
Definition
machinery, food, electronics, beverages, tobacco
Exports - partners
Definition
US 57.1%, UK 13.8%, Azerbaijan 5.3%, Canada 4.4% (2006)
Imports
Definition - World rank and map
$383 million (2006)
Imports - commodities
Definition
machinery, manufactures, food, fuels
Imports - partners
Definition
US 47.9%, Trinidad and Tobago 13.4%, UK 5.6% (2006)
Debt - external
Definition - World rank and map
$314 million (2004)
Economic aid - recipient
Definition
$3.52 million (2005)
Currency (code)
Definition
East Caribbean dollar (XCD)
Exchange rates
Definition
East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
Fiscal year
Definition
calendar year


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