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Saint Kitts and Nevis:
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Other pages in this profile of Saint Kitts and Nevis:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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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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