Saint Kitts and Nevis Economy Profile 2009

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)

$777.7 million (2008 est.)
$755 million (2007 est.)
$733.7 million (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$555 million (2008 est.)

GDP - real growth rate

3% (2008 est.)
2.9% (2007 est.)
5.3% (2006 est.)

GDP - per capita (PPP)

$19,500 (2008 est.)
$19,100 (2007 est.)
$18,600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)

Population below poverty line

NA%

Labor force

18,170 (June 1995)

Unemployment rate

4.5% (1997)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $89.7 million
expenditures: $128.2 million (2003 est.)

Inflation rate (consumer prices)

4.5% (2007 est.)

Central bank discount rate

6.5% (31 December 2008)
6.5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
8.89% (31 December 2007)

Stock of money

$NA (31 December 2008)
$97.31 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$688.6 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$782.4 million (31 December 2007)

Industries

tourism, cotton, salt, copra, clothing, footwear, beverages

Industrial production growth rate

NA%

Electricity - production

130 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

120.9 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

950 bbl/day (2006 est.)

Oil - imports

917.8 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

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.)

Current Account Balance

-$163 million (2007 est.)

Agriculture - products

sugarcane, rice, yams, vegetables, bananas; fish

Exports

$84 million (2006)

Exports - commodities

machinery, food, electronics, beverages, tobacco

Exports - partners

US 40.4%, Malaysia 40.2%, Canada 3.7% (2008)

Imports

$383 million (2006)

Imports - commodities

machinery, manufactures, food, fuels

Imports - partners

US 46.7%, Trinidad and Tobago 14.8%, UK 4.1% (2008)

Debt - external

$314 million (2004)

Market value of publicly traded shares

$NA (31 December 2008)
$439.7 million (31 December 2007)
$304.5 million (31 December 2006)

Economic aid - recipient

$3.52 million (2005)

Currency (code)

XCD

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