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Saint Kitts and Nevis Economy Profile 2013

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Economy - overviewThe economy of Saint Kitts and Nevis depends on tourism; since the 1970s tourism has replaced sugar as the traditional mainstay of the economy. Following the 2005 harvest, the government closed the sugar industry, after several decades of losses. To compensate for lost jobs, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy, such as export-oriented manufacturing and offshore banking. Roughly 200,000 tourists visited the islands in 2009, but reduced tourism arrivals and foreign investment led to an economic contraction in 2009-2012, and the economy has not yet returned to growth. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. Furthermore, the government is constrained by one of the world's highest public debt burdens - equivalent to roughly 140% of GDP in 2012 - largely attributable to public enterprise losses.
GDP (purchasing power parity)$946.3 million (2012 est.)
$955 million (2011 est.)
$972.1 million (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$734 million (2012 est.)
GDP - real growth rate-0.9% (2012 est.)
-1.9% (2011 est.)
0% (2010 est.)
GDP - per capita (PPP)$16,500 (2012 est.)
$17,000 (2011 est.)
$17,700 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by end usehousehold consumption: 59.6%
government consumption: 12.1%
investment in fixed capital: 35.3%
investment in inventories: 0%
exports of goods and services: 38.7%
imports of goods and services: -45.7%
(2012 est.)
GDP - composition by sectoragriculture: 1.7%
industry: 23.3%
services: 75% (2012 est.)
Population below poverty lineNA%
Labor force18,170 (June 1995)
Unemployment rate4.5% (1997)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $185.2 million
expenditures: $222.2 million (2012 est.)
Taxes and other revenues25.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-5% of GDP (2012 est.)
Public debt144% of GDP (2012 est.)
154% of GDP (2011 est.)
Inflation rate (consumer prices)2% (2012 est.)
5.9% (2011 est.)
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate9.3% (31 December 2012 est.)
9.45% (31 December 2011 est.)
Stock of narrow money$177.4 million (31 December 2012 est.)
$177.8 million (31 December 2011 est.)
Stock of broad money$964.1 million (31 December 2011 est.)
$879.1 million (31 December 2010 est.)
Stock of domestic credit$963 million (31 December 2012 est.)
$860 million (31 December 2011 est.)
Market value of publicly traded shares$598.4 million (31 December 2011)
$623.9 million (31 December 2010)
$648 million (31 December 2009)
Agriculture - productssugarcane, rice, yams, vegetables, bananas; fish
Industriestourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rateNA%
Current Account Balance-$133.8 million (2012 est.)
Exports$57 million (2012 est.)
$54.58 million (2011 est.)
Exports - commoditiesmachinery, food, electronics, beverages, tobacco
Exports - partnersUS 55.3%, Canada 9.6%, Bangladesh 6.2% (2012)
Imports$339.6 million (2012 est.)
$218.3 million (2011 est.)
Imports - commoditiesmachinery, manufactures, food, fuels
Imports - partnersAlgeria 59.9%, US 12%, Trinidad and Tobago 8.3% (2012)
Debt - external$189.4 million (31 December 2012 est.)
$199.1 million (31 December 2011 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013