Flag of Saint Kitts and Nevis

Saint Kitts and Nevis Economy Profile 2014

Home > Factbook > Countries > Saint Kitts and Nevis

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 returned to growth only in 2013. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The government has made notable progress on reducing its public debt—from 154% of GDP in 2011 to 83% in 2013—although it still faces one of the highest levels in the world, largely attributable to public enterprise losses.
GDP (purchasing power parity)$952 million (2013 est.)
$933.6 million (2012 est.)
$941.7 million (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$767 million (2013 est.)
GDP - real growth rate1.9% (2013 est.)
-0.9% (2012 est.)
-1.9% (2011 est.)
GDP - per capita (PPP)$16,300 (2013 est.)
$16,300 (2012 est.)
$16,800 (2011 est.)
note: data are in 2013 US dollars
Gross national saving32.1% of GDP (2013 est.)
34.5% of GDP (2012 est.)
32.4% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 72.1%
government consumption: 10.6%
investment in fixed capital: 28.4%
investment in inventories: 0%
exports of goods and services: 30.8%
imports of goods and services: -41.9%
(2013 est.)
GDP - composition by sectoragriculture: 1.8%
industry: 23.1%
services: 75.1% (2013 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: $222.2 million
expenditures: $185.2 million (2013 est.)
Taxes and other revenues29% of GDP (2013 est.)
Budget surplus (+) or deficit (-)4.8% of GDP (2013 est.)
Public debt83% of GDP (2013 est.)
144% of GDP (2012 est.)
Inflation rate (consumer prices)2.2% (2013 est.)
1.4% (2012 est.)
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate8.9% (31 December 2013 est.)
8.73% (31 December 2012 est.)
Stock of narrow money$218.5 million (31 December 2013 est.)
$200.4 million (31 December 2012 est.)
Stock of broad money$867 million (31 December 2013 est.)
$869.1 million (31 December 2012 est.)
Stock of domestic credit$814.8 million (31 December 2013 est.)
$809.6 million (31 December 2012 est.)
Market value of publicly traded shares$598.4 million (31 December 2011)
$598.4 million (31 December 2011)
$623.9 million (31 December 2010)
Agriculture - productssugarcane, rice, yams, vegetables, bananas; fish
Industriestourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate0.5% (2013 est.)
Current Account Balance-$133.1 million (2013 est.)
-$70.8 million (2012 est.)
Exports$57.3 million (2013 est.)
$68.6 million (2012 est.)
Exports - commoditiesmachinery, food, electronics, beverages, tobacco
Exports - partnersUS 56%, Canada 9.8%, Bangladesh 6.2% (2012)
Imports$355.4 million (2013 est.)
$225.6 million (2012 est.)
Imports - commoditiesmachinery, manufactures, food, fuels
Imports - partnersUS 31.7%, Trinidad and Tobago 19.9%, Italy 7%, Germany 6%, Barbados 4.7% (2012)
Debt - external$158.9 million (31 December 2013 est.)
$189.3 million (31 December 2012 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 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 August 23, 2014