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Saint Kitts and Nevis Economy Profile 2016

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Economy - overviewThe economy of Saint Kitts and Nevis depends on tourism; since the 1970s, tourism has replaced sugar as the economy’s traditional mainstay. Roughly 200,000 tourists visited the islands in 2009, but reduced tourism arrivals and foreign investment led to an economic contraction in 2009-2013, and the economy returned to growth only in 2014. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand.

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. The government has made notable progress in 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)$1.379 billion (2015 est.)
$1.294 billion (2014 est.)
$1.22 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$896 million (2015 est.)
GDP - real growth rate6.6% (2015 est.)
6.1% (2014 est.)
6.2% (2013 est.)
GDP - per capita (PPP)$24,600 (2015 est.)
$23,500 (2014 est.)
$22,600 (2013 est.)
note: data are in 2015 US dollars
Gross national saving16.9% of GDP (2015 est.)
21.4% of GDP (2014 est.)
21.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 73.6%
government consumption: 10.7%
investment in fixed capital: 29.3%
investment in inventories: 0%
exports of goods and services: 25.3%
imports of goods and services: -38.9% (2015 est.)
GDP - composition by sectoragriculture: 1.7%
industry: 24.1%
services: 74.2% (2015 est.)
Population below poverty lineNA%
Labor force18,170 (June 1995 est.)
Unemployment rate4.5% (1997)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $296.3 million
expenditures: $259.3 million (2015 est.)
Taxes and other revenues33.3% of GDP (2015 est.)
Budget surplus (+) or deficit (-)4.2% of GDP (2015 est.)
Public debt83% of GDP (2013 est.)
144% of GDP (2012 est.)
Inflation rate (consumer prices)-2.8% (2015 est.)
0.7% (2014 est.)
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate9.4% (31 December 2015 est.)
9.28% (31 December 2014 est.)
Stock of narrow money$220.1 million (31 December 2015 est.)
$215.6 million (31 December 2014 est.)
Stock of broad money$964.8 million (31 December 2015 est.)
$1.094 billion (31 December 2014 est.)
Stock of domestic credit$333.3 million (31 December 2015 est.)
$396.7 million (31 December 2014 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% (2015 est.)
Current Account Balance-$117 million (2015 est.)
-$65 million (2014 est.)
Exports$61.3 million (2015 est.)
$62.9 million (2014 est.)
Exports - commoditiesmachinery, food, electronics, beverages, tobacco
Exports - partnersUS 44.4%, Poland 14.6%, Bangladesh 10.1%, Azerbaijan 4.3% (2015)
Imports$240.3 million (2015 est.)
$241.8 million (2014 est.)
Imports - commoditiesmachinery, manufactures, food, fuels
Imports - partnersUS 37.7%, Trinidad and Tobago 22.7%, Barbados 4.4% (2015)
Debt - external$156.1 million (31 December 2014 est.)
$158.8 million (31 December 2013 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016