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)$890 million (2012 est.) GDP (official exchange rate)$738 million (2012 est.) GDP - real growth rate0% (2012 est.) GDP - per capita (PPP)$15,500 (2012 est.) GDP - composition by sectoragriculture: 1.5% Population below poverty lineNA% Labor force18,170 (June 1995) Unemployment rate4.5% (1997) Household income or consumption by percentage sharelowest 10%: NA% Budgetrevenues: $185.2 million Taxes and other revenues25.1% of GDP (2012 est.) Budget surplus (+) or deficit (-)-5% of GDP (2012 est.) Public debt144% of GDP (2012 est.) Inflation rate (consumer prices)0.7% (2012 est.) Central bank discount rate6.5% (31 December 2009) Commercial bank prime lending rate9% (31 December 2012 est.) Stock of narrow money$317.5 million (31 December 2011 est.) Stock of money$107.2 million (31 December 2008) Stock of broad money$964.1 million (31 December 2011 est.) Stock of quasi money$680.6 million (31 December 2008) Stock of domestic credit$963 million (31 December 2012 est.) Market value of publicly traded shares$598.4 million (31 December 2011) 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$58.6 million (2012 est.) Exports - commoditiesmachinery, food, electronics, beverages, tobacco Exports - partnersUS 57.7%, Canada 9.8%, Russia 5.2%, Germany 4.2% (2011) Imports$315.7 million (2012 est.) Imports - commoditiesmachinery, manufactures, food, fuels Imports - partnersAlgeria 60.4%, US 14.3%, Trinidad and Tobago 7.8% (2011) Debt - external$189.1 million (31 December 2012 est.) Exchange ratesEast Caribbean dollars (XCD) per US dollar - Fiscal yearcalendar year |
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Source: CIA World Factbook | |