Economy - overview:
Sugar was the traditional mainstay of the Saint Kitts economy until the 1970s. Although the crop still dominates the agricultural sector, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. As tourism revenues are now the chief source of the islands' foreign exchange, a decline in stopover tourist arrivals following the September 11, 2001 terrorist attacks has eroded government finances. The opening of a 1,000+ bed Marriott hotel in February 2003 is expected to bring in much-needed revenue.
GDP:
purchasing power parity - $339 million (2002 est.)
GDP - real growth rate:
-1.9% (2002 est.)
GDP - per capita:
purchasing power parity - $8,800 (2002 est.)
GDP - composition by sector:
agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.7% (2001 est.)
Labor force:
18,172 (June 1995)
Labor force - by occupation:
NA
Unemployment rate:
4.5% (1997)
Budget:
revenues: $89.7 million
expenditures: $128.2 million, including capital expenditures of $19.5 million (2003 est.)
Industries:
sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate:
NA%
Electricity - production:
100.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
93.28 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
710 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
sugarcane, rice, yams, vegetables, bananas; fish
Exports:
$47 million (2001 est.)
Exports - commodities:
machinery, food, electronics, beverages, tobacco
Exports - partners:
US 68.5%, UK 22.3%, Caricom countries 5.5% (1995 est.)
Imports:
$152 million (2001 est.)
Imports - commodities:
machinery, manufactures, food, fuels
Imports - partners:
US 42.4%, Caricom countries 17.2%, UK 11.3% (1995 est.)
Debt - external:
$171 million (2001)
Economic aid - recipient:
$8 million (2001)
Currency:
East Caribbean dollar (XCD)
Currency code:
XCD
Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Saint Kitts and Nevis on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 2003 should be addressed to the CIA.
