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Saint Kitts and Nevis Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Saint Kitts and Nevis Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The 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 the 2009-2013 period, and the economy returned to growth only in 2014. Like other tourist destinations in the Caribbean, Saint 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. Saint Kitts and Nevis is among other countries in the Caribbean that supplement their economic activity through economic citizenship programs, whereby foreigners can obtain citizenship from Saint Kitts and Nevis by investing there.

GDP (purchasing power parity):
$1.528 billion (2017 est.) $1.488 billion (2016 est.) $1.443 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 200

GDP (official exchange rate):
$939 million (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.7% (2017 est.) 3.1% (2016 est.) 4.9% (2015 est.)
country comparison to the world: 125
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$26,800 (2017 est.) $26,600 (2016 est.) $25,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 74

Gross national saving:
17.2% of GDP (2017 est.) 18.6% of GDP (2016 est.) 16.5% of GDP (2015 est.)
country comparison to the world: 108
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 30.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 33.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, rice, yams, vegetables, bananas; fish

Industries:
tourism, cotton, salt, copra, clothing, footwear, beverages

Industrial production growth rate:
6% (2017 est.)
country comparison to the world: 35
[see also: Industrial production growth rate country ranks ]

Labor force:
18,170 (June 1995 est.)
country comparison to the world: 213
[see also: Labor force country ranks ]

Unemployment rate:
4.5% (1997)
country comparison to the world: 64
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $370.4 million
[see also: Budget - revenues country ranks ]
expenditures: $370.4 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.4% of GDP (2017 est.)
country comparison to the world: 38
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% of GDP (2017 est.)
country comparison to the world: 36
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
65.8% of GDP (2016 est.) 70.6% of GDP (2015 est.)
country comparison to the world: 60
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.2% (2017 est.) -0.4% (2016 est.)
country comparison to the world: 53
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009) 6.5% (31 December 2008)
country comparison to the world: 63
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.1% (31 December 2017 est.) 9.24% (31 December 2016 est.)
country comparison to the world: 90
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$230.9 million (31 December 2017 est.) $210.1 million (31 December 2016 est.)
country comparison to the world: 181
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.122 billion (31 December 2017 est.) $1.077 billion (31 December 2016 est.)
country comparison to the world: 171
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$740.7 million (31 December 2017 est.) $704.8 million (31 December 2016 est.)
country comparison to the world: 170
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$598.4 million (31 December 2011 est.) $598.4 million (31 December 2011 est.)
country comparison to the world: 112
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$120 million (2017 est.) -$102 million (2016 est.)
country comparison to the world: 82
[see also: Current account balance country ranks ]

Exports:
$58.4 million (2017 est.) $53.9 million (2016 est.)
country comparison to the world: 201
[see also: Exports country ranks ]

Exports - commodities:
machinery, food, electronics, beverages, tobacco

Exports - partners:
US 49.6%, Poland 15.2%, Turkey 11.6% (2016)

Imports:
$264.4 million (2017 est.) $244.4 million (2016 est.)
country comparison to the world: 199
[see also: Imports country ranks ]

Imports - commodities:
machinery, manufactures, food, fuels

Imports - partners:
US 56.8%, Trinidad and Tobago 6.8%, Cyprus 6.2%, Japan 4% (2016)

Debt - external:
$198 million (31 December 2017 est.) $187.9 million (31 December 2016 est.)
country comparison to the world: 189
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2017 est.) 2.7 (2016 est.) 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.)


NOTE: 1) The information regarding Saint Kitts and Nevis on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Kitts and Nevis Economy 2018 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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