Saint Kitts and Nevis Economy - 2021

Economic 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.

Real GDP growth rate

2.1% (2017 est.)

2.9% (2016 est.)

2.7% (2015 est.)

Inflation rate (consumer prices)

0% (2017 est.)

-0.3% (2016 est.)

Real GDP (purchasing power parity)

$1.396 billion (2019 est.)

$1.358 billion (2018 est.)

$1.319 billion (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$964 million (2017 est.)

Real GDP per capita

$26,438 (2019 est.)

$25,902 (2018 est.)

$25,360 (2017 est.)

note: data are in 2017 dollars

Gross national saving

19.9% of GDP (2017 est.)

19.3% of GDP (2016 est.)

15.4% of GDP (2015 est.)

GDP - composition, by sector of origin

agriculture: 1.1% (2017 est.)

industry: 30% (2017 est.)

services: 68.9% (2017 est.)

GDP - composition, by end use

household consumption: 41.4% (2017 est.)

government consumption: 25.9% (2017 est.)

investment in fixed capital: 30.8% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 62.5% (2017 est.)

imports of goods and services: -60.4% (2017 est.)

Ease of Doing Business Index scores

Overall score: 54.6 (2020)

Starting a Business score: 85.9 (2020)

Trading score: 81 (2020)

Enforcement score: 65.5 (2020)

Agricultural products

coconuts, tropical fruit, roots/tubers nes, vegetables, sweet potatoes, pulses nes, watermelons, carrots/turnips, eggs, tomatoes

Industries

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

Industrial production growth rate

5% (2017 est.)

Labor force

18,170 (June 1995 est.)

Unemployment rate

4.5% (1997)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 307 million (2017 est.)

expenditures: 291.1 million (2017 est.)

Taxes and other revenues

31.9% (of GDP) (2017 est.)

Budget surplus (+) or deficit (-)

1.7% (of GDP) (2017 est.)

Public debt

62.9% of GDP (2017 est.)

61.5% of GDP (2016 est.)

Fiscal year

calendar year

Current account balance

-$97 million (2017 est.)

-$102 million (2016 est.)

Exports

$57.4 million (2017 est.)

$53.9 million (2016 est.)

Exports - partners

United States 69%, Germany 8%, Italy 5% (2019)

Exports - commodities

low-voltage protection equipment, broadcasting equipment, measuring instruments, electric motor parts, electrical transformers (2019)

Imports

$335.3 million (2017 est.)

$307.9 million (2016 est.)

Imports - partners

United States 59%, Peru 6%, Germany 5% (2019)

Imports - commodities

refined petroleum, jewelry, ships, cars, poultry meats, cement (2019)

Reserves of foreign exchange and gold

$365.1 million (31 December 2017 est.)

$320.5 million (31 December 2016 est.)

Debt - external

$201.8 million (31 December 2017 est.)

$187.9 million (31 December 2016 est.)

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.)