Saint Kitts and Nevis Economy - 2024

Economic overview

high-income, tourism-based Caribbean OECS economy; better debt balancing; CARICOM and ECCU member; growing offshore financial and telecommunications hub; environmentally fragile; unique citizenship-driven growth model

Real GDP (purchasing power parity)

$1.261 billion (2021 est.)
$1.272 billion (2020 est.)
$1.488 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-0.88% (2021 est.)
-14.53% (2020 est.)
4.05% (2019 est.)

Real GDP per capita

$26,500 (2021 est.)
$26,700 (2020 est.)
$31,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$964 million (2017 est.)

Inflation rate (consumer prices)

1.2% (2021 est.)
-1.17% (2020 est.)
-0.33% (2019 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.)

Agricultural products

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

Industries

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

Industrial production growth rate

1.55% (2021 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

Remittances

4.32% of GDP (2021 est.)
3.57% of GDP (2020 est.)
3.82% of GDP (2019 est.)

Budget

revenues: $286 million (2020 est.)

expenditures: $324 million (2020 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.)

Taxes and other revenues

15.03% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$61.009 million (2021 est.)
-$78.456 million (2020 est.)
-$25.045 million (2019 est.)

Exports

$408.471 million (2021 est.) note: data are in current year dollars
$383.152 million (2020 est.)
$598.343 million (2019 est.)

Exports - partners

United States 56%, Italy 19%, Canada 4%, Germany 3%, Saint Vincent and the Grenadines 3% (2021)

Exports - commodities

broadcasting equipment, recreational boats, electrical plugs and sockets, measuring instruments, electrical transformers (2021)

Imports

$441.192 million (2021 est.) note: data are in current year dollars
$432.584 million (2020 est.)
$602.385 million (2019 est.)

Imports - partners

United States 50%, Trinidad and Tobago 10%, China 5%, Jamaica 4%, Germany 4% (2021)

Imports - commodities

refined petroleum, ships, cars, poultry, valves, jewelry (2021)

Reserves of foreign exchange and gold

$337.533 million (31 December 2021 est.)
$373.502 million (31 December 2020 est.)
$362.798 million (31 December 2019 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 -

Exchange rates:
2.7 (2021 est.)
2.7 (2020 est.)
2.7 (2019 est.)
2.7 (2018 est.)
2.7 (2017 est.)