Economy of St. Kitts and Nevis

source: CIA World Fact Book 1997

Economy - overview: The economy has traditionally depended on the growing and processing of sugarcane; decreasing world prices have hurt the industry in recent years. Tourism and export-oriented manufacturing have assumed larger roles. Most food is imported. The newly elected government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs.

GDP: purchasing power parity - $235 million (1996 est.)

GDP - real growth rate: 4% (1996 est.)

GDP - per capita: purchasing power parity - $5,700 (1996 est.)

• agriculture: 6%
• industry: 22%
• services: 72% (1996 est.)

Inflation rate - consumer price index: -0.9% (1995)

• total : 18,172 (June 1995)
• by occupation: services 69%, manufacturing 31%

Unemployment rate: 4.3% (May 1995)

• revenues: $100.2 million
• expenditures: $100.1 million, including capital expenditures of $41.4 million (1996 est.)

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

Electricity - capacity: 15,000 kW (1995)

Electricity - production: 42 million kWh (1995)

Electricity - consumption per capita: NA kWh

Agriculture - products: sugarcane, rice, yams, vegetables, bananas; fishing potential not fully exploited

• total value: $35.4 million (f.o.b., 1994 est.)
• commodities: machinery, food, electronics, beverages and tobacco
• partners: US 46.6%, UK 26.4%, Caricom nations 9.8% (1994)

• total value : $112.4 million (f.o.b., 1994 est.)
• commodities: machinery, manufactures, food, fuels
• partners: US 45%, Caricom nations 18.8%, UK 12.5%, Canada 4.2%, Japan 4.2%, (1994)

Debt - external: $45.3 million (1994 est.)

• recipient: ODA, $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: calendar year