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Saint Kitts and Nevis: Economy#

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 2009-2013, and the economy returned to growth only in 2014. Like other tourist destinations in the Caribbean, St. 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.

Economic Facts#

GDP (purchasing power parity)$1.427 billion (2016 est.)
$1.378 billion (2015 est.)
$1.313 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$955 million (2015 est.)
GDP - real growth rate3.5% (2016 est.)
5% (2015 est.)
6.1% (2014 est.)
GDP - per capita (PPP)$25,500 (2016 est.)
$24,600 (2015 est.)
$23,900 (2014 est.)
note: data are in 2016 dollars
Gross national saving12.8% of GDP (2016 est.)
12.8% of GDP (2015 est.)
13.2% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 58.7%
government consumption: 20.4%
investment in fixed capital: 29.8%
investment in inventories: 0%
exports of goods and services: 34%
imports of goods and services: -42.9% (2016 est.)
GDP - composition, by sector of originagriculture: 1.3%
industry: 27.2%
services: 71.5% (2016 est.)
Agriculture - productssugarcane, rice, yams, vegetables, bananas; fish
Industriestourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate6% (2016 est.)
Labor force18,170 (June 1995 est.)
Unemployment rate4.5% (1997)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $370.4 million
expenditures: $333.3 million (2016 est.)
Taxes and other revenues38.8% of GDP (2016 est.)
Budget surplus (+) or deficit (-)3.9% of GDP (2016 est.)
Public debt83% of GDP (2013 est.)
144% of GDP (2012 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)-1.1% (2016 est.)
-2.3% (2015 est.)
Central bank discount rate6.5% (31 December 2009)
6.5% (31 December 2008)
Commercial bank prime lending rate9.4% (31 December 2016 est.)
9.3% (31 December 2015 est.)
Stock of narrow money$250.4 million (31 December 2016 est.)
$231.2 million (31 December 2015 est.)
Stock of broad money$1.222 billion (31 December 2016 est.)
$1.121 billion (31 December 2015 est.)
Stock of domestic credit$777.8 million (31 December 2016 est.)
$740.7 million (31 December 2015 est.)
Market value of publicly traded shares$598.4 million (31 December 2011)
$598.4 million (31 December 2011 est.)
$623.9 million (31 December 2010)
Current account balance-$164 million (2016 est.)
-$112 million (2015 est.)
Exports$60.7 million (2016 est.)
$61.3 million (2015 est.)
Exports - commoditiesmachinery, food, electronics, beverages, tobacco
Exports - partnersUS 44.4%, Poland 14.6%, Bangladesh 10.1%, Azerbaijan 4.3% (2015)
Imports$244.5 million (2016 est.)
$240.3 million (2015 est.)
Imports - commoditiesmachinery, manufactures, food, fuels
Imports - partnersUS 37.7%, Trinidad and Tobago 22.7%, Barbados 4.4% (2015)
Debt - external$187.5 million (31 December 2016 est.)
$168.3 million (31 December 2015 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
2.7 (2012 est.)