CountryFacts.com > Saint Kitts and Nevis > Economy
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Saint Kitts and Nevis Economy
Economy - overview:
Sugar was the traditional mainstay of the Saint Kitts economy until the 1970s. Although the crop still dominates the agricultural sector, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. As tourism revenues are now the chief source of the islands' foreign exchange, a decline in stopover tourist arrivals following the 11 September 2001 terrorist attacks has eroded government finances. The opening of a 1,000+ bed Marriott hotel in February 2003 was expected to bring in much-needed revenue.
GDP:
purchasing power parity - $339 million (2002 est.)
GDP - real growth rate:
-1.9% (2002 est.)
GDP - per capita:
purchasing power parity - $8,800 (2002 est.)
GDP - composition by sector:
agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.7% (2001 est.)
Labor force:
18,170 (June 1995)
Labor force - by occupation:
NA
Unemployment rate:
4.5% (1997)
Budget:
revenues: $89.7 million
expenditures: $128.2 million, including capital expenditures of $19.5 million (2003 est.)
Industries:
sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate:
NA
Electricity - production:
100.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
93.26 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
710 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
sugarcane, rice, yams, vegetables, bananas; fish
Exports:
$70 million (2002 est.)
Exports - commodities:
machinery, food, electronics, beverages, tobacco
Exports - partners:
US 58.1%, UK 14.9%, Canada 8.1%, Germany 4.1% (2003 est.)
Imports:
$195 million (2002 est.)
Imports - commodities:
machinery, manufactures, food, fuels
Imports - partners:
US 35.9%, Italy 16.1%, Trinidad and Tobago 14.5%, UK 6.5%, Denmark 5.6%, Canada 4.4% (2003 est.)
Debt - external:
$171 million (2001)
Economic aid - recipient:
$8 million (2001)
Currency:
East Caribbean dollar (XCD)
Currency code:
XCD
Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
Fiscal year:
calendar year
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