Saint Kitts and Nevis Economy:
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. Tourism revenues are now the chief source of the islands' foreign exchange. The opening of a 470-room resort 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)
Labor force:
18,170 (June 1995 est.)
Labor force — by occupation:
NA
Unemployment rate:
4.5% (1997 est.)
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.)
Budget:
revenues: $89.7 million (2003 est.)
expenditures: $128.2 million including capital expenditures of $19.5 million (2003 est.)
Agriculture products:
Sugarcane, rice, yams, vegetables, bananas; fish
Industries:
sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate:
NA
Electricity — production:
105.8 million kWh (2002 est.)
Electricity — consumption:
98.44 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
710 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$70 million (2002 est.)
Exports — commodities:
machinery, food, electronics, beverages, tobacco
Exports — partners:
US 57.5%, UK 6.7%, Canada 9%, Portugal 8.3% (2004)
Imports:
$195 million (2002 est.)
Imports — commodities:
machinery, manufactures, food, fuels
Imports — partners:
US 22.1%, Ukraine 44.7%, UK 6.2%, Trinidad and Tobago 8.8% (2004)
Debt — external:
$171 million (2001 est.)
Economic aid — recipient:
$8 million (2001 est.)
Currency:
East Caribbean dollar (XCD)
Exchange rates:
East Caribbean dollars per US$: 2.7 (2004 est.), 2.7 (2003 est.), 2.7 (2002 est.), 2.7 (2001 est.), 2.7 (2000 est.)
Fiscal year:
calendar year
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