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World > North America > Saint Kitts and Nevis > Economy (Facts)

Saint Kitts and Nevis - Economy (Facts)
Economy - overview: Sugar was the traditional mainstay of the Saint Kitts economy until the 1970s. The government closed the sugar industry following the 2005 harvest after decades of losses at the state-run sugar company. To compensate, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy. 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; about 341,800 tourists visited Nevis in 2005. Additional tourist facilities, including a second cruise ship pier, hotels, and golf courses are under construction.
GDP - real growth rate: 4.9% (2005 est.)
GDP (purchasing power parity): $726 million (2006 est.)
GDP (official exchange rate): $453 million (2005)
GDP - per capita (PPP): $8,200 (2005 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): 8.7% (2005 est.)
Labor force: 18,170 (June 1995)
Unemployment rate: 4.5% (1997)
Budget: revenues: $89.7 million
expenditures: $128.2 million; including capital expenditures of $19.5 million (2003 est.)
Industries: tourism, cotton, salt, copra, clothing, footwear, beverages
Industrial production growth rate: NA
Electricity - production: 125 million kWh (2004)
Electricity - consumption: 116.3 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 800 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: sugarcane, rice, yams, vegetables, bananas; fish
Exports: $70 million (2004 est.)
Exports - commodities: machinery, food, electronics, beverages, tobacco
Exports - partners: US 64.7%, Canada 9.8%, Netherlands 6.9% (2006)
Imports: $405 million (2004 est.)
Imports - commodities: machinery, manufactures, food, fuels
Imports - partners: US 49.7%, Trinidad and Tobago 13.3%, UK 4.5% (2006)
Debt - external: $314 million (2004)
Economic aid - recipient: NA
Currency: East Caribbean Dollar (XCD)

Current East Caribbean Dollar Exchange Rates
Historical East Caribbean Dollar Exchange Rates
Chart East Caribbean Dollar Exchange Rates
Currency code: XCD
Exchange rates: East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - East Caribbean Dollar Exchange Rates
Notes and Commentary: Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
East Caribbean Dollar Exchange Rates


Notes and Commentary
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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