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![]() ![]() Saint Kitts and Nevis Economy 1999
Economyoverview: The economy has traditionally depended on the growing and processing of sugarcane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles. Most food is imported. The 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. In 1997 some leaders in Nevis were urging separation from Saint Kitts on the basis that Nevis was paying far more in taxes than it was receiving in government services, but the vote on cessation failed in August 1998. In late September 1998, Hurricane Georges caused approximately $445 million in damages. GDP: purchasing power parity$235 million (1997 est.) GDPreal growth rate: 6.3% (1997 est.) GDPper capita: purchasing power parity$6,000 (1997 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 11.3% (1997) Labor force: 18,172 (June 1995) Labor forceby occupation: services 69%, manufacturing 31% Unemployment rate: 4% (1997 est.)
Budget:
Industries: sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages Industrial production growth rate: NA% Electricityproduction: 81 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 81 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: sugarcane, rice, yams, vegetables, bananas; fish Exports: $43.7 million (1997) Exportscommodities: machinery, food, electronics, beverages and tobacco Exportspartners: US 68.5%, UK 22.3%, Caricom nations 5.5% (1995 est.) Imports: $129.6 million (1997) Importscommodities: machinery, manufactures, food, fuels Importspartners: US 42.4%, Caricom nations 17.2%, UK 11.3% (1995 est.) Debtexternal: $56 million (1995 est.) Economic aidrecipient: $5.5 million (1995) Currency: 1 East Caribbean dollar (EC$) = 100 cents Exchange rates: East Caribbean dollars (EC$) per US$12.7000 (fixed rate since 1976) Fiscal year: calendar year
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