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Saint Kitts and Nevis Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Saint Kitts and Nevis Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
The economy of Saint Kitts and Nevis depends on tourism; since the 1970s tourism has replaced sugar as the traditional mainstay of the economy. 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. Roughly 200,000 tourists visited the islands in 2009, but reduced tourism arrivals and foreign investment led to an economic contraction in 2009-2012, and the economy returned to growth only in 2013. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The government has made notable progress on 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.

GDP (purchasing power parity):
$952 million (2013 est.)
country comparison to the world: 205

$933.6 million (2012 est.)
$941.7 million (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$767 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2013 est.)
country comparison to the world: 147

-0.9% (2012 est.)
-1.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,300 (2013 est.)
country comparison to the world: 83

$16,300 (2012 est.)
$16,800 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
32.1% of GDP (2013 est.)
country comparison to the world: 20

34.5% of GDP (2012 est.)
32.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.1%
government consumption: 10.6%
investment in fixed capital: 28.4%
investment in inventories: 0%
exports of goods and services: 30.8%
imports of goods and services: -41.9%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 1.8%
industry: 23.1%
services: 75.1% (2013 est.)

Agriculture - products:
sugarcane, rice, yams, vegetables, bananas; fish

Industries:
tourism, cotton, salt, copra, clothing, footwear, beverages

Industrial production growth rate:
0.5% (2013 est.)
country comparison to the world: 160
[see also: Industrial production growth rate country ranks ]

Labor force:
18,170 (June 1995)
country comparison to the world: 210
[see also: Labor force country ranks ]

Unemployment rate:
4.5% (1997)
country comparison to the world: 41
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $222.2 million
expenditures: $185.2 million (2013 est.)

Taxes and other revenues:
29% of GDP (2013 est.)
country comparison to the world: 96
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
4.8% of GDP (2013 est.)
country comparison to the world: 10
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
83% of GDP (2013 est.)
country comparison to the world: 25

144% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.2% (2013 est.)
country comparison to the world: 81

1.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 56

6.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.9% (31 December 2013 est.)
country comparison to the world: 103

8.73% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$218.5 million (31 December 2013 est.)
country comparison to the world: 175

$200.4 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$867 million (31 December 2013 est.)
country comparison to the world: 172

$869.1 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$814.8 million (31 December 2013 est.)
country comparison to the world: 157

$809.6 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$598.4 million (31 December 2011)
country comparison to the world: 101

$598.4 million (31 December 2011)
$623.9 million (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$133.1 million (2013 est.)
country comparison to the world: 78

-$70.8 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$57.3 million (2013 est.)
country comparison to the world: 194

$68.6 million (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery, food, electronics, beverages, tobacco

Exports - partners:
US 56%, Canada 9.8%, Bangladesh 6.2% (2012)

Imports:
$355.4 million (2013 est.)
country comparison to the world: 194

$225.6 million (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, manufactures, food, fuels

Imports - partners:
US 31.7%, Trinidad and Tobago 19.9%, Italy 7%, Germany 6%, Barbados 4.7% (2012)

Debt - external:
$158.9 million (31 December 2013 est.)
country comparison to the world: 187

$189.3 million (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: 1) The information regarding Saint Kitts and Nevis on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Kitts and Nevis Economy 2015 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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