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Saint Kitts and Nevis Economy 2010
http://www.workmall.com/wfb2010/saint_kitts_and_nevis/saint_kitts_and_nevis_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 29, 2010

Economy - overview:
The economy of Saint Kitts and Nevis is heavily dependent upon tourism revenues, which has replaced sugar, the traditional mainstay of the economy until the 1970s. Following the 2005 harvest, the government closed the sugar industry after decades of losses of 3-4% of GDP annually. To compensate for employment losses, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy, such as tourism, export-oriented manufacturing, and offshore banking. Economic growth was above average for Latin America from 2004 to 2006, but has since slowed. Tourism is projected to give the economy a boost in 2010, as large cruise ships add St. Kitts and Nevis to their itineraries. More than 106,000 tourists visited the islands in 2008. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The current government is constrained by a high public debt burden equivalent to roughly 185% of GDP, largely attributable to public enterprise losses.

GDP (purchasing power parity):
$753.2 million (2009 est.)

$768.6 million (2008 est.)
$750.9 million (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$547 million (2009 est.)

GDP - real growth rate:
-2% (2009 est.)

2.4% (2008 est.)
0.9% (2007 est.)

GDP - per capita (PPP):
$18,800 (2009 est.)

$19,300 (2008 est.)
$19,000 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)

Labor force:
18,170 (June 1995)

Unemployment rate:
4.5% (1997 est.)

Population below poverty line:
NA%

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

Budget:
revenues: $89.7 million
expenditures: $128.2 million (2003 est.)

Public debt:
185% of GDP (2009 est.)

Inflation rate (consumer prices):
4.5% (2007 est.)

Central bank discount rate:
6.5% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
8.69% (31 December 2008)

8.89% (31 December 2007)

Stock of money:
$107.2 million (31 December 2008)

$97.31 million (31 December 2007)

Stock of quasi money:
$680.6 million (31 December 2008)

$688.6 million (31 December 2007)

Stock of domestic credit:
$790.8 million (31 December 2008)

$782.4 million (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$439.7 million (31 December 2007)
$304.5 million (31 December 2006)

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

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

Industrial production growth rate:
NA%

Electricity - production:
130 million kWh (2007 est.)

Electricity - consumption:
120.9 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
1,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
1,225 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-163 million (2007 est.)

Exports:
$84 million (2006 est.)

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

Exports - partners:
US 65.7%, Azerbaijan 7.5%, Canada 6% (2008)

Imports:
$383 million (2006 est.)

Imports - commodities:
machinery, manufactures, food, fuels

Imports - partners:
US 46.8%, Trinidad and Tobago 14.8%, UK 4.1% (2008)

Debt - external:
$314 million (2004 est.)

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)


NOTE: The information regarding Saint Kitts and Nevis on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Kitts and Nevis Economy 2010 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 2010 should be addressed to the CIA.



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