Economy - overview 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.

GDP purchasing power parity - $235 million (1996 est.)

GDP - real growth rate 5.8% (1996 est.)

GDP - per capita purchasing power parity - $5,700 (1996 est.)

GDP - composition by sector
agriculture: 6%
industry: 22%
services: 72% (1996 est.)

Inflation rate - consumer price index 3.1% (1996)

Labor force
total: 18,172 (June 1995)
by occupation: services 69%, manufacturing 31%

Unemployment rate 4.3% (May 1995)

Budget
revenues: $100.2 million
expenditures: $100.1 million, including capital expenditures of $41.4 million (1996 est.)

Industries sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages

Industrial production growth rate NA%

Electricity - capacity 16,000 kW (1995)

Electricity - production 81 million kWh (1995)

Electricity - consumption per capita 1,976 kWh (1995)

Agriculture - products sugarcane, rice, yams, vegetables, bananas; fishing potential not fully exploited

Exports
total value: $39.1 million (f.o.b., 1996 est.)
commodities: machinery, food, electronics, beverages and tobacco
partners: US 46.6%, UK 26.4%, Caricom nations 9.8% (1994)

Imports
total value: $131.5 million (f.o.b., 1996 est.)
commodities: machinery, manufactures, food, fuels
partners: US 45%, Caricom nations 18.8%, UK 12.5%, Canada 4.2%, Japan 4.2%, (1994)

Debt - external $56 million (1995 est.)

Economic aid
recipient: ODA, $NA

Currency 1 EC dollar (EC$) = 100 cents

Exchange rates East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year calendar year

NOTE: The information regarding Saint Kitts and Nevis on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Kitts and Nevis Economy 1998 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 1998 should be addressed to the CIA.