Economy - overview Sugar was the traditional mainstay of the St. Kitts economy until the 1970s. Although the crop still dominates the agricultural sector, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. As tourism revenues are now the chief source of the islands' foreign exchange, a decline in stopover tourist arrivals following the September 11 terrorist attacks has eroded government finances. The government revised estimates of 2001 growth down to 1% and faces dim recovery prospects in 2002, given the depressed state of the tourism industry, low sugar prices, and a growing budget deficit.

GDP purchasing power parity - $339 million (2001 est.)

GDP - real growth rate 1% (2001 est.)

GDP - per capita purchasing power parity - $8,700 (2001 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) 1.7% (2001 est.)

Labor force 18,172 (June 1995)

Labor force - by occupation NA

Unemployment rate 4.5% (1997)

Budget
revenues: $85.7 million
expenditures: $95.6 million, including capital expenditures of $NA (2001 est.)

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

Industrial production growth rate NA%

Electricity - production 95 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 88.35 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $51.7 million (2000 est.)

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

Exports - partners US 68.5%, UK 22.3%, Caricom countries 5.5% (1995 est.)

Imports $141.3 million (2000 est.)

Imports - commodities machinery, manufactures, food, fuels

Imports - partners US 42.4%, Caricom countries 17.2%, UK 11.3% (1995 est.)

Debt - external $140 million (2000)

Economic aid - recipient $5.5 million (1995)

Currency East Caribbean dollar (XCD)

Currency code XCD

Exchange rates East Caribbean dollars per US dollar - 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Kitts and Nevis Economy 2002 information contained here. All suggestions for corrections of any errors about Saint Kitts and Nevis Economy 2002 should be addressed to the CIA.