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Economy - overview:
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Sugar was the traditional mainstay of the Saint 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, 2001 terrorist attacks has eroded government finances. The opening of a 1,000+ bed Marriott hotel in February 2003 is expected to bring in much-needed revenue.
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GDP:
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purchasing power parity - $339 million (2002 est.)
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GDP - real growth rate:
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-1.9% (2002 est.)
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GDP - per capita:
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purchasing power parity - $8,800 (2002 est.)
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GDP - composition by sector:
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agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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1.7% (2001 est.)
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Labor force:
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18,172 (June 1995)
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Labor force - by occupation:
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NA
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Unemployment rate:
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4.5% (1997)
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Budget:
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revenues: $89.7 million
expenditures: $128.2 million, including capital expenditures of $19.5 million (2003 est.)
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Industries:
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sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
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Industrial production growth rate:
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NA%
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Electricity - production:
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100.3 million kWh (2001)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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93.26 million kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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710 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Agriculture - products:
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sugarcane, rice, yams, vegetables, bananas; fish
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Exports:
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$47 million (2001 est.)
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Exports - commodities:
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machinery, food, electronics, beverages, tobacco
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Exports - partners:
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US 66.5%, UK 7.6%, Canada 6.8%, Portugal 6% (2002)
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Imports:
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$152 million (2001 est.)
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Imports - commodities:
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machinery, manufactures, food, fuels
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Imports - partners:
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US 41.6%, Trinidad and Tobago 16.2%, Canada 9.8%, UK 6.9%, Japan 4% (2002)
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Debt - external:
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$171 million (2001)
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Economic aid - recipient:
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$8 million (2001)
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Currency:
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East Caribbean dollar (XCD)
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Currency code:
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XCD
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Exchange rates:
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East Caribbean dollars per US dollar - 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998)
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Fiscal year:
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calendar year
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