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EconomyEconomy - 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 and 2010. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. A mild recovery began in 2011. The current government is constrained by one of the world's highest public debt burdens -equivalent to roughly 200% of GDP in 2011 - largely attributable to public enterprise losses. Gdp (purchasing power parity) World Ranking: 205
$886.2 million (2011 est.)
$905.1 million (2010 est.) $930.2 million (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$715 million (2011 est.)
Gdp - real growth rate World Ranking: 210
-2% (2011 est.)
-2.7% (2010 est.) -5.6% (2009 est.) Gdp - per capita (ppp) World Ranking: 76
$15,800 (2011 est.)
$16,400 (2010 est.) $17,200 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 2.4%
Industry 22.8% Services 74.7% (2011 est.) Labor force World Ranking: 209
18,170 (June 1995)
Unemployment rate World Ranking: 46
4.5% (1997)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $185.2 million
Expenditures $222.2 million (2011 est.) Taxes and other revenues World Ranking: 120
25.9% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 164
-5.2% of GDP (2011 est.)
Public debt World Ranking: 3
200% of GDP (2011 est.)
185% of GDP (2009 est.) Inflation rate (consumer prices) World Ranking: 91
3.8% (2011 est.)
0.5% (2010 est.) Central bank discount rate World Ranking: 54
6.5% (31 December 2009)
6.5% (31 December 2008) Commercial bank prime lending rate World Ranking: 113
8.84% (31 December 2011 est.)
8.625% (31 December 2010 est.) Stock of narrow money World Ranking: 172
$317.5 million (31 December 2011 est.) $145 million (31 December 2010 est.) Stock of broad money World Ranking: 169
$964.1 million (31 December 2011 est.) $823.8 million (31 December 2009 est.) Stock of domestic credit World Ranking: 162
$860 million (31 December 2011 est.) $885.2 million (31 December 2010 est.) Market value of publicly traded shares World Ranking: 110
$598.4 million (31 December 2011) $623.9 million (31 December 2010) $648 million (31 December 2009) Agriculture - products
Sugarcane, rice, yams, vegetables, bananas; fish Industries
Tourism, cotton, salt, copra, clothing, footwear, beverages Industrial production growth rate
NA%
Electricity - production World Ranking: 187
130 million kWh (2008 est.)
Electricity - consumption World Ranking: 190
120.9 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 129
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 183
2,000 bbl/day (2010 est.)
Oil - exports World Ranking: 191
0 bbl/day (2009 est.)
Oil - imports World Ranking: 182
1,699 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 182
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 116
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 122
0 cu m (2009 est.)
Natural gas - exports World Ranking: 167
0 cu m (2009 est.)
Natural gas - imports World Ranking: 117
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 118
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 76
-$133.8 million (2011 est.)
-$114.6 million (2010 est.) Exports World Ranking: 196
$58.6 million (2011 est.)
$78.76 million (2010 est.) Exports - commodities
Machinery, food, electronics, beverages, tobacco Exports - partners
US 57.8%, Canada 9.8%, Russia 5.2%, Germany 4.2% (2011) Imports World Ranking: 196
$315.7 million (2011 est.)
$235.9 million (2010 est.) Imports - commodities
Machinery, manufactures, food, fuels Imports - partners
US 37.3%, Trinidad and Tobago 20.4%, Barbados 4.8% (2011) Debt - external World Ranking: 183
$199.1 million (31 December 2011 est.) $202.7 million (31 December 2010 est.) Exchange rates
East Caribbean dollars (XCD) per US dollar - 2.7 (2011 est.)2.7 (2010 est.) 2.7 (2009) Fiscal year
Calendar year
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Saint Kitts And Nevis (Basseterre):
 
GPS points from Saint Kitts And Nevis (Basseterre)
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Carib Indians occupied the islands for hundreds of years before the British began settlement in 1623. The islands became an associated state of the UK with full internal autonomy in 1967. The island of Anguilla rebelled and was allowed to secede in 1971. Saint Kitts and Nevis achieved independence in 1983. In 1998, a vote in Nevis on a referendum to separate from Saint Kitts fell short of the two-thirds majority needed. Nevis continues in its efforts to separate from Saint Kitts.