Saint Kitts and Nevis Economy
Is Saint Kitts and Nevis a wealthy country?
The economy of Saint Kitts and Nevis depends on tourism; since the 1970s, tourism has replaced sugar as the economy’s traditional mainstay. Roughly 200,000 tourists visited the islands in 2009, but reduced tourism arrivals and foreign investment led to an economic contraction in the 2009-2013 period, and the economy returned to growth only in 2014. Like other tourist destinations in the Caribbean, Saint Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand.
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. The government has made notable progress in reducing its public debt, from 154% of GDP in 2011 to 83% in 2013, although it still faces one of the highest levels in the world, largely attributable to public enterprise losses. Saint Kitts and Nevis is among other countries in the Caribbean that supplement their economic activity through economic citizenship programs, whereby foreigners can obtain citizenship from Saint Kitts and Nevis by investing there.
Saint Kitts and Nevis Economy Data
What is the GDP of Saint Kitts and Nevis?
| Currency Name and Code | East Caribbean Dollar (XCD) |
| GDP - Gross Domestic Product (PPP) | $1,240,000,000 (USD) |
| GDP - official exchange rate | $889,000,000 (USD) |
| GDP - real growth rate | 5% |
| GDP Per Capita | $22,800.00 (USD) |
| GDP by Sector- agriculture | 1.7% |
| GDP by Sector- Industry | 24.1% |
| GDP by Sector- services | 74.2% |
| GDP - composition, by end use |
household consumption: 73.6% government consumption: 10.7%& investment in fixed capital: 29.3% investment in inventories: 0% exports of goods and services: 25.3% imports of goods and services: -38.9% |
| Inflation Rate | 4.5% |
| Labor Force | 18,170 |
| Unemployment Rate | 4.5% |
| Fiscal Year | calendar year |
| Annual Budget | $212,400,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | 4.8% |
| Taxes and other revenues - percent of GDP | 29% |
| Major Industries | sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages |
| Agriculture Products | sugarcane, rice, yams, vegetables, bananas; fish |
| Exchange Rate per US Dollar | East Caribbean dollar (XCD) |
| Commercial Bank Prime Lending Rate | 8.9% |