Economy Saint Kitts and Nevis
Economy - overview:
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.
GDP:
purchasing power parity - $339 million (2002 est.)
GDP - real growth rate:
-1.9% (2002 est.)
GDP - per capita:
purchasing power parity - $8,800 (2002 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)