Economy - overview:
Sugar was the traditional mainstay of the Saint Kitts economy until
the 1970s. The government closed the sugar industry following the
2005 harvest after decades of losses at the state-run sugar company.
To compensate, the government has embarked on a program to diversify
the agricultural sector and to stimulate other sectors of the
economy. Activities such as tourism, export-oriented manufacturing,
and offshore banking have assumed larger roles in the economy.
Tourism revenues are now the chief source of the islands' foreign
exchange; about 341,800 tourists visited Nevis in 2005. Additional
tourist facilities, including a second cruise ship pier, hotels, and
golf courses are under construction.
GDP (purchasing power parity):
$339 million (2002 est.)
GDP (official exchange rate):
$453 million (2005)
GDP - real growth rate:
4.9% (2005 est.)
GDP - per capita (PPP):
$8,200 (2005 est.)
GDP - composition by sector: agriculture: 3.5% industry: 25.8% services: 70.7% (2001)
Labor force:
18,170 (June 1995)
Unemployment rate:
4.5% (1997)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%