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Saint Kitts & Nevis Economy
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| Economy - overview: |
The economy has traditionally depended on the growing and processing of sugarcane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles. Most food is imported. The government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs. In 1997 some leaders in Nevis were urging separation from Saint Kitts on the basis that Nevis was paying far more in taxes than it was receiving in government services, but the vote on cessation failed in August 1998. In late September 1998, Hurricane Georges caused approximately $445 million in damages and limited GDP growth for the year.
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| GDP: |
purchasing power parity - $274 million (2000 est.)
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| GDP - real growth rate: |
5% (2000 est.)
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| GDP - per capita: |
purchasing power parity - $7,000 (2000 est.)
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| GDP - composition by sector: |
agriculture:
5.5%
industry:
22.5%
services:
72% (1996)
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| Population below poverty line: |
NA%
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| Household income or consumption by percentage share: |
lowest 10%:
NA%
highest 10%:
NA%
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| Inflation rate (consumer prices): |
2.5% (2000 est.)
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| Labor force: |
18,172 (June 1995)
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| Labor force - by occupation: |
NA
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| Unemployment rate: |
4.5% (1997)
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| Budget: |
revenues:
$64.1 million
expenditures:
$73.3 million, including capital expenditures of $10.4 million (1997 est.)
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| Industries: |
sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
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| Industrial production growth rate: |
NA%
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| Electricity - production: |
90 million kWh (1999)
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| Electricity - production by source: |
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)
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| Electricity - consumption: |
83.7 million kWh (1999)
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| Electricity - exports: |
0 kWh (1999)
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| Electricity - imports: |
0 kWh (1999)
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| Agriculture - products: |
sugarcane, rice, yams, vegetables, bananas; fish
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| Exports: |
$53.2 million (2000 est.)
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| Exports - commodities: |
machinery, food, electronics, beverages, tobacco
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| Exports - partners: |
US 68.5%, UK 22.3%, Caricom countries 5.5% (1995 est.)
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| Imports: |
$151.5 million (2000 est.)
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| Imports - commodities: |
machinery, manufactures, food, fuels
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| Imports - partners: |
US 42.4%, Caricom countries 17.2%, UK 11.3% (1995 est.)
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| Debt - external: |
$115.1 million (1998)
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| Economic aid - recipient: |
$5.5 million (1995)
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| Currency: |
East Caribbean dollar (XCD)
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| Exchange rates: |
East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)
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| Fiscal year: |
calendar year
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