St. Kitts & Nevis--Economy
CIA FactbookThe World Factbook 1993: Saint Kitts and Nevis Economy

Overview: The economy has historically depended on the growing and processing of sugarcane and on remittances from overseas workers. In recent years, tourism and export-oriented manufacturing have assumed larger roles.

National product: GDP - exchange rate conversion - $142 million (1991)

National product real growth rate: 6.8% (1991)

National product per capita: $3,500 (1991)

Inflation rate (consumer prices): 4.2% (1991)

Unemployment rate: 12.2% (1990)

Budget: revenues $85.7 million; expenditures $85.8 million, including capital expenditures of $42.4 million (1993)

Exports: $24.6 million (f.o.b., 1990) commodities: sugar, clothing, electronics, postage stamps partners: US 53%, UK 22%, Trinidad and Tobago 5%, OECS 5% (1988) Imports: $103.2 million (f.o.b., 1990) commodities: foodstuffs, intermediate manufactures, machinery, fuels partners: US 36%, UK 17%, Trinidad and Tobago 6%, Canada 3%, Japan 3%, OECS 4% (1988)

External debt: $37.2 million (1990)

Industrial production: growth rate 11.8% (1988 est.); accounts for 11% of GDP

Electricity: 15,800 kW capacity; 45 million kWh produced, 1,120 kWh per capita (1992)

Industries: sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages

Agriculture: accounts for 7% of GDP; cash crop - sugarcane; subsistence crops - rice, yams, vegetables, bananas; fishing potential not fully exploited; most food imported

Illicit drugs: transshipment point for South American drugs destined for the US

Economic aid: US commitments, including Ex-Im (FY85-88), $10.7 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $67 million

Currency: 1 EC dollar (EC$)=100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (fixed rate since 1976)

Fiscal year: calendar year