Economy

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.

GDP: purchasing power parity—$235 million (1996 est.)

GDP—real growth rate: 5.8% (1996 est.)

GDP—per capita: purchasing power parity—$5 700 (1996 est.)

GDP—composition by sector:

agriculture: 6%

industry: 22%

services: 72% (1996 est.)

Inflation rate—consumer price index: 3.1% (1996)

Labor force:

total: 18 172 (June 1995)

by occupation: services 69% manufacturing 31%

Unemployment rate: 4.3% (May 1995)

Budget:

revenues: $100.2 million

expenditures: $100.1 million including capital expenditures of $41.4 million (1996 est.)

Industries: sugar processing tourism cotton salt copra clothing footwear beverages

Industrial production growth rate: NA%

Electricity—capacity: 16 000 kW (1995)

Electricity—production: 81 million kWh (1995)

Electricity—consumption per capita: 1 976 kWh (1995)

Agriculture—products: sugarcane rice yams vegetables bananas; fishing potential not fully exploited

Exports:

total value: $39.1 million (f.o.b. 1996 est.)

commodities: machinery food electronics beverages and tobacco

partners: US 46.6% UK 26.4% Caricom nations 9.8% (1994)

Imports:

total value: $131.5 million (f.o.b. 1996 est.)

commodities: machinery manufactures food fuels

partners: US 45% Caricom nations 18.8% UK 12.5% Canada 4.2% Japan 4.2% (1994)

Debt—external: $56 million (1995 est.)

Economic aid:

recipient: ODA $NA

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

Exchange rates: East Caribbean dollars (EC$) per US$1—2.7000 (fixed rate since 1976)

Fiscal year: calendar year