Economy Of Saint Kitts and Nevis
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Economy overview
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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 11 September 2001 terrorist attacks has eroded government finances. The opening of a 1,000+ bed Marriott hotel in February 2003 was expected to bring in much-needed revenue.
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GDP
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purchasing power parity - $339 million (2002 est.)
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GDP - real growth rate
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-1.9% (2002 est.)
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GDP - per capita
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purchasing power parity - $8,800 (2002 est.)
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GDP - composition by sector
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agriculture: 3.5%
industry: 25.8%
services: 70.7% (2001)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1.7% (2001 est.)
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Labor force
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18,170 (June 1995)
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Labor force by occupation
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NA
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Unemployment rate
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4.5% (1997)
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Budget
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revenues: $89.7 million
expenditures: $128.2 million, including capital expenditures of $19.5 million (2003 est.)
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Public debt
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Agriculture products
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sugarcane, rice, yams, vegetables, bananas; fish
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Industries
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sugar processing, tourism, cotton, salt, copra, clothing, footwear, beverages
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Industrial production growth rate
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NA
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Electricity production
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100.3 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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93.26 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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710 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$70 million (2002 est.)
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Exports commodities
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machinery, food, electronics, beverages, tobacco
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Exports partners
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US 61.4%, UK 15.7%, Canada 8.6%, Germany 4.3% (2003)
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Imports
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$195 million (2002 est.)
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Imports commodities
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machinery, manufactures, food, fuels
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Imports partners
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US 35.7%, Italy 16.1%, Trinidad and Tobago 14.5%, UK 6.4%, Denmark 5.2%, Canada 4.4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$171 million (2001)
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Economic aid recipient
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$8 million (2001)
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Currency
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East Caribbean dollar (XCD)
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Currency code
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XCD
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Exchange rates
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East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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