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Saint Kitts and Nevis

Saint Kitts and Nevis Economy Stats

Overview:

The economy of Saint Kitts and Nevis is heavily dependent upon tourism revenues, which has replaced sugar, the traditional mainstay of the economy until the 1970s. Following the 2005 harvest, the government closed the sugar industry after decades of losses of 3-4% of GDP annually. To compensate for employment losses, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy, such as tourism, export-oriented manufacturing, and offshore banking. More than 200,000 tourists visited the islands in 2009. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The current government is constrained by one of the world's highest public debt burdens equivalent to roughly 185% of GDP, largely attributable to public enterprise losses.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Human Development Index: The human development index values in this table were calculated using a consistent methodology and consistent data series. They are not strictly comparable with those in earlier Human Development Reports.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $223.30 million 2013 197th out of 223
Budget surplus > + or deficit > - 3.6% of GDP 2012 13th out of 182
Debt > Government debt > Public debt, share of GDP 144 CIA 2014 4th out of 153
Exports $68.60 million 2012 176th out of 189
Exports per capita $1,280.23 2012 95th out of 189
Fiscal year calendar year 2013
GDP $748.49 million 2012 166th out of 177
GDP > Composition by sector > Industry 16.4% 2012 179th out of 217
GDP > Per capita $13,836.54 per capita 2010 28th out of 118
GDP > Per capita > PPP $16,100.00 2012 59th out of 188
GDP per capita $13,968.58 2012 46th out of 177
Gross National Income $298.79 million 2001 148th out of 158
Human Development Index 0.834 2006 49th out of 177
Public debt 144% of GDP 2012 4th out of 149
Unemployment rate 4.5% 1997 3rd out of 4

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; Human Development Report 2006, United Nations Development Programme

Citation

"Saint Kitts and Nevis Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Saint-Kitts-and-Nevis/Economy

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Saint Kitts and Nevis Economy Profiles (Subcategories)

Adjusted savings 3 Inflation 9
Aid 4 Interest payments 3
Balance of payments 34 International tourism 3
Bank and trade-related lending 4 Long-term debt 4
Budget 15 Merchandise 4
Changes in net 4 Merchandise imports 4
Commercial service 4 National accounts 99
Commercial service imports 4 Natural gas 8
Companies 28 Net capital account 4
Currency 10 Net current transfers 4
Current account balance 5 Net current transfers from abroad 6
Current transfers 4 Net errors and omissions 4
Debt 45 Net financial flows 16
Economic aid 3 Net income 4
Electricity 8 Net income from abroad 6
Exports 3 Net trade in goods 4
External balance on goods and services 7 Net trade in goods and services 4
External debt 215 Official development assistance and official aid 4
Final 20 Oil 10
Financial sector 32 Portfolio investment 8
Foreign aid 43 Public and publicly guaranteed debt service 6
Foreign direct investment 10 Public and publicly guaranteed (PPG) debt 3
GDP 41 Purchasing power parity 11
GDP per capita 4 Reserves 6
GNI 12 Retail 3
Goods 4 Royalty and license fees 8
Goods imports 4 Savings 37
Government 6 Service 4
Government debt 8 Service imports 4
Government spending 5 Services 10
Gross capital formation 10 Spending 56
Gross domestic savings 6 Tax 66
Gross fixed capital formation 10 Total 9
Gross national expenditure 9 Total debt service 6
Gross savings 6 Tourism 16
Gross value added at factor cost 9 Tourism expenditures 5
High-technology 4 Tourism receipts 5
Household final 23 Tourist arrivals by region of origin 4
IBRD loans and IDA credits 4 Trade 505
Income 24 Use of IMF credit 4
Income payments 4 Welfare 5
Income receipts 4
  • Saint Kitts and Nevis ranked second for GDP > composition by sector > services amongst Heavily indebted countries in 2012.
  • Saint Kitts and Nevis ranked first for tax > tax payments > number per million globally in 2012.
  • Saint Kitts and Nevis ranked first for inflation > consumer price index > 2005 = 100 per million amongst Former British colonies in 2012.
  • Saint Kitts and Nevis ranked third last for GDP amongst Latin America and Caribbean in 2012.