Monday, December 23, 2013

Rank and Economy

The rank of St.Kitts and Nevis from the poorest is 137 and from the richest is 65 using atlas method in 2003. In other measurements IMF,WB,and CIA using nominal methods in 2007, 2007, and 2008
IMF...........................................................WB.............................................................CIA
rank/measure..........................................rank/measure.............................................rank/measure
na.................................................................na............................................................na
Economy of Saint Kitts and Nevis
Flag of Saint Kitts and Nevis.svg
CurrencyEast Caribbean dollar (XCD) (2.7 per US$ fixed rate since 1976)
Fiscal year1 April – 31 March
Trade organisationsCaricom
Statistics
GDPPPP: $895 million
Rank: 176th (2009)
GDP growth6% (2007 est.)
GDP per capitaPPP: $15,573
GDP by sectoragriculture (3.5%), industry (25.8%),services (70.7%) (2001 est.)
Inflation (CPI)8.7% (2005 est.)
Population
below poverty line
all but 5%
Labour force18,172 (1995 est.)
Unemployment4.5% (1997)
Main industriestourismcottonsaltcopra, clothing, footwear, beverages, lightmanufacturing, component assembly for export
Ease of doing business rank95th[1]
External
Exports$42 million (1998)
Export goodsMachinery,foodstuff, electronics,beveragestobacco.
Main export partners United States 55.3%
 Canada 9.6%
 Bangladesh 6.2% (2012 est.)[2]
Imports$383 million (2006)
Import goodsMachinery, manufactures items, foodstuff, fuels.
Main import partners Algeria 59.9%
 United States 12.0%
 Trinidad and Tobago 8.3% (2012 est.)[3]
Gross external debt$314 million (2004)
Public finances
RevenuesN/A
ExpensesN/A
Economic aid$3.52 million (recipient; 2005)
Credit ratingN/A
Foreign reservesN/A
The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; 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.
The economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but hurricanes in 1998 and 1999 contributed to a sharp slowdownReal economic growth was 0.75% in 2002 after a decline of 4.3% in 2001. The economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline. The construction sector recorded a 4.51% decline, manufacturing and hotels and restaurants also recorded significant declines of 4.01 and 9.89% respectively, and sugar production fell by 5.1%. Significant new investment in tourism, including a 648-room Marriott hotel and convention center that opened in December 2002, as well as continued government efforts to diversify the economy, are expected to improve economic performance. Consumer prices have risen marginally over the past few years. The inflation rate was 3%-4% for most of the 1990s.
St. Kitts and Nevis is a member of the Eastern Caribbean Currency Union (ECCU) The Eastern Caribbean Central Bank(ECCB) issues a common currency (the East Caribbean dollar) for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
St. Kitts is a member of the Eastern Caribbean Telecommunications (ECTEL) authority, which is developing the regulations to liberalize the telecommunications sector in the region by 2004.
.