IMF Staff Country Reports

St. Kitts and Nevis: Recent Economic Developments

Publication Date:

July 20, 1995

Summary:

This paper reviews economic developments in St. Kitts and Nevis during 1993–95. Economic performance was broadly satisfactory in 1993–94 with high real GDP growth, low inflation, and a favorable external position. Faced with increased external competition and reduced concessional aid flows, the government has pursued a development strategy aimed at diversifying the economy away from the sugar industry toward tourism-led activities. As a result, the tourism sector expanded rapidly, generating substantial employment opportunities and foreign exchange earnings, the economic structure being centered on service-oriented activities.

Series:

Country Report No. 1995/059

Subject:

Commercial banks Credit Economic sectors Exports External debt Financial institutions International trade Money Public sector

Notes:

This report on recent economic developments in St. Kitts and Nevis was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.