St. Kitts and Nevis: Recent Economic Developments
July 20, 1995
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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.
Subject: Commercial banks, Credit, Economic sectors, Exports, External debt, Financial institutions, International trade, Money, Public sector
Keywords: balance of payments, banking system, broad money, capital expenditure, Caribbean, Commercial banks, CR, Credit, current account, debt service, Exports, GDP, ISCR, minimum wage, net, net credit, private sector, public enterprise, Public sector, trade balance, U.S. dollar
Pages:
64
Volume:
1995
DOI:
Issue:
059
Series:
Country Report No. 1995/059
Stock No:
1KNAEA0011995
ISBN:
9781451821925
ISSN:
1934-7685
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.
