St. Kitts and Nevis: Recent Economic Developments

International Monetary Fund

No 1995/059, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; GDP; net; public enterprise; U.S. dollar; capital expenditure; net credit; debt service; balance of payments; minimum wage; private sector; banking system; current account; broad money; trade balance; Public sector; Exports; Commercial banks; Credit; Caribbean (search for similar items in EconPapers)
Pages: 64
Date: 1995-07-20
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