
Trends. Saint Kitts and Nevis is rebounding after a sharp decline. Decreasing world prices have hurt the sugar cane industry in recent years. The impact of the current downturn on tourism, the mainstay, had ripple effects. Saint Kitts and Nevis are also prone to external shocks.
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The economy is projected to grow by 4.8%, returning close to pre-pandemic output levels. Growth forecasts could be tempered by tighter global financial conditions and resulting slowdown in advanced economies, particularly the United States of America – SKN''s main tourism source market.
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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. There is an extensive parallel economy denominated in US$, which is the de facto currency for many business transactions.
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.
According to the CIA World Factbook the main industry is tourism. Tourists, mainly Americans, come to the island via cruise ships (via Port Zante in Basseterre), air travel (via Robert L Bradshaw International Airport), and the private airport and private dock (for private yachts).
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