St Kitts Offshore Banking, Private Financial Services, Investment, St Kitts

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Economy—overview: The economy has traditionally depended on the growing and processing of sugarcane; 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.

GDP: purchasing power parity—$235 million (1996 est.)

GDP—real growth rate: 5.8% (1996 est.)

GDP—per capita: purchasing power parity—$5 700 (1996 est.)

GDP—composition by sector:

agriculture: 6%

industry: 22%

services: 72% (1996 est.)

Inflation rate—consumer price index: 3.1% (1996)

Labor force:

total: 18 172 (June 1995)

by occupation: services 69% manufacturing 31%

Unemployment rate: 4.3% (May 1995)

Budget:

revenues: $100.2 million

expenditures: $100.1 million including capital expenditures of $41.4 million (1996 est.)

Industries: sugar processing tourism cotton salt copra clothing footwear beverages

Industrial production growth rate: NA%

Electricity—capacity: 16 000 kW (1995)

Electricity—production: 81 million kWh (1995)

Electricity—consumption per capita: 1 976 kWh (1995)

Agriculture—products: sugarcane rice yams vegetables bananas; fishing potential not fully exploited

Exports:

total value: $39.1 million (f.o.b. 1996 est.)

commodities: machinery food electronics beverages and tobacco

partners: US 46.6% UK 26.4% Caricom nations 9.8% (1994)

Imports:

total value: $131.5 million (f.o.b. 1996 est.)

commodities: machinery manufactures food fuels

partners: US 45% Caricom nations 18.8% UK 12.5% Canada 4.2% Japan 4.2% (1994)

Debt—external: $56 million (1995 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1—2.7000 (fixed rate since 1976)

Fiscal year: calendar year

FirstCaribbean International Bank
FirstCaribbean International Bank
The Circus Box 42 Bas STK
Telephone: 869-465-2449
Facsimile: 869-465-1041
Corporate Banking
Telephone: 869-465-2519
Website: www.firstcaribbeanbank.com
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Development Bank Of St Kitts & Nevis
Cnr Of Church & Central Sts Box 249 Bas STK
Telephone: 869-465-2288
Facsimile: 869-465-4016
Facsimile: 869-465-3453
Website: www.skndb.com
Email: info@skndb.com
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Bank Of Nevis Ltd The
Bank Of Nevis Ltd The
Main St Box 450 Cha NEV
Telephone: 869-469-5564
Facsimile: 869-469-1039
Telex
Telephone: 6862 NEVBANK KC
Website: www.thebankofnevis.com
Email: info@thebankofnevis.com
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RBTT Bank Caribbean Limited (St Kitts)
RBTT Bank Caribbean Limited (St Kitts)
Corner Central & Fort Streets Box 1073 Bas STK
Telephone: 869-466-9900
Facsimile: 869-466-9922
RBTT Bank (SKN) Limited
Chapel St Box 673 Cha NEV
Telephone: 469-RBTT(7288)
Website: www.rbtt.com
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Royal Bank Of Canada
Royal Bank Of Canada
Cnr Fort St & Bay Rd Box 91 Bas STK
Telephone: 869-465-2389
Main Branch Facsimile
Telephone: 869-465-1040
Website: www.rbcroyalbank.com/caribbean

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Bank Of Nova Scotia The
Fort St Box 433 Bas STK
Telephone: 869-465-4141
Facsimile: 869-465-8600
Main St Cha NEV
Telephone: 869-469-5411
Website: www.stkittsandnevis.scotiabank.com
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Eastern Caribbean Central Bank
Bird Rock Commercial STK
Telephone: 869-466-5403
Bird Rock STK
Telephone: 869-465-2537
Facsimile: 869-465-9562
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Eastern Caribbean Home Mortgage Bank
Bird Rock STK
Telephone: 869-466-7869
Or: 869-465-9129
Or: 869-465-9134
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ST KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED
Central St Box 343 Bas STK
Telephone: 869-465-2204
Facsimile: 869-466-7385
Or: 869-465-1050
Website: www.sknanb.com
Email: national_bank@sknanb.com
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