Basseterre, St.Kitts (March 14th, 2018):- The St.Kitts-Nevis economy is expected to receive a huge jolt for 2018 according to early predictions. An outperformance in the construction sector is predicted to boost the St.Kitts-Nevis Economy over the upcoming year. The early preliminary economists predictions suggests a 4.5% increase in economic growth for the federation . This significant growth will be precipitated by the coming on stream of a number of recently announced plethora of major capital projects that are expected to begin over the next few months. The construction of the 2nd Cruise Pier , Tabernacle Healthcare Complex, the Island Main Road Upgrade , particularly at the Old Road Bay and the much anticipated start of the new state of the art and modern Basseterre High School added to the construction of 300 homes under the NHC Unity Homes Solution programme are all expected to provide a tremendous boost to the St.Kitts-Nevis economy. Additionally the recently announced Six Senses Hotel Development project is set to break ground in September . Other projects set to be pursued includes the new East Basseterre Bus Terminal and further upgrades to the Westside Bus Terminal on the Bay Road.
In a February 2018 Press Conference PM Harris in hilighting the continued string economic performance of the country under his 3 year old administration , compared the current economic situation of the country ovr the last 3 years since taking office to a similar period of the final few years of the previous administration.
“This excellent record to date compares well in contrast to similar period of the last term of the bygone administration, which according to the IMF [International Monetary Fund] recorded negative growth rates in 2010, 2011, 2012 in the range of -3.8, -1.9, and -0.9 percent respectively,” said the prime minister. “For that we can see the IMF press release No.14/138 dated March 27, 2014). For the year 2017,we are recording an economic growth of about 2.6 percent which means that our GDP has now reach $1.86 billion as at the end of December 2017.”
In the February Press Conference Prime Minister Harris further made mention of a number of sectors that showed significant growth.
“Notwithstanding the economic disruption and set back occasioned by two (2) category five (5) Hurricanes, the growth was impacted positively by a nine (9) percent expansion in construction services. Agriculture, we are proud to report, although still too small a percentage of the economy, it clocked in 14.3 percent growth and it was due in large measure to the better weather conditions boosting crop yields up to September 2017,” he said. “Growth in the hotel sector and financial services was marginal but positive at one (1) percent and 1.3 percent respectively. The wholesale and retail trade grew by 3.4 percent and public administration by 3.1 percent. Manufacturing declined by 6.5 percent as a consequence of adverse changes in the international market for our products. Of note however, that among the OECS States, St Kitts and Nevis has the highest per capita exports—the record as of 2016, the highest per capita exports in the region and the third highest exports per capita in CARICOM, outdone only by the Bahamas and oil rich Trinidad and Tobago,” stated PM Harris