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| Cabinet Ministers at Wednesday's National Consultation on the Economy at the St. Kitts Marriott Resort. |
BASSETERRE, ST. KITTS, NOVEMBER 9TH 2005 St. Kitts and Nevis per capita income is over 70 percent higher than the average for the Eastern Caribbean Currency Union and ranked third worldwide in attracting Foreign Direct Investment.
This was disclosed Wednesday morning by St. Kitts and Nevis Prime Minister and Minister of Finance, Dr. the Hon. Denzil L. Douglas during an address to the annual National Consultation on the Economy.
Dr. Douglas told the 150 delegates drawn from the social and economic partners, the private and public sectors and regional and international financial institutions that the St. Kitts and Nevis economy has consistently outperformed many others in the region over a long period of time.
He said that although the twin-island Federation is the smallest nation of the Western Hemisphere, "we continue to rank among the most advanced countries of the world in respect of our social progress."
According to Dr. Douglas the Federation's recent showing in the United Nations Human Development Index is testimony to the overwhelming fact and the major economic indications suggest that the St. Kitts and Nevis economy has been among the strongest performers in the region for many years.
"For instance, our per capita income of US$8,889 or EC$24,000 is some 72% higher than the average for the Eastern Caribbean Currency Union as a whole, and although our population is only 8% of the population of the ECCU, our economy accounts for some 12.6% of the GDP of the ECCU," said Dr. Douglas, who added it is an indication that the St. Kitts and Nevis economy has consistently outperformed many of the economies of the region over a prolonged period.
Dr. Douglas said that during the period 1980 to 2003, St. Kitts and Nevis experienced growth averaging 4.7 percent per year, the highest in the OECS for that 23-year period.
He also said that the St. Kitts and Nevis economy has also performed exceedingly well in terms of Foreign Direct Investment which is an important measure of macroeconomic competitiveness.
Prime Minister Douglas disclosed that during the 1980's, Foreign Direct Investment in St. Kitts and Nevis amounted to 11.3 percent of GDP, 12.5 percent in the 1990's and 22.8 percent since 2000.
"Consequently in 2002, St. Kitts and Nevis was ranked 3rd (third), after Luxembourg and Chad in the United Nations Index of Foreign Direct Investment performance. The OECS, as a whole, was ranked 20th (twentieth) in this important Index," Dr. Douglas disclosed.
