Construction, agricultural and manufacturing sectors boost St. Kitts
& Nevis economy for first nine months of 2007, says ECCB
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| Cruise ship passengers board a tour bus at Port Zante in St. Kitts. (Photos by Erasmus Williams) |
BASSETERRE, ST. KITTS, MARCH 4TH 2008 (CUOPM) – The economy of St. Kitts and Nevis continued to expand in the first nine months of 2007 and a preliminary data indicate that economic activity was above the level in the first nine months of 2006, driven largely by increased activity in the construction, agricultural and manufacturing sectors.
According to the Eastern Caribbean Central Bank (ECCB), output was projected to expand in the last quarter of 2007 compared with the performance in the corresponding period of 2006.
“This projection is based on likely developments in the construction, agricultural and manufacturing sectors, and an expected upturn in tourism activity,” said the Bank, which pointed out that the increased activity in the construction sector in the first three quarters of 2007 was driven by developments in both the public and private sectors.
“In the public sector, work focused on completing the Old Road Fisheries Complex and the Warner Park Stadium in the early part of the year, and on constructing an Athletic Stadium in Bird Rock, the West Basseterre By-pass Road and the Nevis Island Main Road.
Activity in the private sector concentrated on commercial property development particularly at Port Zante, the Beaumont Park
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Pineapple farm in Newton Ground
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Racetrack, residential construction as well as hotel, villa and condominium developments,” the ECCB said.
The bank said that output in the agricultural sector rose, mainly as a result of increases in production of crops, particularly sweet potato, peanut, pumpkin and cabbage, and of livestock. It said that an expansion in acreage under cultivation and increased marketing to hotels contributed to growth in crop production.
In the livestock sub-sector, output of beef, mutton, goat and egg rose and output of fish is estimated to have increased.
In the manufacturing sector, output is estimated to have risen marginally on account of increased production of beverages and building supplies, which partly offset a decline in the quantity of electronic components produced.
Growth in the output of beverages was primarily fuelled by a higher level of external demand for alcoholic drinks. The increase in production of building supplies was partly attributed to the opening of a company, manufacturing windows, in the last quarter of 2006.
~~Adz:Left~~ The Central Bank reported that while complete tourism data was not available for the period under review, estimates of visitor arrivals show a 5.1 percent decline in the first nine months of 2007, primarily on account of a reduction in the number of stay-over visitors. Stay-over arrivals fell by 12.6 percent, with declines recorded from all the major markets except the UK.
The reduction in the number of stay-over visitors is partly attributable to higher airfares, a decrease in airlift by regional airlines and increased competition from other tourism destinations. The number of cruise ship passengers increased marginally, by 0.1 percent.
