Basseterre, St. Kitts, December 13, 2019 (SKNIS): The economy of St. Kitts and Nevis is expected to record a growth of 2.9 percent in 2019, establishing a trend that is projected to continue in the medium term.
The projection is based on information from the Ministry of Sustainable Development and was presented by Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, during the 2020 Budget debate. It also reported an estimated average growth of 3.6 percent over the period 2020 to 2022.
Construction in the twin-island federation will remain a key driver of economic activity. The Ministry of Sustainable Development revealed that the Construction Sector contributed an average of 18.3 percent to the Gross Domestic Product (GDP) during the period 2015 to 2018.
“Mr. Speaker, the performance of the construction sector will be enhanced by ongoing investments in public infrastructure but also in the private sector,” the prime minister said on Thursday (December 12, 2019). “We are looking forward to the build-out of Phase II of the T-Loft Hotel, and Phase II of the Ramada Resort and other entities such as ERA Development, which recently had the sod-turning ceremony in Brighton, Cayon.”
The tourism sector is also expected to show positive returns based on the prospects of increased airlift into St. Kitts and Nevis and significantly increased room stock. Figures point to a projected growth of 9.2 percent in 2019 and, on average, by 2.8 percent over the medium term.
Other sectors expected to positively impact the economy are Distributive Trade and Transportation, and Storage and Communication, as well as Financial Services and Public Administration.
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