Published 20 July 2017, 2017
Buckie Got It, St. Kitts and Nevis News.
Slumping St. Kitts-Nevis economy brings hardship; residents, business people feeling the squeeze
BASSETERRE, ST. KITTS, JULY 20TH 2017 – The slump in the St. Kitts and Nevis economy over the past two years is causing increased hardship in the twin-island Federation.
Gross Domestic Product has shrunk from seven percent in 2014 to a projected three percent in 2017 and 2018.
The media in the Caribbean quotes the Washington-based International Monetary Fund (IMF) in its Article IV Consultation as stating that the slump in economic performance of St. Kitts and Nevis is a result of a decrease in Citizenship-By-Investment (CBI) receipts, a deceleration in tourism-linked sectors, a contraction in manufacturing output, a narrowing of the overall fiscal surplus and a significant widening of the current account deficit.