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2018 Annual Economic and Financial Review ST KITTS AND NEVIS
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Eastern Caribbean Central Bank
The value of imports (CIF) increased by
7.1 per cent to $893.0m, mainly influenced by
increases in the value of machinery and
transport equipment; manufactured goods;
food and live animals and chemicals and
related products. The value of total exports
was $148.7m, compared with $135.8m
recorded in 2017, reflective of an increase in
the value of machinery and transport
equipment; live food and animals and
beverages and tobacco exported. Domestic
exports expanded by 11.1 per cent to
$118.2m, while re-exports rose by
3.8 per cent to $30.4m. The volume of trade
in goods (both exports and imports) expanded
by 21.5 per cent to 520,896 tonnes.
Gross travel receipts are estimated to have
risen by 15.2 per cent to $496.4m in 2018
compared with a 15.0 per cent increase in the
previous year. Commercial banks’
transactions resulted in a net inflow of $17.3m
in short-term capital, in contrast to an outflow
of $109.9m in 2017. Government transactions
resulted in a reduction in the net outflow of
funds to $23.7m, mainly attributable to a
lower net amortisation position. This
development largely mirrored higher
disbursements of $1.7m compared with $0.9m
in 2017, while external principal repayments
were relatively unchanged at $25.5m,
compared with payments of $25.2m in the
previous year.
Outlook
The outlook for the economy of St Kitts and
Nevis appears favourable for 2019,
underscored by a 3.1 per cent growth
projection.
This assessment is, however,
partly contingent on positive developments for
the Federation’s major trading partners; the
USA, the UK and the European Union, as
forecasted by the International Monetary Fund
(IMF).
According to the January 2019 update of the
International Monetary Fund’s World
Economic Outlook (WEO) the global
economy is estimated to expand by
3.5 per cent in 2019 and to accelerate slightly
to a 3.6 rate in 2020. The United States of