Nevis News

Basseterre, St. Kitts – Nevis – July 26th, 2007 (CUOPM)
For Immediate Public Release

Deputy Prime Minister the Hon. Sam Condor has told the Chamber of Industry and Commerce that the health of the St. Kitts and Nevis economy is in good shape and the Labour Party Administration has managed to maintain a stable economic, social and political environment, and to establish an  economy as a very attractive investment centre.

Saying that the evidence is quite obvious, Deputy Prime Minister Hon. Sam Condor told the Chamber at its 25th Annual Private Sector Banquet that economic performance in 2006 resulted in GDP expansion by over 5 percent, led primarily, by tourism, construction and manufacturing.

“This expansion comes despite pressures exerted by high fuel prices,” said the Deputy Prime Minister who added that recent information indicated that for 2007, thus far, there has been increased economic activity in the first quarter of the year, fueled by activity in agriculture, the distributive trade, construction, and public and private sector services.

He told the local businessmen and women that significant surpluses for the quarter are recorded at EC$5.8 million on the current account.

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Basseterre, St. Kitts – Nevis – July 25th 2007 (CUOPM)

The St. Kitts and Nevis Chamber of Industry and Commerce is applauding the positive and sustained economic growth in the St. Kitts and Nevis economy.

Chamber President, Mr. Franklin Brand delivering the Private Sector Report at the Annual St. Kitts – Nevis Private Sector Banquet noted that a review of the statistics of the International Monetary Fund (IMF) illustrates that St.  Kitts and Nevis appeared to have realised a growth rate of 4.6 percent in 2006 and that the IMF report also makes a projection of a 6% rate of growth in 2007.

“This picture is heartening, as it demonstrates consistency in the annual growth rate, given that in 2005 this rate was 4.5%,” said Brand.

He however expressed concern that the National Debt is still too high in spite of Government’s ambitious fiscal adjustment programmes and that much of this public debt ““ which in 2006 was 183.4% of Gross Domestic Product (GDP) ““ was attributed in large measure to the debt levels being carried by various statutory corporations.

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Basseterre, St. Kitts – Nevis, July 25th 2007 (CUOPM)

The performance of the agricultural sector in St. Kitts and Nevis is coming in for high praise from the St. Kitts and Nevis Chamber of Industry and Commerce.

But the private sector body is of the view that strong partnership from the private sector will increase productivity, improve local food security and produce enough food to export excess production.

“Our agricultural sector appeared to have been kept afloat by the production of vegetables, herbs, beef, pork and mutton production.  Although the private sector is heartened by this production activity we still feel strongly that we are producing well below our level of capacity,” said Chamber President, Mr. Franklin Brand.

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