New Homes In St. Kitts – Nevis
Photo By Erasmus Williams
Basseterre, St. Kitts – Nevis
December 16, 2008 (CUOPM)
The economy in St. Kitts and Nevis continued on a path of positive economic growth and development in 2007 with construction leadimg the sectors.
Minister of Finance, Dr. the Hon. Timothy Harris in presenting his first Budget Address in the St. Kitts and Nevis National Assembly said that despite the many challenges the Federation faces, “we have remained committed to the creation of a well-diversified, service-oriented economy.”
Dr. Harris said that the foundation for this transformation was laid in the years prior to the closure of the sugar industry in 2005 as considerable investment was made in the Non-sugar Agriculture, Tourism, Information Technology and Financial Services Sectors.
“These sectors have since been clearly identified in our National Adaptation Strategy as the pillars on which this new economy will be built. Indeed this is credible evidence of the foresight of this Government in recognizing quite early that in light of continued trade liberalization and threats of global economic and financial turmoil our economy would have had to undergo significant change and become more competitive,” said the Minister of Finance.
Dr. Harris said the results are illustrated in the positive macro-economic position and improvement in the standard of living of the citizens of St. Kitts and Nevis.
He added that notwithstanding the negative impacts of exogenous factors such as rising oil prices and the threat of a slowing world economy, St. Kitts and Nevis has continued on a path of growth, recording an expansion rate in real GDP of 2.9% in 2007.
