St. Kitts-Nevis records impressive economic growth
The St Kitts-Nevis economy grew by 6.1 per cent last year and for the first six months of this year, it grew to 7.1 per cent, Prime Minister Dr Timothy Harris said.
Delivering the EC$808.3-million budget to Parliament on Tuesday, Harris said that notwithstanding the mixed performance of the global economy, St Kitts and Nevis is on a positive growth path with strong performances in a number of key sectors.
He told legislators that the increase in economic growth was attributed to the buoyancy of the construction sector, fuelled by the Citizenship by Investment (CBI) Programme, as well as the recovery of the tourism sector.
Harris said that as at the end of June 2015, growth in the construction sector was estimated at 12.3 per cent and was attributed to ongoing construction work on two major private-sector hotel and condominium developments, coupled with public-sector-related projects, such as the upgrade of the Dr Kennedy Simmonds Highway and the construction of roads in new residential areas.
The prime minister said that the economic activity in the tourism sector was estimated to have increased by 8.4 per cent in the first six months of 2015.