Basseterre, St. Kitts, February 15, 2018 – After strong economic performance in St. Kitts and Nevis in 2013 and 2014, the Barbados-based Caribbean Development Bank (CDB), says the economy has weakened significantly in the first three years of Timothy Harris’ Team Unity Government (TUG).
After significant real economic output of 6.2 percent GDP in 2013 and 6 percent of GDP in 2014 under the St. Kitts-Nevis Labour Party (SKNLP) administration of the Right Hon. Dr. Denzil L. Douglas, the Caribbean Development Bank in its just released 2017 Report, states that the economy of St. Kitts and Nevis under Timothy Harris’ Unity Government (THUG) began its downward trajectory, dropping to 4 percent in 2015, 2.2 percent in 2016 and 2.8 percent in 2017.
The Barbados-based financial institution said construction activity levelled off and overnight tourists fell in St. Kitts and Nevis in 2017. The CDB said cruise ship visitor numbers bounced back in 2017.
In its outlook for St. Kitts and Nevis, the CDB forecasts a growth rate of 3.2 percent in 2018, stating “there will be further hotel investment in St. Kitts and Nevis.”
The CDB forecasts a 2 percent increase in the population of St. Kitts and Nevis between 2015 and 2100.