St Kitts & Nevis is expected to continue on a path of positive economic growth in 2018, despite the damage of two hurricanes that impacted the twin island nation during the past hurricane season.
St Kitts & Nevis Open for Business Following Hurricane Season
According to the Office of the Prime Minister, St Kitts & Nevis sustained $150 million from two hurricanes during September 2017.
The level of damage was much less severe than other islands in the region and the nation quickly returned to business.
St Kitts & Nevis Expected to Maintain Path of Economic Growth
Despite the hurricane damage, Dr Timothy Harris, the Prime Minister and Minister of Finance of St Kitts & Nevis, is confident that the twin-island country will continue on a trajectory of economic growth in the coming year.
In May, the IMF estimated that St Kitts & Nevis would achieve economic growth of 2.7% this year.
During the period 2010-2014, St Kitts & Nevis achieved economic growth averaging 1.4%. During the period since then, economic growth has stepped up a gear.
Economy Benefiting from Tourism, Real Estate & Capital Projects
The economy of St Kitts & Nevis has benefited from a record 1.5 million cruise passenger visits during the 2017-2018 season, the opening of hotels such as the Park Hyatt St Kitts at Christophe Harbour, investment in real estate thanks to the St Kitts & Nevis Citizenship by Investment Program and public sector capital projects such as the development of a new health center, new island main road and bus terminal, which have stimulated economic growth and job creation.