© 2008 International Monetary Fund
April 2008
IMF Country Report No. 08/127
St. Kitts and Nevis: Statistical Appendix
This Statistical Appendix for St. Kitts and Nevis was prepared by a staff team of the International
Monetary Fund as background documentation for the periodic consultation with the member country.
It is based on the information available at the time it was completed on December 17, 2007. The
views expressed in this document are those of the staff team and do not necessarily reflect the views
of the government of St. Kitts and Nevis or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of
market-sensitive information.
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International Monetary Fund
Washington, D.C.
INTERNATIONAL MONETARY FUND
ST. KITTS AND NEVIS
Statistical Appendix
Prepared by Nancy Wagner, Hunter Monroe, Nkunde Mwase, and Yan Sun
Approved by the Western Hemisphere Department
December 17, 2007
Contents
Page
Basic Data ..................................................................................................................................2
Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
GDP by Sector at Constant Prices ..............................................................................4
GDP by Sector at Current Prices ................................................................................5
Selected Data on Tourism ..........................................................................................6
Selected Indicators of Agricultural Production ..........................................................7
Average Annual Wage Rate of Workers ....................................................................8
Number of Workers in the Social Security Scheme by Age Group ...........................9
Retail Price Index......................................................................................................10
Central Government Operations ...............................................................................11
Central Government Revenue...................................................................................12
Central Government Expenditure .............................................................................13
Central Government Domestic Debt.........................................................................14
Operations of the Social Security Board...................................................................15
Structure of the Public Debt......................................................................................16
Monetary Survey.......................................................................................................17
Eastern Caribbean Central Bank Local Operations .................................................18
Consolidated Balance Sheet Accounts of the Commercial Banks ...........................19
Sectoral Distribution of Commercial Bank Loans....................................................20
Selected Interest Rates ..............................................................................................21
Selected Performance Indicators of the Commercial Banks.....................................22
Balance of Payments.................................................................................................23
Public Sector External Debt......................................................................................24
2
St. Kitts and Nevis: Basic Data
I. Social and Demographic Indicators
Area (sq. km)
269.4
Population
Adult literacy rate (percent, 2004)
97.8
Health and nutrition
Total (thousands, 2001)
46.1
Calorie intake (per capita a day, 1996)
Rate of growth (percent per year, 2001)
0.02
Population per physician (thousand, 1993)
Density (per sq. km., 2001)
171.2
Net migration rate (per thousand, 2002)
-9.8
Population characteristics
2,639
2.2
Access to safe water (percent, 1994)
100
AIDS incidence rate (per 100,000, 1998)
14
Gross Domestic Product (2006)
Life expectancy at birth (years, 2005)
71
(millions of U.S. dollars)
495
Infant mortality (per thousand live births, 2005)
18
(millions of E.C. dollars)
1,337
Under 5 mortality rate (per thousand, 2004)
18
(US$ per capita)
9,723
II. Economic Indicators, 2002–06
2002
2003
2004
2005
Est.
2006
(In percent of GDP)
Origin of GDP at factor cost
Agriculture and mining
3.8
3.4
3.5
3.4
2.9
Manufacturing and construction
26.4
25.2
24.6
23.3
23.2
Services and others
69.8
71.5
71.9
73.3
73.9
(Annual percentage changes, unless otherwise specified)
National accounts and prices
Real GDP
GDP deflator
-0.3
-1.2
7.3
4.4
4.0
1.5
2.7
2.4
4.7
6.3
Consumer price index (period average)
2.1
2.3
2.2
3.4
8.5
Consumer price index (end of period)
1.8
2.9
1.7
6.0
7.9
45.6
43.8
42.4
54.0
(In percent of GDP)
Gross domestic investment
51.8
Of which:
Central government
14.0
7.0
6.2
6.7
7.6
Gross national savings
12.7
10.7
23.6
19.8
25.0
External savings
39.1
34.9
20.2
22.6
29.0
Consumption
78.3
79.5
68.2
73.7
69.1
23.5
22.8
23.7
23.5
22.3
Of which
Central government consumption
Public finances
Central government
Total revenue and grants
34.5
33.5
34.3
39.5
38.9
Total expenditure and net lending
53.9
42.5
42.1
43.5
44.2
Of which
7.4
7.6
7.1
8.1
9.6
Current balance
Interest
-2.9
-1.2
-1.0
-0.1
0.3
Primary balance
-12.0
-1.4
-0.8
4.0
4.3
Overall balance
-19.4
-9.0
-7.9
-4.1
-5.3
163.0
181.5
195.0
194.8
184.6
Total public sector debt, in percent of GDP 1/
(Twelve-month percentage changes, unless otherwise specified)
Money and credit
Broad money
6.4
6.9
22.1
4.3
12.8
12.9
11.0
25.4
-1.9
12.7
5.4
6.2
21.6
5.5
12.8
-3.9
-6.7
27.8
-4.1
5.7
6.4
Of which
Money
Quasi money
Net domestic assets of the banking system 2/
Of which
Credit to the public sector (net) 2/
1.6
-10.8
18.3
9.2
Credit to the private sector 2/
-2.1
3.4
6.8
5.1
8.2
Broad money, in percent of GDP
89.2
92.4
102.3
97.3
97.1
Lending interest rate (average, in percent)
10.4
12.0
9.9
9.7
9.4
3
St. Kitts and Nevis: Basic Data
2002
2003
2004
2005
Est.
2006
(In millions of U.S. dollars, unless otherwise specified)
Balance of payments
Current account
-137.2
-126.3
-80.5
-99.1
-143.8
-117.2
-118.6
-102.2
-130.7
-159.6
Exports
60.4
57.0
58.6
54.5
58.6
Imports
-177.6
-175.6
-160.8
-185.2
-218.2
-20.0
-7.7
21.7
31.6
15.8
-16.8
-20.7
-21.2
-22.5
-22.2
57.1
75.4
102.6
114.5
116.3
142.4
Merchandise trade balance
Services and transfers (net)
Of which
Public sector interest payment
Tourism receipts
Capital and financial account
132.4
112.1
88.2
55.4
Official capital (net)
53.0
54.7
22.9
14.5
-0.1
Foreign direct investment
79.8
75.6
46.1
85.5
199.7
-0.4
-18.2
19.2
-44.6
-57.2
Errors and omissions or external financing gap
Other capital (net)
15.7
13.6
6.3
36.9
18.4
Change in net foreign assets
10.9
-0.7
14.0
-6.8
17.1
Merchandise exports (in percent of GDP)
17.2
15.7
14.7
12.4
11.8
Merchandise imports (in percent of GDP)
-50.6
-48.5
-40.3
-42.3
-44.1
Current account (in percent of GDP)
-39.1
-34.9
-20.2
-22.6
-29.0
9.7
-5.6
2.8
-7.0
7.6
6.6
-1.1
-8.4
15.2
17.8
Merchandise exports (in U.S. dollars, annual
percentage change)
Merchandise imports (in U.S. dollars, annual
percentage change)
Terms of trade (annual percentage change)
Real effective exchange rate (12-month percentage
0.2
0.2
-3.6
-5.9
-5.7
-3.3
-3.9
-4.0
5.4
0.5
501.9
536.7
630.7
596.9
693.3
change) 3/
International reserve position and
external debt (as of December 31)
Total ECCB net international reserves
Of which
St. Kitts and Nevis imputed net international reserves
65.4
71.5
60.5
71.5
88.6
St. Kitts and Nevis commercial banks' net foreign assets
51.1
94.3
61.3
102.6
115.7
Outstanding external public debt, in percent of GDP
75.9
88.5
85.5
77.0
66.9
External public debt service ratio 4/
21.0
25.5
26.2
24.1
25.1
10.8
12.1
10.5
10.3
9.7
Of which
Interest 4/
IMF data (as of October 31, 2007)
Membership status:
Intervention currency and rate
Article VIII
EC$2.70=US$1
Quota
SDR 8.90 million
Fund holdings of national currency
SDR 8.82 million
(as percent of quota)
Outstanding purchases and loans:
SDR department: holdings
99.09 percent
none
SDR 0.00 million
Sources: St. Kitts and Nevis authorities, Eastern Caribbean Central Bank, PAHO, World Bank, World Health Organization and Fund staff estimates.
1/ All external and domestic debt of the central government, Nevis Island Administration, and public enterprises.
2/ In percent of broad money at the beginning of the period.
3/ End of period. Weights given by the average trade share during 1999–2003.
4/ In percent of exports of goods and services.
4
Table 1. St. Kitts and Nevis: GDP by Sector at Constant Prices
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars at 1990 prices)
GDP at market prices
Indirect taxes
664.6
102.0
667.8
112.3
718.8
122.6
753.1
130.9
801.1
154.0
GDP at factor cost
562.5
555.5
596.2
622.2
647.1
Primary sector
Agriculture
Sugarcane
Other crops
Livestock
Forestry
Fishing
Mining and quarrying
34.8
31.4
12.6
6.4
3.3
0.5
8.7
3.4
29.4
27.5
9.4
6.5
3.4
0.5
7.8
1.8
32.8
30.8
9.4
6.9
3.8
0.5
10.2
2.0
32.1
30.0
7.9
6.2
3.8
0.5
11.6
2.1
25.9
23.6
0.0
7.3
3.8
0.5
12.0
2.2
Secondary sector
Manufacturing
Sugar
Other
Construction
174.8
73.4
8.1
65.3
101.4
161.9
73.2
6.2
67.1
88.6
165.8
76.0
5.4
70.6
89.7
169.0
78.3
4.1
74.2
90.7
173.9
75.0
0.0
75.0
98.9
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Communications
Electricity and water
Banking and insurance
Real estate and housing
Government services
Other services
Less: Imputed service charge
352.9
67.1
23.8
45.9
55.6
11.6
71.0
15.5
89.3
21.9
-48.9
364.3
70.3
31.2
45.7
53.2
12.8
72.6
15.8
88.5
23.7
-49.5
397.7
69.4
40.6
61.2
55.0
13.9
85.2
16.1
90.8
24.5
-58.9
421.1
70.9
44.0
62.1
64.9
14.0
93.0
16.2
93.9
25.8
-63.7
447.3
77.0
45.8
62.8
72.6
15.1
99.2
17.2
97.2
27.4
-66.9
(Percentage changes)
GDP at factor cost
-0.3
-1.2
7.3
4.4
4.0
Primary sector
Agriculture
Sugarcane
Other crops
Livestock
Forestry
Fishing
Mining and quarrying
13.9
13.3
7.5
33.6
19.6
2.2
8.2
19.4
-15.7
-12.4
-25.5
2.0
3.3
2.2
-10.8
-46.3
11.6
11.7
-0.1
6.3
10.9
2.0
31.5
10.1
-2.1
-2.5
-15.7
-10.1
0.8
2.0
13.3
9.0
-19.3
-21.2
-100.0
18.2
-0.5
2.0
3.4
10.0
Secondary sector
Manufacturing
Sugar
Other
Construction
-5.0
-4.0
-4.9
-3.9
-5.6
-7.4
-0.2
-24.0
2.7
-12.6
2.4
3.8
-12.8
5.3
1.3
2.0
3.0
-24.2
5.1
1.1
2.9
-4.2
-100.0
1.0
9.0
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Communications
Electricity and water
Banking and insurance
Real estate and housing
Government services
Other services
0.9
0.3
-3.6
7.9
-6.8
9.8
1.8
1.0
3.8
1.4
3.2
4.7
31.3
-0.5
-4.4
10.6
2.2
2.0
-1.0
8.1
9.2
-1.3
29.9
34.1
3.4
8.3
17.3
1.5
2.6
3.4
5.9
2.1
8.6
1.5
18.1
0.8
9.2
1.0
3.4
5.1
6.2
8.6
4.0
1.0
11.8
7.6
6.7
6.0
3.5
6.5
Sources: St. Kitts and Nevis authorities; and Fund staff estimates.
5
Table 2. St. Kitts and Nevis: GDP By Sector at Current Prices
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
GDP at market prices
Indirect taxes
947.6
145.5
977.5
164.4
1,077.9
183.9
1,182.4
205.5
1,336.6
257.0
GDP at factor cost
802.1
813.1
894.0
976.8
1079.6
30.4
26.9
6.7
7.2
3.6
0.5
9.0
3.5
27.4
25.1
5.2
7.2
3.8
0.5
8.4
2.3
31.1
28.5
5.8
7.6
4.1
0.5
10.5
2.6
32.8
30.1
4.9
7.2
4.2
0.5
13.4
2.7
31.1
28.1
0.0
8.3
5.3
0.5
14.0
3.0
Secondary sector
Manufacturing
Sugar
Other
Construction
211.5
74.4
7.3
67.1
137.1
204.7
84.9
8.5
76.4
119.8
220.0
89.1
6.8
82.3
131.0
227.6
94.5
5.1
89.4
133.1
250.3
98.0
0.0
98.0
152.3
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Electricity and water
Banking and insurance
Real estate and housing
Government services
Other services
Less: Imputed service charge
560.2
97.4
43.1
63.8
27.2
28.9
7.7
47.8
22.0
126.6
22.1
158.0
34.6
-55.2
581.1
104.2
56.6
64.6
27.3
27.9
9.4
47.5
23.7
131.3
23.2
156.5
38.2
-64.7
642.9
105.3
75.6
88.5
39.3
37.7
11.5
49.2
24.4
146.7
23.5
176.6
39.5
-86.5
716.4
111.1
84.6
96.1
40.7
42.6
12.8
55.1
26.2
191.1
24.5
182.7
41.9
-97.1
798.2
130.9
95.2
110.1
48.8
47.9
13.4
62.5
28.6
226.9
26.7
189.1
44.7
-116.5
Primary sector
Agriculture
Sugarcane
Other crops
Livestock
Forestry
Fishing
Mining and quarrying
(In percent of GDP)
Primary sector
Agriculture
Sugarcane
Other crops
Livestock
Forestry
Fishing
Mining and quarrying
3.8
3.4
0.8
0.9
0.5
0.1
1.1
0.4
3.4
3.1
0.6
0.9
0.5
0.1
1.0
0.3
3.5
3.2
0.6
0.9
0.5
0.1
1.2
0.3
3.4
3.1
0.5
0.7
0.4
0.1
1.4
0.3
2.9
2.6
0.0
0.8
0.5
0.0
1.3
0.3
Secondary sector
Manufacturing
Sugar
Other
Construction
26.4
9.3
0.9
8.4
17.1
25.2
10.4
1.0
9.4
14.7
24.6
10.0
0.8
9.2
14.7
23.3
9.7
0.5
9.2
13.6
23.2
9.1
0.0
9.1
14.1
Services
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Electricity and water
Banking and insurance
Real estate and housing
Government services
Other services
Less: Imputed service charge
69.8
12.1
5.4
8.0
3.4
3.6
1.0
6.0
2.7
15.8
2.8
19.7
4.3
-6.9
71.5
12.8
7.0
7.9
3.4
3.4
1.2
5.8
2.9
16.1
2.9
19.2
4.7
-8.0
71.9
11.8
8.5
9.9
4.4
4.2
1.3
5.5
2.7
16.4
2.6
19.8
4.4
-9.7
73.3
11.4
8.7
9.8
4.2
4.4
1.3
5.6
2.7
19.6
2.5
18.7
4.3
-9.9
73.9
12.1
8.8
10.2
4.5
4.4
1.2
5.8
2.6
21.0
2.5
17.5
4.1
-10.8
Sources: St. Kitts and Nevis authorities; and Fund staff estimates.
6
Table 3. St. Kitts and Nevis: Selected Data on Tourism
2002
2003
2004
2005
Est.
2006
Total number of visitors
246,364
246,788
382,290
351,105
342,741
Cruise ship and yacht
Cruise ship
Yachts
Excursionist
Stay-over
Hotel and guest houses
Other
173,513
167,230
6,283
3,853
68,998
36,600
32,398
152,172
146,317
5,855
4,054
90,562
49,808
40,754
261,607
254,535
7,072
3,045
117,638
64,703
52,935
219,706
215,351
4,355
3,671
127,728
70,250
57,479
205,951
203,075
2,876
3,893
132,897
73,072
59,825
Stay-over visitors by nationality
United States
Canada
United Kingdom
Caribbean
Other
29,577
4,538
5,622
27,081
2,180
43,418
4,617
7,982
31,789
2,756
64,859
6,325
11,004
31,909
3,541
76,526
8,233
9,536
27,394
6,039
78,645
7,605
9,909
32,603
4,135
Average period of stay (in days)
All visitors
Cruise ship
Yachts
Excursionist
Stay-over
Hotel and guest houses
Other
3.4
1.0
1.0
1.0
9.6
7.0
12.5
4.1
1.0
1.0
1.0
9.5
7.0
12.5
3.6
1.0
1.0
1.0
9.5
7.0
12.5
4.1
1.0
1.0
1.0
9.5
7.0
12.5
4.3
1.0
1.0
1.0
9.5
7.0
12.5
Average expenditure per day in E.C. dollars
All visitors
Cruise ship
Yachts
Excursionist
Stay-over
Hotel and guest houses
Other
185.5
84.5
84.5
137.4
212.3
411.0
86.6
200.6
85.6
85.6
139.1
221.3
416.4
87.8
200.9
88.1
88.1
143.1
227.6
428.2
90.3
208.7
89.2
89.2
145.0
230.5
433.8
91.4
214.7
91.0
91.0
147.9
235.1
442.4
93.3
Capacity of rooms in hotels and guest houses
St. Kitts
Nevis
2,056
1,637
419
2,306
1,887
419
2,306
1,887
419
2,306
1,887
419
…
…
…
Total expenditure in E.C. dollars
All visitors
Cruise ship
Yachts
Excursionist
Stay-over
Hotel and guest houses
Other
155,587
14,136
531
529
140,391
105,304
35,088
203,473
12,529
501
564
189,879
145,168
44,711
277,133
22,414
623
436
253,660
193,936
59,724
299,123
19,210
388
532
278,992
213,299
65,694
315,362
18,477
262
576
296,047
226,304
69,743
Total expenditure in thousands of E.C. dollars
Total expenditure in thousands of U.S. dollars
154,258
57,133
203,450
75,352
277,140
102,644
309,150
114,500
314,120
116,341
(Annual percentage changes)
Total expenditure
Total visitors
Stay-over
Cruise ship and yacht
Excursionist
-7.6
31.9
36.2
11.6
1.6
-26.1
-2.2
-33.0
-9.8
0.2
31.3
-12.3
-6.8
54.9
29.9
71.9
20.8
-8.2
8.6
-16.0
-38.4
-2.4
4.0
-6.3
-34.0
Sources: St. Kitts and Nevis authorities; Eastern Caribbean Central Bank; and Fund staff estimates.
7
Table 4. St. Kitts and Nevis: Selected Indicators of Agricultural Production
2002
2003
2004
2005
2006
Tons of cane (in thousands of metric tons)
Tons of sugar (in thousand of metric tons)
Area reaped (in thousand of hectares)
Tons of cane per hectare
Tons of cane per tons of sugar
227.7
21.4
3.5
64.4
10.6
169.5
16.3
3.2
53.4
10.4
169.2
14.2
2.8
59.8
12.0
142.7
10.7
2.1
67.8
13.3
…
…
…
…
…
Bananas (in tons)
Cabbages (in tons)
Carrots (in tons)
Cucumbers (in tons)
Mangoes (in thousand units)
Pumpkins (in tons)
Sweet oranges (in thousand units)
Sweet potatoes (in tons)
Tomatoes (in tons)
White potatoes (in tons)
20.6
52.4
106.1
79.5
646.2
145.9
30.0
184.4
133.9
110.7
19.8
91.4
107.0
88.2
410.2
110.0
20.0
165.9
180.1
99.8
20.9
101.6
88.6
83.0
461.1
161.3
21.0
169.0
158.0
119.7
43.4
66.4
77.9
88.3
1,020.4
114.6
21.0
157.9
107.9
88.0
21.2
69.6
82.8
91.6
692.6
120.5
21.0
255.3
172.9
109.8
Sources: St. Kitts and Nevis authorities; and St. Kitts Sugar Manufacturing Corporation.
8
Table 5. St. Kitts and Nevis: Average Annual Wage Rate of Workers
Registered at the Social Security Board
(In Eastern Caribbean dollars)
2002
2003
2004
2005
2006
0–15
16–19
20–24
25–29
30–34
35–39
40–44
45–49
50–54
55–59
60–62
63–100
1,799
6,944
13,166
17,448
21,517
22,082
23,029
25,281
27,589
25,032
22,150
16,258
1,506
6,600
13,578
18,276
22,009
23,014
23,544
24,567
28,399
26,434
23,356
16,236
1,506
6,837
14,471
19,561
24,137
25,199
26,095
26,240
30,380
28,686
24,020
20,990
1,942
7,272
15,273
20,324
24,971
26,703
26,224
27,740
30,515
29,819
26,549
21,801
1,778
7,699
15,834
21,224
25,939
28,770
28,269
29,594
31,542
30,576
30,855
23,595
Memorandum item:
Weighted average wage of workers
19,811
20,308
22,001
22,867
24,216
Age group
Source: Social Security Board.
9
Table 6. St. Kitts and Nevis: Number of Workers in the
Social Security Scheme by Age Group
Age group
0–15
16–19
20–24
25–29
30–34
35–39
40–44
45–49
50–54
55–59
60–62
63–100
Total number of workers
Source: Social Security Board.
2002
2003
2004
2005
2006
41
1,199
3,348
3,320
3,181
3,161
2,860
2,264
1,255
753
309
658
42
1,208
3,474
3,198
3,120
3,115
2,857
2,329
1,390
773
310
638
45
1,431
3,599
3,335
3,136
3,084
2,915
2,507
1,563
826
340
580
48
1,589
3,675
3,507
3,187
3,126
3,017
2,684
1,795
888
357
639
67
1,574
3,604
3,429
3,267
3,098
2,982
2,638
1,876
959
369
536
22,349
22,454
23,361
24,512
24,399
10
Table 7. St. Kitts and Nevis: Retail Price Index
Est.
2002
2003
2004
2005
2006
(Index: January 1978=100)
Period average
All items
Food
Alcoholic drinks and beverages
Clothing and footwear
Accommodations
Medical services
Fuel and light
Household supplies and operations
Transportation
Education
Personal services
Other services
103.0
102.5
101.9
105.7
100.1
121.8
100.0
105.6
100.5
100.4
100.0
100.7
105.3
103.8
102.8
107.4
100.7
131.0
100.1
107.1
105.5
101.2
103.0
102.9
107.7
111.4
120.8
106.8
110.0
119.0
103.2
103.9
106.7
107.9
109.6
115.2
104.3
107.4
113.7
131.0
131.7
143.4
100.1
101.9
104.8
108.7
109.4
111.5
109.6
119.6
141.7
102.0
102.1
113.6
103.0
103.1
108.0
104.4
105.5
109.7
End of period
All items
Food
Alcoholic drinks and beverages
Clothing and footwear
Accommodations
Medical services
Fuel and light
Household supplies and operations
Transportation
Education
Personal services
Other services
103.6
102.1
102.6
106.5
100.1
130.9
100.1
106.0
100.8
100.6
100.0
101.9
106.6
106.1
102.8
106.9
101.0
131.0
100.1
108.0
108.3
101.9
103.0
104.0
108.4
115.0
124.1
108.4
114.1
121.3
103.7
104.4
109.1
107.6
111.9
121.6
107.6
108.0
115.5
131.0
134.6
149.9
100.2
105.0
104.4
107.3
111.6
113.1
110.3
127.5
146.9
102.1
102.3
121.0
103.0
103.5
109.1
104.6
109.2
114.2
(Annual percentage change)
Period average
All items
Food
Alcoholic drinks and beverages
Clothing and footwear
Accommodations
Medical services
Fuel and light
Household supplies and operations
Transportation
Education
Personal services
Other services
2.1
1.3
0.9
3.1
0.1
21.8
0.0
3.2
0.5
0.3
0.0
0.6
2.3
1.3
0.9
1.5
0.6
7.6
0.0
1.5
5.0
0.8
3.0
2.2
2.2
3.4
8.5
2.9
3.0
8.1
0.4
0.7
2.7
0.5
1.6
5.1
3.6
3.0
5.8
0.0
0.5
8.9
0.1
1.7
2.8
1.5
0.6
1.9
3.8
9.1
18.5
0.8
0.1
11.3
0.0
0.0
4.8
1.4
1.1
4.0
End of period
All items
Food
Alcoholic drinks and beverages
Clothing and footwear
Accommodations
Medical services
Fuel and light
Household supplies and operations
Transportation
Education
Personal services
Other services
1.8
0.5
0.5
0.6
0.1
30.9
0.1
0.9
0.8
0.3
0.0
1.7
2.9
3.9
0.2
0.3
0.9
0.1
0.0
1.9
7.5
1.4
3.0
2.1
1.7
6.0
7.9
2.2
5.3
6.3
0.8
0.7
4.5
0.7
3.9
8.7
6.5
0.4
6.9
0.0
2.7
11.4
-0.5
Source: St. Kitts and Nevis authorities.
0.1
4.8
-0.7
4.0
1.4
1.8
15.6
15.3
0.1
0.3
18.3
0.0
0.4
5.4
0.6
4.4
4.6
11
Table 8. St. Kitts and Nevis: Central Government Operations 1/
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
Total revenue and grants
Current revenue
Tax revenue
Nontax revenue
Capital revenue and grants
327.4
299.1
212.1
87.0
28.3
327.5
321.4
233.9
87.5
6.1
369.4
365.3
281.9
83.5
4.1
466.6
434.4
344.8
89.6
32.2
520.3
484.2
373.1
111.1
36.1
Total expenditure and net lending
Current expenditure
Wages and salaries
Goods and services
Interest
Transfers
Net lending
Capital expenditure
511.2
326.5
144.2
78.9
69.8
33.6
51.6
133.1
415.6
333.2
144.1
79.0
74.5
35.6
13.9
68.6
454.1
376.0
159.7
95.8
76.1
44.3
11.3
66.7
514.6
435.8
163.1
114.7
95.8
62.2
0.0
78.8
591.4
480.8
170.0
127.5
128.7
54.7
8.7
101.8
Current balance
-27.4
-11.7
-10.7
-1.4
3.4
Overall balance
-183.8
-88.2
-84.7
-48.0
-71.0
113.0
104.3
134.1
26.3
-3.4
2.2
-15.0
17.2
6.5
113.7
141.8
187.1
42.1
-3.2
-30.3
-68.5
38.2
2.2
114.5
16.6
62.9
45.3
-1.0
93.3
61.8
31.5
4.6
132.4
-12.6
7.5
55.6
35.5
141.0
88.7
52.3
4.0
138.2
3.0
45.2
49.8
7.7
128.2
105.7
22.6
7.0
70.9
-25.6
-29.8
-84.4
-67.2
Financing
Net foreign financing
Drawings
Amortization
Other
Net domestic financing
Banking system
Nonbanks and other
Sale/purchase of assets
Statistical discrepancy
(In percent of GDP)
Total revenue and grants
Current revenue
Tax revenue
Nontax revenue
Capital revenue and grants
34.5
31.6
22.4
9.2
3.0
33.5
32.9
23.9
9.0
0.6
34.3
33.9
26.2
7.7
0.4
39.5
36.7
29.2
7.6
2.7
38.9
36.2
27.9
8.3
2.7
Total expenditure and net lending
Current expenditure
Wages and salaries
Goods and services
Interest
Transfers
Net lending
Capital expenditure
53.9
34.5
15.2
8.3
7.4
3.5
5.4
14.0
42.5
34.1
14.7
8.1
7.6
3.6
1.4
7.0
42.1
34.9
14.8
8.9
7.1
4.1
1.1
6.2
43.5
36.9
13.8
9.7
8.1
5.3
0.0
6.7
44.2
36.0
12.7
9.5
9.6
4.1
0.7
7.6
Current balance
-2.9
-1.2
-1.0
-0.1
0.3
Overall balance (after grants)
Financing
Net foreign financing
Drawings
Amortization
Other
Net domestic financing
Banking system
Nonbanks and other
Sale/purchase of assets
Statistical discrepancy
-19.4
-9.0
-7.9
-4.1
-5.3
11.9
11.0
14.1
2.8
-0.4
0.2
-1.6
1.8
0.7
11.6
14.5
19.1
4.3
-0.3
-3.1
-7.0
3.9
0.2
10.6
1.5
5.8
4.2
-0.1
8.7
5.7
2.9
0.4
11.2
-1.1
0.6
4.7
3.0
11.9
7.5
4.4
0.3
10.3
0.2
3.4
3.7
0.6
9.6
7.9
1.7
0.5
7.5
-2.6
-2.8
-7.1
-5.0
Sources: Ministry of Finance; and Fund staff estimates.
1/ Combined accounts of the St. Kitts Government and the Nevis Island Administration.
12
Table 9. St. Kitts and Nevis: Central Government Revenue 1/
Est.
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Total revenue and grants
327.4
327.5
369.4
466.6
520.3
Current revenue
Tax revenues
Direct taxes
Taxes on income and profit
Income tax
Social services levy
Withholding tax
Property taxes
House tax
Land tax
Condominiums fee
Indirect taxes
Taxes on domestic goods and services
Of which
Wheel tax, levy and vehicle rental levy
Hotel room tax
Stamp duties
Gasoline levy
Insurance levy
Licenses
Traders tax
Consumption tax
Taxes on international trade and transactions
Of which
Import duty
Consumption tax
Customs service charge
Travel tax
Nontax revenue
Interest, dividends and profits
Post office
Electricity and cold storage
Water services
Financial services
Rent of government property
Fees, fines, and forfeitures
Other
Capital revenue
Grants
299.1
212.1
66.5
61.9
38.8
22.0
1.2
4.5
4.0
0.5
0.0
145.6
41.3
0.0
4.0
8.2
13.1
5.6
1.6
5.4
1.3
0.6
104.3
0.0
33.7
50.8
15.7
1.9
87.0
4.9
2.7
31.7
10.6
9.4
0.6
0.8
26.4
0.0
28.3
321.4
233.9
69.3
64.1
41.9
21.4
0.8
5.2
4.2
0.8
0.2
164.6
45.2
0.0
5.4
9.4
14.2
3.0
1.5
8.3
1.3
0.6
119.3
0.0
36.5
56.5
19.1
4.2
87.5
6.5
1.6
30.3
10.9
7.8
0.5
0.8
29.1
0.0
6.1
365.3
281.9
85.4
80.4
52.4
25.9
2.0
5.1
4.1
0.6
0.4
196.5
56.0
0.0
5.3
12.5
24.1
0.7
2.3
7.4
1.6
0.8
140.5
0.0
40.7
68.7
24.3
2.9
83.5
8.2
2.1
27.6
10.1
8.4
0.7
0.6
25.7
0.0
4.1
434.4
344.8
106.6
101.6
68.7
31.0
1.8
5.0
4.2
0.6
0.2
238.2
68.7
0.0
5.8
12.5
31.1
0.0
2.1
7.7
1.9
1.0
169.5
0.0
49.1
80.4
31.8
3.4
89.6
7.5
3.1
32.1
10.9
10.1
0.5
3.4
22.0
0.0
32.2
484.2
373.1
106.4
97.6
66.4
29.4
1.8
8.7
4.8
3.7
0.2
266.7
90.8
0.0
6.2
12.9
47.1
2.0
2.2
8.0
2.1
1.3
175.9
0.0
49.7
83.6
34.2
3.3
111.1
10.5
2.9
52.0
11.1
12.1
0.5
5.8
16.2
0.0
36.1
33.5
32.9
23.9
6.6
0.5
4.6
12.2
9.0
0.0
0.6
34.3
33.9
26.2
7.5
0.5
5.2
13.0
7.7
0.0
0.4
39.5
36.7
29.2
8.6
0.4
5.8
14.3
7.6
0.0
2.7
38.9
36.2
27.9
7.3
0.7
6.8
13.2
8.3
0.0
2.7
72.8
19.9
1.6
14.1
37.1
27.2
77.2
22.0
1.4
15.3
38.4
22.8
79.4
23.4
1.2
15.8
39.0
20.6
76.0
19.9
1.8
18.5
35.8
24.0
Total revenue and grants
Current revenue
Tax revenue
Taxes on income and profit
Property taxes
Taxes on domestic goods and services
Taxes on international trade and transactions
Nontax revenue
Capital revenue
Grants
(In percent of GDP)
34.5
31.6
22.4
6.5
0.5
4.4
11.0
9.2
0.0
3.0
(In percent of current revenue)
Tax revenue
Taxes on income and profit
Property taxes
Taxes on domestic goods and services
Taxes on international trade and transactions
Nontax revenue
70.9
20.7
1.5
13.8
34.9
29.1
Sources: Ministry of Finance; and Fund staff estimates.
1/ Combined accounts of the St. Kitts Government and the Nevis Island Administration.
13
Table 10. St. Kitts and Nevis: Central Government Expenditure 1/
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
Total expenditure and net lending
511.2
415.6
454.1
514.6
591.4
Current expenditure
Wages and salaries
Goods and services
Interest
Domestic
Foreign
Transfers
326.5
144.2
78.9
69.8
38.2
31.6
33.6
333.2
144.1
79.0
74.5
31.0
43.5
35.6
376.0
159.7
95.8
76.1
30.1
46.1
44.3
435.8
163.1
114.7
95.8
48.4
47.4
62.2
480.8
170.0
127.5
128.7
87.0
41.7
54.7
51.6
13.9
11.3
0.0
8.7
133.1
68.6
66.7
78.8
101.8
Net lending
Capital expenditure
(In percent of GDP)
Total expenditure and net lending
53.9
42.5
42.1
43.5
44.2
Current expenditure
Wages and salaries
Goods and services
Interest
Domestic
Foreign
Transfers
34.5
15.2
8.3
7.4
4.0
3.3
3.5
34.1
14.7
8.1
7.6
3.2
4.5
3.6
34.9
14.8
8.9
7.1
2.8
4.3
4.1
36.9
13.8
9.7
8.1
4.1
4.0
5.3
36.0
12.7
9.5
9.6
6.5
3.1
4.1
5.4
1.4
1.1
0.0
0.7
14.0
7.0
6.2
6.7
7.6
Net lending
Capital expenditure
Sources: Ministry of Finance; and Fund staff estimates.
1/ Combined accounts of the St. Kitts Government and the Nevis Island Administration.
14
Table 11. St. Kitts and Nevis: Central Government Domestic Debt 1/
Est.
2002
2003
2004
2005
2006
388.8
(In millions of Eastern Caribbean dollars)
Treasury bills
ECCB
Commercial banks
Nonbanks
256.9
301.3
352.1
411.4
0.0
5.8
5.8
5.8
5.8
158.9
180.7
206.6
234.9
216.7
98.0
114.8
139.7
170.7
166.3
22.4
23.6
27.3
27.3
27.3
Of which
Social Security
Debentures
28.9
27.6
27.8
24.3
28.0
ECCB
3.5
3.5
3.5
3.5
7.2
Commercial banks
6.2
6.2
3.5
3.5
3.5
19.2
17.9
20.8
17.3
17.3
16.5
16.5
16.5
16.5
16.5
173.4
119.6
188.0
279.4
417.0
3.6
0.7
3.7
3.7
0.6
117.5
69.2
130.3
225.3
351.8
45.6
44.2
42.8
41.4
40.1
6.8
5.5
11.1
9.0
24.5
75.0
75.0
75.0
42.1
42.1
0.0
0.0
0.0
32.7
28.6
534.2
523.5
642.9
789.9
904.5
5.1
15.6
7.1
6.9
6.4
14.8
23.8
58.5
55.7
95.3
Nonbanks
Of which
Social Security
Loans and advances
ECCB
Commercial banks
Social Security
Other
Regional Government Securities Market (RGSM)
Other
Domestic debt stock
Memorandum items:
Deposits with ECCB
Deposits with commercial banks
Average interest rate on domestic debt (in percent)
7.7
5.9
5.2
6.8
8.0
494.8
643.6
663.2
596.1
600.6
100.0
100.0
100.0
100.0
100.0
48.1
57.6
54.8
52.1
43.0
5.4
5.3
4.3
3.1
3.1
Loans and advances
32.5
22.8
29.2
35.4
46.1
RGSM
14.0
14.3
11.7
5.3
4.7
0.0
0.0
0.0
4.1
3.2
112.6
External debt
(In percent of domestic debt)
Total domestic debt
Treasury bills
Debentures
Other
(In percent of GDP)
Total debt
108.6
119.4
121.2
117.2
Domestic debt
56.4
53.6
59.6
66.8
67.7
External debt
52.2
65.8
61.5
50.4
44.9
(In percent of total debt)
Domestic debt
51.9
44.9
49.2
57.0
60.1
External debt
48.1
55.1
50.8
43.0
39.9
Sources: Ministry of Finance; Eastern Caribbean Central Bank; and Fund staff estimates.
1/ Combined debt of the St. Kitts Government and the Nevis Island Administration. Does not include debt of public enterprises.
15
Table 12. St. Kitts and Nevis: Operations of the Social Security Board
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars)
Total revenue
Contributions
Investment income
Other income
79.6
46.9
31.5
1.2
84.1
48.0
35.4
0.6
94.6
53.8
40.0
0.7
101.4
58.1
42.7
0.6
109.0
61.0
47.5
0.5
Total expenditure
Current expenditure
Benefits
Other
Capital expenditure
28.5
25.2
18.6
6.6
3.3
28.1
27.6
20.4
7.1
0.5
30.6
29.8
22.1
7.7
0.8
33.7
32.6
24.9
7.7
1.1
36.6
35.6
27.2
8.4
1.1
Current balance
54.4
56.5
64.8
68.7
73.4
Overall balance
51.1
56.0
64.0
67.7
72.4
-51.1
-56.0
-64.0
-67.7
-72.4
-2.6
13.4
-44.9
-59.7
-39.2
8.8
2.8
6.0
5.9
8.6
2.9
5.8
5.7
8.2
2.7
5.5
5.4
Financing
Of which
Domestic banking system
(In percent of GDP)
Total revenue
Total expenditure
Current balance
Overall balance
Source: Social Security Board.
8.4
3.0
5.7
5.4
8.6
2.9
5.8
5.7
16
Table 13. St. Kitts and Nevis: Structure of the Public Debt 1/
(In millions of U.S. dollars, unless otherwise stated)
2002
2003
2004
2005
Est.
2006
Total stock of debt
(In percent of GDP)
571.9
163.0
656.9
181.5
778.4
195.0
853.0
194.8
913.8
184.6
Total external debt (by debtor)
St. Kitts Government
Nevis Island Administration
Public enterprises
266.4
138.9
44.4
83.1
320.6
185.5
52.9
82.2
341.5
180.7
65.0
95.9
337.3
173.8
47.0
116.5
331.0
178.3
44.1
108.6
Total external debt (by creditor)
Bilateral
Multilateral
Commercial and other
266.4
41.2
84.3
140.8
320.6
47.7
91.7
181.2
341.5
42.7
97.6
201.2
337.3
36.4
98.9
202.0
331.0
41.2
105.6
184.2
Total domestic debt (by debtor)
St. Kitts Government
Nevis Island Administration
Public enterprises
305.5
178.0
19.8
107.7
336.4
168.0
25.9
142.5
436.8
207.8
30.3
198.7
515.8
255.9
36.6
223.2
582.8
289.8
45.2
247.8
Total domestic debt (by instruments)
Treasury bills
Debentures
Loans and advances
Regional Government Securities Market
Other
305.5
95.1
10.7
171.9
27.8
0.0
336.4
111.6
10.2
186.8
27.8
0.0
436.8
130.4
10.3
268.3
27.8
0.0
515.8
152.4
9.0
326.7
15.6
12.1
582.8
144.0
10.4
402.2
15.6
10.6
58.6
64.0
63.8
64.1
62.3
Memorandum item (in percent of GDP):
Net assets of Social Security Board
Sources: St. Kitts and Nevis authorities; Eastern Caribbean Central Bank; and Fund staff estimates.
1/ Public debt comprises all debts of the St. Kitts Government, Nevis Island Administration, and public enterprises,
including government guaranteed debt.
17
Table 14. St. Kitts and Nevis: Monetary Survey
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
Net foreign assets
ECCB imputed net international reserves
Crown agents
Commercial banks
324.0
176.6
9.5
137.9
438.9
174.6
9.6
254.7
387.6
211.5
10.6
165.5
480.7
193.0
10.6
277.0
562.1
239.1
10.6
312.3
Net domestic assets
Net credit to the public sector
Net credit to central government
Net credit to social security
Net credit to public enterprises
Net credit to nonbank financial institutions
Credit to the private sector
Net other assets
520.8
143.0
266.7
-331.1
207.5
-16.0
658.9
-265.1
464.1
51.4
198.2
-317.7
170.9
25.1
687.4
-299.8
715.2
216.4
263.0
-362.6
316.1
48.8
748.5
-298.5
670.2
318.0
351.7
-422.3
388.6
41.0
804.6
-493.4
736.2
392.1
422.5
-461.5
431.1
37.9
899.5
-593.3
844.8
119.9
37.7
82.2
724.9
335.0
153.6
236.3
903.0
133.1
39.9
93.2
769.9
361.2
144.6
264.2
1102.9
166.9
44.6
122.3
936.0
418.2
203.5
314.2
1150.8
163.7
49.9
113.8
987.1
468.1
183.3
335.7
1298.3
184.5
55.1
129.4
1113.8
518.9
188.1
406.8
-5.7
27.8
18.3
7.2
11.1
2.6
6.8
0.1
8.4
-4.1
9.2
8.0
1.2
-0.7
5.1
-17.7
7.1
5.7
6.4
6.2
0.3
-0.3
8.2
-8.7
Broad money
Money
Currency in circulation
Demand deposits
Quasi-money
Savings deposits
Time deposits
Foreign currency deposits
(Changes in percent of broad money at beginning of period)
Net foreign assets
Net domestic assets
Net credit to the public sector
Net credit to central government
Net credit to public enterprises
Net credit to nonbank financial institutions
Credit to the private sector
Other assets, net 1/
10.2
-3.9
1.6
-2.5
4.0
-1.4
-2.1
-1.9
13.6
-6.7
-10.8
-8.1
-2.7
4.9
3.4
-4.1
(Annual percentage changes, unless otherwise specified)
Broad money
Money
Currency in circulation
Demand deposits
Quasi-money
Credit to the private sector
6.4
12.9
4.4
17.3
5.4
-2.4
6.9
11.0
5.9
13.4
6.2
4.3
22.1
25.4
11.7
31.2
21.6
8.9
4.3
-1.9
11.8
-6.9
5.5
7.5
12.8
12.7
10.5
13.7
12.8
11.8
Memorandum items:
Income velocity of money
Income velocity of broad money
Weighted average deposit interest rate (in percent per annum) 2/
Weighted average lending interest rate (in percent per annum) 2/
7.9
1.1
3.8
10.4
7.3
1.1
4.1
12.0
6.5
1.0
3.6
9.9
7.2
1.0
4.1
9.7
7.2
1.0
3.7
9.4
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.
1/ Includes subsidiaries and affiliates and capital accounts.
2/ End of period. Weighted by size of loans or deposits. There was a break in the average interest rate series in June 2003.
18
Table 15. St. Kitts and Nevis: Eastern Caribbean Central Bank Local Operations
(In millions of Eastern Caribbean dollars, end of period)
2002
2003
2004
2005
Est.
2006
Net imputed international reserves
176.6
174.6
211.5
193.0
239.1
Net claims on commercial banks
Claims
Loans
Deposits with banks
Liabilities
Currency
Current account
Current deposits
Fixed deposits
-130.3
9.6
9.6
0.0
139.9
14.8
123.3
0.0
1.7
-109.1
13.9
13.9
0.0
123.0
16.7
105.6
0.0
0.7
-158.2
6.7
6.7
0.0
164.9
16.0
148.3
0.0
0.6
-143.8
0.4
0.4
0.0
144.2
15.9
126.3
0.0
2.0
-182.5
0.9
0.9
0.0
183.4
23.2
159.8
0.0
0.4
Net credit to central government
Treasury bills
Debentures
Temporary advances
Other claims
Central government deposits (-)
2.0
0.0
3.5
3.0
0.5
-5.1
-11.4
0.0
3.5
0.7
0.0
-15.6
0.2
0.0
3.5
3.7
0.0
-7.1
0.4
0.0
3.5
3.7
0.0
-6.9
1.5
0.0
7.2
0.6
0.0
-6.4
Net other assets
-10.6
-14.2
-8.9
0.3
-3.0
Liabilities to the private sector
Currency in circulation
Currency held by banks
37.7
52.5
-14.8
39.9
56.6
-16.7
44.6
60.6
-16.0
49.9
65.8
-15.9
55.1
78.3
-23.2
Memorandum items:
St. Kitts and Nevis imputed net international reserves to
ECCU total net international reserves (in percent) 1/
St. Kitts and Nevis reserve money to
ECCU total reserve money (in percent) 1/
13.0
12.1
12.4
12.0
12.8
13.4
13.3
12.5
12.7
13.4
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.
1/ The ECCU member territories are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat,
St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
19
Table 16. St. Kitts and Nevis: Consolidated Balance Sheet Accounts of the Commercial Banks
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
Est.
2006
Net foreign assets
Foreign assets
Foreign currency holdings
Claims on ECCB area banks
Claims on banks abroad
Other
Foreign liabilities
Balances due to ECCB area banks
Balances due to banks abroad
Nonresident deposits
Demand
Savings
Time
Foreign currency
Other
137.9
599.7
4.3
62.3
328.9
204.1
461.8
195.1
134.9
130.2
17.0
40.5
22.9
49.7
1.6
254.7
779.9
7.9
12.3
531.2
228.5
525.2
249.8
151.8
123.5
16.5
39.9
28.0
39.1
0.1
165.5
661.3
5.6
60.1
428.0
167.6
495.8
247.6
100.1
146.3
18.2
59.1
34.0
35.0
1.8
277.0
849.1
4.2
204.8
387.0
253.1
572.1
252.7
138.0
181.3
28.9
68.4
54.1
30.0
0.2
312.3
917.3
7.8
241.1
294.9
373.6
605.0
243.5
202.0
157.6
21.1
79.2
25.9
31.3
1.9
Net position with ECCB
Claims on ECCB
Currency holdings
Current deposits
Fixed deposits
Liabilities to ECCB
130.3
139.9
14.8
123.3
1.7
9.6
109.1
123.0
16.7
105.6
0.7
13.9
158.2
164.9
16.0
148.3
0.6
6.7
143.8
144.2
15.9
126.3
2.0
0.4
182.5
183.4
23.2
159.8
0.4
0.9
546.3
142.1
224.2
155.8
6.2
76.5
40.6
41.0
0.4
-331.1
331.1
208.5
228.5
20.0
506.7
63.2
171.5
158.0
6.2
29.2
38.1
40.0
1.9
-317.7
317.7
171.2
252.1
80.9
741.9
216.3
215.8
171.2
6.2
90.7
47.0
53.2
6.2
-362.6
362.6
316.1
367.4
51.3
688.3
317.6
296.3
161.6
3.5
185.3
55.0
56.5
1.5
-422.3
422.3
388.6
418.4
29.8
756.6
390.7
396.1
146.5
3.5
305.3
25.0
61.0
36.1
-461.5
461.5
431.1
464.8
33.7
Other nonbank financial institutions (net)
Loans and investments
Deposits
-16.0
3.8
19.8
25.1
42.0
16.9
48.8
74.4
25.6
41.0
86.9
45.9
37.9
101.0
63.1
Subsidiaries and affiliates
Loans and investments
Deposits
-30.2
20.3
50.5
-18.9
43.3
62.2
-21.7
48.9
70.6
-31.3
49.6
80.9
-42.0
48.4
90.4
Credit to private sector
658.9
687.4
748.5
804.6
899.5
1.2
9.2
8.0
6.6
28.3
21.7
-5.1
7.6
12.7
27.0
44.5
17.5
3.3
25.1
21.8
-209.7
17.4
227.1
-256.7
38.7
295.4
-244.9
162.2
407.2
-470.7
77.3
548.0
-532.8
68.6
601.4
Net domestic assets
Public sector
St. Kitts Government (net)
Treasury bills
Other securities
Loans and advances
Nevis Island Administration (net)
Loans and investments
Deposits
Social security (net)
Deposits
Public enterprises (net)
Loans and investments
Deposits
Interbank float
Claims
Liabilities
Net unclassified assets
Assets
Liabilities
Long-term foreign liabilities
Liabilities to the private sector
Demand deposits
Savings deposits
Time deposits
Foreign currency deposits
Source: Eastern Caribbean Central Bank.
7.3
7.3
7.3
8.2
8.2
807.1
82.2
335.0
153.6
236.3
863.1
93.2
361.2
144.6
264.2
1,058.3
122.3
418.2
203.5
314.2
1,101.0
113.8
468.1
183.3
335.7
1,243.2
129.4
518.9
188.1
406.8
20
Table 17. St. Kitts and Nevis: Sectoral Distribution of Commercial Bank Loans
2002
2004
2005
Est.
2006
1,066.8
221.3
0.4
0.6
19.3
7.6
2.1
4.5
5.1
109.4
52.5
4.5
6.7
26.5
31.7
70.2
40.3
10.3
473.2
270.9
16.0
186.3
1,330.1
248.6
0.3
0.9
19.1
8.0
2.0
4.1
4.9
123.0
69.4
7.5
7.2
34.7
86.9
158.4
36.2
31.1
506.8
248.0
19.3
239.5
1,541.1
275.2
0.2
1.0
17.4
7.7
1.8
4.0
3.9
128.4
69.0
6.8
7.9
70.0
115.6
225.3
39.8
28.5
556.0
300.5
26.4
229.0
1,825.3
271.4
0.2
1.0
22.8
15.0
1.0
2.7
4.2
129.0
67.4
7.4
10.2
138.5
142.4
350.7
39.0
27.4
617.7
344.6
29.0
244.1
100.0
20.7
0.0
0.1
1.8
0.7
0.2
0.4
0.5
10.3
4.9
0.4
0.6
2.5
3.0
6.6
3.8
1.0
44.4
25.4
1.5
17.5
100.0
18.7
0.0
0.1
1.4
0.6
0.2
0.3
0.4
9.2
5.2
0.6
0.5
2.6
6.5
11.9
2.7
2.3
38.1
18.6
1.4
18.0
100.0
17.9
0.0
0.1
1.1
0.5
0.1
0.3
0.3
8.3
4.5
0.4
0.5
4.5
7.5
14.6
2.6
1.9
36.1
19.5
1.7
14.9
100.0
17.6
0.0
0.1
1.5
1.0
0.1
0.2
0.3
8.4
4.4
0.5
0.7
9.0
9.2
22.8
2.5
1.8
40.1
22.4
1.9
15.8
2003
(In millions of Eastern Caribbean dollars)
Total 1/
Agriculture
Fisheries
Mining and quarrying
Manufacturing
Food and beverages
Clothing
Building materials and metals
Other
Distributive trade
Tourism
Entertainment
Transport and storage
Public utilities
Construction and land development
Public administration
Professional and other services
Financial institutions
Personal
Acquisition of property
Durable consumer goods
Other
1,107.2
217.0
0.9
0.9
20.2
8.3
2.6
3.9
5.4
121.1
56.4
4.7
5.3
19.9
42.4
154.3
40.5
6.8
416.9
239.0
15.9
162.0
(In percent of total)
Total 1/
Agriculture
Fisheries
Mining and quarrying
Manufacturing
Food and beverages
Clothing
Building materials and metals
Other
Distributive trade
Tourism
Entertainment
Transport and storage
Public utilities
Construction and land development
Public administration
Professional and other services
Financial institutions
Personal
Acquisition of property
Durable consumer goods
Other
Source: Eastern Caribbean Central Bank.
1/ Public and private sector credit.
100.0
19.6
0.1
0.1
1.8
0.7
0.2
0.4
0.5
10.9
5.1
0.4
0.5
1.8
3.8
13.9
3.7
0.6
37.7
21.6
1.4
14.6
21
Table 18. St. Kitts and Nevis: Selected Interest Rates
(In percent per year, end of period)
Deposits
Demand
Savings
Time
Up to 3 months
Over 3 months to 6 months
Over 6 months to 12 months
Over 1 year to 2 years
Over 2 years
Average deposit interest rate 1/
Lending
Prime
Other
Add-on-loans
Nominal interest rate
Effective interest rate
Average lending interest rate 1/
2002
2003
2004
2005
2006
1.0-4.0
3.0-5.5
1.0-4.0
3.0-5.5
1.0-4.0
3.0-5.5
0-4.0
3.0-5.5
0-4.0
3.0-5.5
3.0-6.0
3.0-6.0
2.5-7.0
2.5-5.0
3.75-5
3.0-6.0
3.0-6.0
1.0-7.0
1.0-7.0
3.25-7.0
1.0-4.75
1.0-5.5
1.0-6.5
1.0-6.5
1.0-6.5
1.0-4.75
1.0-5.5
1.0-6.5
1.0-6.5
1.0-6.5
1.0-4.75
1.0-5.5
1.0-6.5
1.0-6.5
1.0-6.5
3.8
4.1
3.6
4.1
3.7
8.5-11.0
8.5-15.0
8.5-11.0
8.5-15.0
8.5-9
7.5-21.0
8.5-9
7.5-21.0
8.5-9.0
7.5-21.0
8.0-10.0
11.3-19.0
8.0-10.0
11.3-19.9
8.0-10.0
11.3-22.0
9.0-10.0
14.0-22.0
9.0-10.0
14.0-22.0
10.4
12.0
9.9
9.7
9.4
7.5
7.2
6.5
6.5
6.5
1.7
1.2
1.6
3.5
5.2
Government
Treasury bills 2/
Memorandum item:
U.S. dollar certificate of deposit rate 3/
Sources: St. Kitts and Nevis authorities; Eastern Caribbean Central Bank; and International Finance Statistics.
1/ There was a break in the average interest rate series in June 2003.
2/ End-month yield on three-month treasury bills.
3/ Three-month CDs.
22
Table 19. St. Kitts and Nevis: Selected Performance Indicators of the Commercial Banks
(In percent)
Total capital/risk weighted assets 1/
Tier 1 capital/risk weighted assets 1/
Total capital/total assets 1/
Unsatisfactory assets net of provisions/total capital 2/
Gross government exposure/total capital 1/
Net government exposure/total capital 1/
Asset quality
Unsatisfactory assets/total gross loans 2/
Of which
Locally incorporated banks
Gross public sector loans/total gross loans
Of which
Locally incorporated banks
Of which
Foreign banks
Gross public sector exposure/total assets
Of which
Locally incorporated banks
Of which
Foreign banks
Liquidity
Liquid assets to total assets
Of which
Locally incorporated banks
Liquid assets to short-term liabilities
Of which
Locally incorporated banks
Earnings and profitability
Return on average assets
Return on average capital 1/
Interest margin to gross income
Noninterest expenses to gross income
Foreign exchange exposure
Net foreign exchange position/total capital 1/
2002
2003
2004
2005
2006
44.2
40.0
14.8
57.1
261
68
33.7
36.6
11.8
47.8
254
18
33.8
30.0
11.7
40.5
323
87
45.1
39.7
12.7
28.1
341
123
38.9
35.0
13.2
21.7
337
145
12.7
8.6
7.8
6.1
4.8
19.8
31.6
15.6
29.5
11.2
37.4
7.9
41.8
6.6
44.7
53.7
51.1
60.0
65.1
67.5
2.0
25.8
5.7
24.6
6.3
28.9
6.4
30.1
10.2
29.6
38.5
30.0
37.8
43.2
44.3
9.2
16.3
15.0
10.3
8.9
41.7
43.4
37.3
36.9
35.2
40.7
46.1
47.8
55.6
34.7
41.9
36.3
49.3
35.1
41.8
48.2
81.4
44.4
60.9
46.7
2.6
16.0
47.9
29.1
2.4
13.2
48.8
33.4
2.8
19.0
40.2
26.7
3.1
24.9
39.5
26.5
3.4
27.3
36.6
24.1
1.1
1.3
1.1
1.0
1.1
Source: Eastern Caribbean Central Bank.
1/ Capital ratios for locally incorporated commercial banks.
2/ Includes nonperforming loans, credits, and overdrafts (defined as being in arrears for 90 days or more).
Nonperforming overdrafts are those on which no payments have been made for 90 days or credit is insufficient
to cover interest charges.
23
Table 20. St Kitts and Nevis: Balance of Payments
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
Current account
Trade balance
Exports f.o.b.
Of which
Sugar 1/
Imports f.o.b.
Of which
Mineral fuel
Services and transfers (net)
Services net
Services, receipts
Of which
Tourism receipts
Services, payments
Factor income (net)
Of which
Public sector interest
Transfers (net)
Official (net)
Private (net)
Capital and financial account
Official
Capital transfers (net)
Long-term borrowing (net)
Private capital
Capital transfers (net)
Foreign direct investment (net)
Portfolio investment (net)
Short-term capital (net)
Other private (net)
Errors and omissions
Overall balance
-370.5
-316.5
163.0
-341.1
-320.3
153.9
-217.5
-276.0
158.3
-267.7
-352.9
147.1
-388.1
-430.8
158.3
0.1
-479.5
19.5
-474.2
25.7
-434.2
0.0
-500.1
0.0
-589.2
-24.3
-47.9
-53.4
-74.1
-88.0
-54.0
31.2
243.7
-20.8
74.8
291.3
58.5
146.7
364.9
85.3
162.1
410.3
42.7
121.9
424.9
154.3
-212.5
-129.6
203.5
-216.4
-145.8
277.1
-218.2
-137.4
309.2
-248.2
-132.4
314.1
-303.0
-133.4
-45.3
44.4
-1.1
45.5
-55.8
50.2
-1.2
51.4
-57.3
49.2
-3.6
52.8
-60.7
55.6
-2.7
58.4
-59.8
54.2
-3.9
58.1
357.5
302.6
238.2
149.6
384.5
143.1
30.7
112.3
147.6
6.1
141.5
61.9
7.3
54.6
39.1
31.6
7.5
-0.2
26.5
-26.7
214.4
8.7
215.4
18.2
-51.9
24.1
155.0
8.4
204.2
-1.1
-89.8
33.4
176.3
7.2
124.6
-62.8
152.1
-44.7
110.5
8.2
230.8
9.0
-107.9
-29.6
384.7
8.4
539.1
9.0
-184.5
12.7
42.5
29.5
36.6
-1.9
17.1
37.9
99.6
-18.5
49.8
46.1
-39.1
-34.9
-20.2
-22.6
-29.0
17.2
-50.6
16.3
15.7
-48.5
20.8
14.7
-40.3
25.7
12.4
-42.3
26.1
11.8
-44.1
23.5
(In percent of GDP)
Current account
Of which
Exports
Imports
Tourism receipts
(Annual percentage change)
Merchandise exports (in U.S. dollars)
Merchandise imports (in U.S. dollars)
Terms of trade
Memorandum items:
Outstanding external public debt 2/
External debt service ratio 3/
Of which
Interest
9.7
6.6
0.2
-5.6
-1.1
0.2
2.8
-8.4
-3.6
-7.0
15.2
-5.9
7.6
17.8
-5.7
75.9
21.0
88.5
25.5
85.5
26.2
77.0
24.1
66.9
25.1
10.8
12.1
10.5
10.3
9.7
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.
1/ Sugar industry was closed in 2005.
2/ In percent of GDP, adjusted for valuation changes.
3/ In percent of exports of goods and services.
24
Table 21. St. Kitts and Nevis: Public Sector External Debt
2002
2003
2004
2005
Est.
2006
(In millions of Eastern Caribbean dollars)
Outstanding debt (end of period) 1/
Total public sector
Central government
Nonfinancial public enterprises
Financial institutions
719.2
494.8
172.3
52.1
865.5
643.6
163.9
58.0
922.1
663.2
194.4
64.5
910.6
596.1
238.4
76.1
893.8
600.6
212.4
80.8
Disbursements
Total public sector
Central government
Nonfinancial public enterprises
Financial institutions
152.6
134.1
15.0
3.5
199.0
187.1
4.4
7.5
133.4
62.9
62.4
8.1
81.4
7.5
63.1
10.8
59.7
45.2
0.0
14.5
Amortization (principal repayments)
Total public sector
Central government
Nonfinancial public enterprises
Financial institutions
40.2
26.3
11.3
2.6
57.6
42.1
12.9
2.6
79.8
45.3
31.9
2.6
73.9
55.6
15.0
3.3
86.5
49.8
26.1
10.5
Interest payments
Total public sector
Central government
Nonfinancial public enterprises
Financial institutions
45.3
31.6
11.7
2.0
55.8
43.5
10.3
2.0
57.3
46.1
9.3
2.0
60.7
47.4
11.0
2.4
59.8
41.7
12.1
6.1
Debt service
Total public sector
Central government
Nonfinancial public enterprises
Financial institutions
85.6
57.9
23.0
4.7
113.4
85.6
23.1
4.7
137.2
91.4
41.2
4.6
134.6
103.0
26.0
5.6
146.3
91.5
38.2
16.6
(In percent of GDP)
St. Kitts and Nevis public sector
Disbursements
Amortization
Interest payments
Debt service
Outstanding debt (end of period)
Debt service (in percent of exports of goods and services)
Effective interest rate (in percent per annum)
16.1
4.2
4.8
9.0
75.9
21.0
6.9
20.4
5.9
5.7
11.6
88.5
25.5
7.0
12.4
7.4
5.3
12.7
85.5
26.2
6.4
6.9
6.3
5.1
11.4
77.0
24.1
6.6
4.5
6.5
4.5
10.9
66.9
25.1
6.6
Central government
Disbursements
Amortization
Interest payments
Debt service
Outstanding debt (end of period)
Debt service (in percent of exports of goods and services)
Effective interest rate (in percent per annum)
14.1
2.8
3.3
6.1
52.2
13.7
7.2
19.1
4.3
4.5
8.8
65.8
18.6
7.6
5.8
4.2
4.3
8.5
61.5
16.8
7.1
0.6
4.7
4.0
8.7
50.4
17.5
7.5
3.4
3.7
3.1
6.8
44.9
14.8
7.0
Sources: Ministry of Finance; Eastern Caribbean Central Bank; and Fund staff estimates.
1/ Adjusted for valuation adjustment.