Team Unity Government of St. Kitts and Nevis records economic growth and surpluses for a fifth consecutive year
BASSETERRE, St. Kitts, October 08, 2019 (Press Unit in the Office of the Prime Minister) – At the 2019 National Consultation on the Economy held at the St. Kitts Marriott Resort today, Tuesday, October 08, Prime Minister Dr. the Honourable Timothy Harris informed industry leaders and representatives of civic society that St. Kitts and Nevis’ economy is projected to record robust growth of 3.7 percent for 2019.
“For the 5th year in a row, we are having economic growth. The economic growth for 2019, I am advised, will be driven by construction services, the distributive trade, tourism, transportation and communication, financial services and Government action. I am advised that the Transport, Storage and Communications Services Sector contributes about 15 percent to our GDP, and that sector will grow by 5.3 percent in 2019,” said Prime Minister Harris, who is also the Minister of Finance.
Moreover, Dr. Harris stated that the continued prudent fiscal management of the country’s resources has resulted in the Team Unity administration achieving surpluses on the recurrent, overall and primary accounts.
According to Prime Minister Harris, “These three indicators are the main indicators that are used globally to evaluate the performance of a country, and on each of them for the fifth year in a row St. Kitts and Nevis is in surplus. For the period so far, I am advised by the Financial Secretary that our surpluses on the Overall and Primary Balances Account are 40 percent and 35 percent higher than they were this time last year.”
The Honourable Prime Minister noted that it is because of this exceptional fiscal performance why the Team Unity Government “was able to announce way in advance that you would be getting for the fourth year in a row a double salary.”
The 2019 National Consultation on the Economy was held under the theme “The Digital Economy.”