CBI Winter 2020-2021

Page 43

Country Spotlight

QUICK FACTS

ST. KITTS AND NEVIS

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aint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is an island state in the West Indies and a member of the Commonwealth. Part of the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Western Hemisphere, in area and population. The capital city, Basseterre, is on the larger island of Saint Kitts. The smaller island of Nevis lies approximately 3km southeast of Saint Kitts across a shallow channel called “The Narrows”. English is the official language but Saint Kitts Creole is also widely spoken. St. Kitts was named “Liamuiga”, meaning “fertile land”, by its original native inhabitants the Kalinago Caribs. The name was preserved when the tallest peak on St. Kitts was renamed Mount Liamuiga on independence day in 1983. Christopher Columbus sighted what is now Nevis in 1493 and gave that island the name San Martín. The current name “Nevis” is derived from a Spanish name Nuestra Señora de las Nieves, meaning Our Lady of the Snows, perhaps in reference to the white clouds which usually wreathe the top of Nevis Peak. Geography The islands are of volcanic origin, with large scenic central peaks covered in tropical rainforest. There are numerous rivers descending from the mountains to empty, white-sand beaches. Beds of offshore coral, teem with fish of every stripe and colour. Although they are only 3km apart, St. Kitts is classified as having a tropical savanna climate whereas Nevis has a tropical monsoon climate.

With the beautiful nature there is a lengthy and rich cultural history. Brimstone Hill Fortress National Park, dating from 1690, is a UNESCO world heritage site that has been dubbed the “Gibraltar of the West Indies”. Tourists can see where tobacco, indigo and then sugar were grown on the historic plantations, take sweaty rainforest hikes, or relax on the sandy, palm fringed beaches. The sugar industry survived until 2005, and a unique legacy of this is the St. Kitts Scenic Railway where passengers can ride for 29km along a narrow gauge line built to transport cane. Today the island lives by tourism, a transformation achieved with record speed. St. Kitts welcomes a steady stream of cruise ships and has a 394-room Marriott resort and casino. Major luxury property developments are taking shape and a private jet terminal and superyacht marina recently opened. It is also known for a number of celebrations including Carnival (December-January) and the St. Kitts Music Festival (June).

Full name: Federation of Saint Christopher and Nevis Capital city: Basseterre Population: 52,441 (2019) GDP in current prices: USD $1.758 billion (2019) GDP growth: 3.5% (2019) Area: 261 km² Government: Federal parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Sir S.W. Tapley Seaton Prime Minister: Timothy Harris Currency: East Caribbean dollar (XCD) HDI: 73rd (2018) Ease of doing business index: 139th (2019) Time Zone: GMT -4 Dialling code: 1 869 Economy At the turn of the 18th century, St. Kitts was the richest British colony per capita in the Caribbean, a result of the sugar trade. The economy had traditionally almost exclusively depended on the growing and processing of sugar cane until the late 1970s, when the government backed a drive into smallscale, export-oriented industrialisation and off-shore banking sectors. On 19 September 1983, the country achieved independence from the UK. The economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but a number of hurricanes contributed to a sharp slowdown, particularly in the agricultural, tourism and construction sectors. Agriculture contributes just 1.1% of the economy, with Industry being 30.0% and Services accounting for 68.9%. Since 2010, tourism has been steadily rising again to become the largest source of foreign exchange. In 2016, Travel & Tourism directly contributed 5.9% to GDP and in total, including employment, accounted for 25.1% of GDP, a figure forecast to reach 33% by 2027. According to the IMF, St. Kitts and Nevis attained the strongest growth and fiscal performance in the ECCU region in recent years, with public debt Citizenship By Investment 35


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