Page "Economy of Saint Kitts and Nevis" Paragraph 1

The economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but hurricanes in 1998 and 1999 contributed to a sharp slowdown.

Real economic growth was 0. 75 % in 2002 after a decline of 4. 3 % in 2001.

The economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline.

The construction sector recorded a 4. 51 % decline, manufacturing and hotels and restaurants also recorded significant declines of 4. 01 and 9. 89 % respectively, and sugar production fell by 5. 1 %.

Significant new investment in tourism, including a 648-room Marriott hotel and convention center that opened in December 2002, as well as continued government efforts to diversify the economy, are expected to improve economic performance.

Consumer prices have risen marginally over the past few years.

The inflation rate was 3 %- 4 % for most of the 1990s.