ECLAC reports impressive fiscal performance

Basseterre, St. Kitts, January 06, 2020 (SKNIS): St. Kitts and Nevis continues to show impressive growth in the Caribbean and Latin American region according to a December 2019 report published by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

Several key indicators from the report entitled Preliminary Overview of the Economies of Latin America and the Caribbean were shared by Prime Minister Dr. the Honourable Timothy Harris while addressing hundreds of guests attending his 5th Annual New Year’s Gala on Saturday, January 04, 2020. The event was held at the St. Kitts Marriott Resort.

“We, in St. Kitts and Nevis, have the lowest central government gross public debt to GDP (Gross Domestic Product) ratio at 39.1 percent – the best in the region. We have the lowest gross external debt in the region, [and] we have the highest fiscal balance as a percentage of GDP at a positive 9.2 percent of GDP,” Dr. Harris read from the report.

The prime minister added that the economic growth figure is the best in the region with projections for a 3.5 percent rate in 2020. ECLAC also reported that the twin-island federation “also has one of the lowest inflation, cost of living in the region at -0.04 percent” as well as “one of the lowest tax (government revenue) to GDP ratio.”

Prime Minister Harris told the audience that “Under Team Unity, our country has been recharged with vigour and strength as well as an indomitable spirit and unrelenting drive for excellence.”

He added that the government will continue to work for the people and assured that new and ongoing programmes and projects will facilitate greater empowerment opportunities for citizens and residents.