4.5 per cent growth projected for St Kitts, says PM
BASSETERRE – Prime Minister and Minister of Finance Dr Timothy Harris, says the economy of promises to deliver another year of strong growth.
During his monthly press conference on Tuesday, Dr Harris reflected on reports from various institutions.
“According to the International Monetary Fund (IMF) and Economic Commission for Latin America and the Caribbean (ELAC) reports, we shall grow conservatively at 4.6 per cent,” said Dr Harris.
“This level of growth makes us one of the best performers globally in the entire world. It comes after an outstanding 6.6 per cent economic growth projected and achieved for 2015,” he added.
The finance minister noted that islands such as Barbados and Trinidad and Tobago had to impose austerity measures to mitigate negative developments in their economies.
“Barbados for example, recently introduced a cell phone tax and Trinidad and Tobago is now dealing with issues related to adjustment of its property and other taxes as countervailing measures to deal with the anticipated significant loss in its revenue,” he said, while adding that the competent management of the fiscal affairs by his government led to a surplus realised in 2015.
The growth for 2016 will emerge from a number of sectors including construction which Prime Minister Harris described as a sector which continues to be very buoyant. Other sectors identified were tourism, manufacturing, agriculture and the professional and financial services. (SKNIS)