St. Kitts and Nevis - Economic development
The government has attempted to halt the decline of the sugar industry by restructuring the sector, and has encouraged agricultural diversification and the establishment of small industrial enclaves linked to the international export market. Four industrial estates have been developed. The tourist industry has received considerable government support. The Development and Finance Corporation is the principal development agency.
The country's plans continue to be aimed at diversifying the economy. Construction projects in the private and public sector are expected to contribute substantially to the moderate economic growth that St. Kitts and Nevis should experience in the near future. Hurricanes in 1998–99 caused widespread damage, but due to spending on post-hurricane reconstruction and repair, gross domestic product (GDP) growth was strong in 2000 and into the first three quarters of 2001. The 11 September 2001 terrorist attacks on the United States adversely impacted the tourism industry. The telecommunications sector has been liberalized, and a Financial Intelligence Unit was set up in the offshore sector.