Confidence in St Kitts-Nevis economy is high, says PM’s office

Banks are extending more credit to businesses and households, with confidence in St Kitts and Nevis’ economy high and consumer spending continuing to grow strongly, according to the office of Prime Minister Timothy Harris.

The root of the stable economy is the leadership of Harris as minister of finance and the Team Unity administration, they added.

St Kitts-Nevis-Anguilla National Bank Limited reported in its 2016 Annual Report that “total loans and advances to customers increased by $57.4 million, or 8.9%, to $703.9 million in 2016” compared to 2015.

“Commercial demand loans, which were recorded at $260.1 million in 2016, accounted for 46.6% of the total productive loans and advances portfolio.”

Its 2016 annual report also noted that mortgages accounted for 17% of the total productive loans and advances portfolio.

[caption id="attachment_3019" align="aligncenter" width="500"] Prime Minister Timothy Harris.[/caption]

A Financial Times publication has also expressed positively about the economic outlook in St Kitts and Nevis

“Scotiabank [in St. Kitts and Nevis] achieved good results for the year… recording a near 60% increase in mortgages,” according to The Banker Magazine, which named Scotiabank Bank of the Year 2016 in St Kitts and Nevis.

Middle classes boom

WIC News has reached out to the opposition St Kitts-Nevis Labour Party for their comment on these claims.

This positive growth in consumer banking is indicative that the middle class is growing, said a statement from Timothy Harris’ office.

And the fact that consumers in the federation are spending more – the wholesale and retail sector grew by 9.13% in 2015 compared to 0.35% in 2014 – indicates that incomes are rises.