Basseterre, St. Kitts – Nevis
March 31, 2008 (CUOPM)
The twin-island Federation of Saint Kitts and Nevis is forecast to register the second highest growth rate in the tourism sector”¦..an indication that the St. Kitts – Nevis Labour Government’s transition of the economy is bearing fruit.
The World Travel & Tourism Council is forecasting that within the Caribbean, the highest rate of growth this year will be registered by Trinidad and Tobago at 8.4 percent, followed by St. Kitts & Nevis at 5.6 percent and St. Lucia at 5.1 percent.
According to research by Tourism Satellite Accounting for the World Travel & Tourism Council, the forecast calls for the Caribbean’s travel and tourism sector to generate approximately US$57 billion in revenue this year.
The survey results, released by the World Travel & Tourism Council and strategic partner Accenture, revealed a projected 2.3 percent increase in travel and tourism in the Caribbean region in 2008.
The growth rate will level out to an average of 3.2 percent each year between 2009 and 2018, which is below the world average.
Puerto Rico is the revenue leader in the Caribbean, as travel and tourism accounts for US$10.8 billion. The Dominican Republic is second. Of the 12 regions that the research covered, the Caribbean is the most dependent upon travel and tourism in terms of its contribution to the national economy.
Travel and tourism in 2008 will account for 12.9 percent of the region’s employment, or approximately 2 million jobs.