Economic growth 2014: 1.7 percentPOSTED: 10/9/15 3:32 PM
St. Maarten – The Department of Statistics (STAT) released its preliminary Gross Domestic Product (GDP) estimates of 2014, at 1.7% growth in real terms. This represents a slight improvement in the overall economy relative to the year before (2013), when final estimates put economic growth at 1.3%. Although the non-financial sector had less intense growth in 2014 as a whole, the financial intermediation & government sectors recorded an increase of approximately 1 and 3 percentage points respectively, above 2013.
In nominal terms, economic activities expanded from 1,831 million guilders in 2013 to 1,895 guilders in 2014. The main industries that contributed to growth in gross value added, were real estate & other business services (4.4%), trade (2.8%), construction (4.3%) and hotel & restaurants (2.2%). When looking at GDP by expenditure (constant prices), growth was driven primarily by household final consumption expenditure, while gross capital formation and net exports saw declines of 3% and 2% respectively.