St. Maarten’s Economic growth in first quarter is 1.6 percentPOSTED: 09/10/15 1:39 PM
GREAT BAY – St. Maarten’s economy grew by 1.6 percent in the first quarter of 2015, while Curacao’s economy shrank by 0.2 percent. This appears from the first quarter report of the Central Bank for Curacao and St. Maarten.
“The economic developments in the monetary union diverged during the first quarter of 2015,” the banks president Dr. Emsley Tromp stated in a press release.
Both countries benefited from the sharply decreased world oil prices, which ease the pressure on inflation. In St. Maarten inflation fell from 2.1 to 1.2 percent.
St. Maarten’s economic growth was fueled by private investments and increased consumer spending. “Government sending increased due to higher government investments, especially in public infrastructure and the renovation of public schools. Government consumption decreased due to a decrease in expenditures on goods and services”
The net foreign demand contributed to the real growth of the country’s gross domestic product.
Curacao shows a different picture: private consumption and investments decreased and government spending went up due to investments in the construction of a new hospital. Port activities slowed down with less container traffic and oil storage activities. Aviation related activities went up – more passenger and more commercial landings. The number of cruise passengers in Curacao dipped in spite of a growth in the arrival of cruise vessels.