Stat: 1.5 percent real growth in economyPOSTED: 06/27/13 3:23 PM
St. Maarten – The Department of Statistics (Stat) issued its preliminary results of economic developments yesterday, as measured by the Gross Domestic Product (GDP) by production and expenditure and real growth.
According to provisional figures for the past 2 years, the St. Maarten economy expanded slightly in real terms by 0.3% in 2011 and grew further by 1.5% in 2012.
Stat received technical assistance by a regional consultant, on a project being co-financed by Usona and the local government. As part of this initiative, the historical GDP data-series from the years 2005 through 2008 have been revised, on the basis of improved and wider available data for St. Maarten specifically. In the past, this particular data-series was the outcome of consolidated Windward Islands data.
Moreover, revisions have been made to GDP figures for 2009 and 2010 which are now deemed final, while revisions for the current provisional figures of 2011 & 2012 will be made final during the second quarter of 2014.
The GDP by expenditure (at constant prices, with base year 2005) increased by 1.5% in real terms in 2012, rising to 1,43 million guilders. The increase in expenditure was mainly attributed to increases in net exports (exports minus imports) in real terms. While both final consumption expenditure and gross capital formation saw a decrease in 2012 relative to levels in 2011.
On the supply side, a review by industry shows the 1.5 % real growth of St. Maarten’s economy, was mainly due to double digit increases in ‘trade’ as well as in ‘transport, storage & communications’.
Other major industries such as ‘construction’ saw a decline in gross value added, while moderate growth was recorded in ‘hotels & restaurants’ with the near 8 percent volume increase of overnight tourists during 2012.
In comparison to some leading global economies, economic growth in the U.S. was estimated at 1.2% in 2012, at 2.2% in the Euro Area and 7.8% in China.