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Saturday, October 21 2017 @ 05:22 PM AST

Curaçao & Sint Maarten economies saw mild contraction in 2016

Severe contraction expected for Sint Maarten this year, following Hurricane Irma

Excerpts from the Annual Report of the Central Bank of Curaçao & Sint Maarten for the year 2016:

* In Curaçao, real GDP fell by 1.0% in 2016 after having expanded by 0.3% in 2015. Meanwhile, Sint Maarten recorded a real GDP contraction of 0.1% in 2016, following an expansion of 0.4% in 2015.

* * A sectoral assessment reveals that Curaçao’s real GDP contraction was attributable primarily to less activity in the manufacturing, restaurants & hotels, transport, storage, & communication, wholesale & retail trade, and financial intermediation sectors. The output contraction in the manufacturing sector was the result of less refining activity by the Isla refinery and a decline in ship repair activities.

* * Sectoral data show that output contracted in Sint Maarten’s construction, wholesale & retail trade, and real estate, renting, & business activities sectors over the course of 2016.

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