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Friday, November 17 2017 @ 10:33 PM AST

Curacao reports -0.9% economic contraction in Q1 2017

In Curaçao, real GDP contracted by an estimated 0.9% during the first quarter of 2017 compared to the first quarter of 2016, the Central Bank of Curacao and Sint Maarten said last week in its quarterly buletin. The economic contraction during 2017’s March quarter was accompanied by accelerated inflationary pressures caused primarily by increased fuel and electricity prices. Consequently, inflation in Curaçao rose from 0.0% in the first quarter of 2016 to 1.7% in the first quarter of 2017.

Furthermore, the annualized inflation rate climbed to 0.4%.

The central bank said it has not yet been able to produce data for hurricane-ravaged Sint Maarten.

"The economic contraction in Curaçao was the result of a decline in net foreign demand, moderated by an increase in domestic demand," the bank said. For the full report, visit:

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