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Press release 2023-022
Global risks to outlook remain
Economic recovery gathers pace across monetary union
WILLEMSTAD/PHILIPSBURG – “The economic recovery gathered pace across the monetary union in 2022 with real GDP expanding by 7.9% in Curaçao and 9.8% in Sint Maarten,” stated President of the Centrale Bank van Curaçao en Sint Maarten (CBCS), Richard Doornbosch, in CBCS’s Economic Bulletin June 2023. “In both countries, growth was driven primarily by an increase in net foreign demand, along with a positive contribution from domestic demand. Net foreign demand rose in real terms sustained by a sharp increase in exports as reflected by a robust growth in foreign exchange earnings from stay-over tourism, moderated by a higher import bill,” he explained. “Domestic demand rose in both countries on the account of higher private spending while public spending shrank. The gain in private spending was driven solely by investments, as consumption was affected by a decline in purchasing power due to higher inflation.”