Published On: Fri, Jul 8th, 2016

Economy experienced growth of 0.3 percent in 2015

HarborWILLEMSTAD - The economic activities in Curaçao have increased by 0.3 percent in 2015. This is evident from the preliminary calculations of the Central Bureau of Statistics Curacao (CBS).

Compared to the Caribbean region, growth was more moderate in Curaçao. The region's economy grew by an average of 4 percent in 2015.

In recent years Curacao's economy has been stagnated. From 2009 to the present the economic development has mainly been around zero percent. In 2015 it grew slightly, especially when compared with the decline of 1.1 percent in 2014, according to the CBS in their press release on the Gross Domestic Product. Economic development was also affected by the deflation of 0.5 percent in 2015. This deflation resulted in a decrease in the average price level.

The industries that experienced growth in 2015 were agriculture, fishing and mining (4.4 percent), construction (9 percent), business services (4.9 percent), education (1.8 percent), financial services (0.8 percent), government (3.9 percent) and other services (6.3 percent).

The industries that experienced a decline in economic activities were manufacturing (-4 percent), utilities (-5.1 percent), trade (-2 per cent), hotels and restaurants (-2.7 percent), transport and communication (- 7.4 percent) and health care (-0.2 percent).

The activities in the manufacturing sector decreased by a drop in oil refinery activities that had an impact on the whole sector, despite the increase in ship repairs in 2015. The activities in the trade sector have declined by 2 percent. This is partly attributable to a decline in imports of goods in 2015. In transport, some activity in the harbor and airport have declined. The air activity increased in the number of passengers and landings, but the amount of freight decreased.

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