Published On: Fri, Jul 4th, 2014

Curacao economy shrinks 0.8 %

Curacao statisticsWILLEMSTAD – Economic development in Curacao declined in 2013 by 0.8 percent. This is according to a report from the Central Bureau of Statistics (CBS). Economic growth is calculated on the basis of the volume growth in the production and economic development.

"The slow development on Curaçao is also affected by inflation, which was 1.3 percent in 2013. This slow development also has its negative effects on the labor market in 2013, with the unemployment rate, which was 13 percent compared to nearly 10 percent in 2011," according to the CBS.

Developments

The decline in the Gross Domestic Product is mainly attributable to the reduced trade (8 percent). This is due to the decrease in imports of goods and services, but also the reduced trading companies. In addition, there are also decreases to be observed in government (4), utilities (3) and financial services (0.5).

Growth

In some industries there was some growth. This applies to the transport and communications sector (4 percent), hotels and restaurants / business services (2) and industry (1). The percentages are adjusted for price developments and relate to preliminary calculations.

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