Preliminary Results of Curaçao’s Real Gross Domestic Product – 2024
WILLEMSTAD – The Central Bureau of Statistics (CBS) has released the first figures on Curaçao’s real Gross Domestic Product (GDP) for 2024. According to CBS’s initial estimate—based on currently available data—the real GDP increased by 5.0 percent compared to the previous year. This marks the fourth consecutive year of economic growth.
The growth in real GDP is mainly attributed to the rise in stay-over tourism and significant expansion in the construction and transport sectors.
Real GDP, also known as GDP at constant prices, measures the size of an economy. The volume change of real GDP over a given period serves as a key indicator of economic growth or contraction. The figures in this first estimate are provisional, as not all sectors have complete data yet.
Strongly Performing Sectors
Hospitality: Production activity in the hospitality sector grew by 18.0 percent in 2023 and further increased to 18.8 percent in 2024. The sector continues to benefit from the rebound in tourism and recreation after the economic stagnation of previous years. This reflects a rise in the number of stay-over tourists and overnight stays, generating positive spin-offs in other sectors.
Transport: This sector grew by 13.9 percent in 2023 and surged to 19.1 percent in 2024. This reflects an increase in port and airport activities. Notably, the airport recorded a record number of processed passenger movements, totaling 2,117,605.
Industry: This sector saw 6.5 percent growth in 2023, followed by an even stronger rise of 7.0 percent in 2024. The 2024 growth was driven by increased foreign demand for export products and services, along with tourism-related spin-off effects. This highlights the industrial sector’s importance in Curaçao’s economic structure.
Construction: The construction sector grew modestly by 0.9 percent in 2023 but saw a significant jump to 10.4 percent in 2024, signaling a robust revival. This suggests increased investment in infrastructure, residential housing, or commercial projects.
Weak or Contracting Sectors
Education and Healthcare: The education sector contracted by 3.4 percent in 2023 but saw a slight improvement in 2024, with a smaller decline of 0.9 percent. In contrast, the healthcare sector continued to deteriorate, falling from -3.8 percent in 2023 to -5.8 percent in 2024. These trends may reflect staff shortages, budget cuts, or restructuring.
Communication: The sector declined from modest growth of 0.9 percent in 2023 to a contraction of 1.4 percent in 2024.
Other Services: This category went from modest growth of 2.1 percent to a decline of 1.3 percent, possibly indicating a downturn in supporting service sectors.
The Global Economy
According to the World Economic Outlook from the International Monetary Fund (IMF), the global economy is projected to grow by 3.3 percent in real terms in 2024, slightly higher than the 3.2 percent recorded in 2023.
The Caribbean region shows strong growth of 12.1 percent, particularly in tourism-dependent economies, which are averaging a 2.5 percent increase. Within this group, Curaçao records a 5.0 percent growth in 2024, in line with the broader growth trend in both the Caribbean and the global economy.
