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CC | The Curaçao economy grew by 4.2 percent in 2023

HomeLandenCuraçaoCC | The Curaçao economy grew by 4.2 percent in 2023

WILLEMSTAD – According to the preliminary calculations by the Central Bureau of Statistics (CBS) for 2023, based on currently available data, the real gross domestic product (GDP) increased by 4.2 percent compared to the previous year.

This decelerated growth follows two consecutive years of GDP increase. The rise in real GDP is primarily attributed to the further strengthening of tourism stayovers.

The real gross domestic product (GDP) or GDP at constant prices measures the size of the economy. The volume change of GDP in a given reporting period is the measure for economic growth (or contraction). Volume changes are value changes adjusted for price changes.

Economic growth is calculated based on the volume growth in the production process and the business cycle development. These figures are still provisional, as complete data from all industries are not yet available. Economic indicators are statistics that indicate the current status of a country’s economy, depending on a specific area of the economy (such as industry, employment, prices, etc.).

Economic Development Analyses of Selected Industries

Construction
The construction sector saw a slowdown in growth from 7.1% to 4.9% between 2022 and 2023. Several major projects and constructions emerged in 2023, indicating positive development in this sector. However, this growth did not reach the levels seen in 2022.

Trade
The trade sector experienced significant growth, rising from 7.9% in 2022 to 9.3% in 2023. This increase was driven by a rise in goods imports and various business trading activities.

Hospitality
The hospitality sector recovered strongly after the pandemic with a 68 percent growth in 2022, although growth slowed to 17.7 percent in 2023. Activities in the hotel and restaurant industry grew less compared to 2022. Destinations that performed well last year continued to grow during this period, while destinations that underperformed in previous years also showed promising growth figures.

These analyses reflect the varying growth dynamics across different sectors of Curaçao’s economy, contributing to the overall economic performance in 2023.

Transport Sector
The transport sector grew by 17.3% in 2022, but this growth slowed to 11.4% in 2023. In transport, port activities declined, while airport activities generally made significant progress. The number of tanker activities, container movements, and the weight of ships piloted into the harbor decreased in port activities.

Financial Services
Growth in financial services slightly increased from 1.4% in 2022 to 2.7% in 2023. Economic activities showed growth in commercial banks and insurance companies.

Government & Public Services
This sector somewhat recovered from a contraction in 2022 to a minimal growth of 0.3% in 2023.

Private Education
The private education sector saw a greater contraction, from -3.9% in 2022 to -5.0% in 2023. One of the main activities observed is a decrease in the number of students.

Health and Welfare Care
This sector, which grew by 4.6% in 2022, contracted by 3.9% in 2023. Key health indicators such as hospital admissions, first outpatient visits, and others point to a decline.

The World Economy
In 2023, the growth of the world economy was 3.2 percent, according to the “World Economic Outlook” by the International Monetary Fund. The global economy continued to grow compared to the 3.4 percent growth in 2022. Developed economies showed an average increase of 1.6 percent in 2023, compared to a 2.6 percent increase in 2022.

In 2023, the economic development of Latin America showed an average growth of 1.5 percent. The Caribbean region increased by 8.3 percent.

Bron: Curacao Chronicle

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