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March 18, 2012
WILLEMSTAD — Now that it appears the economy of Curaçao has shown a minimal growth of 0.3 percent in the third quarter of 2011, it’s possible the economic growth figure of the Curaçao economy will be adjusted. The slight growth was made possible by a strong increase of the export of goods and services on the one hand and a lower local demand for goods on the other hand. An inflation of 2.9 percent was also registered, which was mainly due to a rise of the prices for oil and food in the month September.In a publication late last year, the Central Bank of Curaçao and St. Maarten (CBCS) announced that the economy of Curaçao throughout 2011 dropped with 0.1 percent. These figures were calculated on the basis of data from the first two quarters of 2011. According to the CBCS, the first quarter of 2011 had showed a so-called 0 percent growth. In the second quarter the CBCS registered a growth of 0.9 percent.
The economic growth continued in the third quarter. The figures on the fourth quarter are not available yet. However, considering the fact that the economy continued to grow, it’s possible that the annual growth figures of the Curaçao economy will be adjusted as well.
According to indicators, the economic growth in the third quarter last year was due to a strong growth in the external demand for local products, caused by a recovery of the refinery, more activities in the free zone, bunkering and more tourists staying over. Although the number of imported goods had not gone up, an increase of the import was registered, which was mainly due to a higher price of oil.
According to CBCS-director Emsley Tromp, Curaçao and St. Maarten were confronted with a considerable delay in the financial reports. Data on the developments of the public finances were scarce. Despite this, the Central Bank had made certain estimates. These indicated that the Curaçao government registered a cash deficit of 25.4 million guilders in the third quarter last year.