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July 23, 2013
Annual Report 2012Annual Report 2012
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July 23, 2013 2
Outline presentationOutline presentation
• Developments in:
– Real sector
– Public sector
– External sector
– Monetary and financial sector
• Outlook for 2013 & 2014
• Benchmarking in the Caribbean
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July 23, 2013 3
Real sectorReal sector
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Developments in the
monetary union
Developments in the
monetary union
July 23, 2013 4
2011 2012
Current account balance (in mln NAf.) -1,466.5 -1,382.1
Change in gross foreign reserves of the central
bank (in mln NAf)* -48.4 277.4
Change in money supply (%) 1.3 1.8
Change private loans (%) 5.4 4.8
Curaçao 8.9 8.6
Sint Maarten -2.4 -4.7
GDP growth (%)
Curaçao 0.6 -0.1
Sint Maarten -1.5 1.5
Inflation (%)
Curaçao 2.3 3.2
Sint Maarten 4.6 4.0
*- sign means an increase
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July 23, 2013 5
Macro-economic key figures: a
comparison
Macro-economic key figures: a
comparison
5.3%4.4%2.5%2.3%-1.0%1.0%The
Netherlands
5.9%6.5%21.1%26.1%5.5%4.2%Venezuela
7.8%8.5%2.1%3.2%2.2%1.8%United
States
9.6%8.9%0.6%4.4%-1.2%3.7%Aruba
201220112012201120122011
Unemployment rateConsumer pricesReal GDP
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July 23, 2013 6
Main developments Curaçao in 2012Main developments Curaçao in 2012
• Economic contraction of 0.1%.
• Inflation rate increased to 3.2% due mainly
to the increase in the sales tax rate from
5.0% to 6.0% in 2012.
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Sectoral performance in
Curaçao in 2012 (1)
Sectoral performance in
Curaçao in 2012 (1)• Decline in the manufacturing sector
– Decline in output refinery.
– Decline in ship repair.
• Decline in construction sector
– Lack of major construction projects.
• Growth slowed in wholesale & retail trade sector
– Decline in domestic demand.
– Increase in foreign demand (tourists and free zone).
July 23, 2013 7
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Sectoral performance in
Curaçao in 2012 (2)
Sectoral performance in
Curaçao in 2012 (2)• Increase in restaurants & hotels sector
– Increase stay-over tourism.
– Growth cruise tourism.
• Increase in transport, storage & communication sector
– More passengers handled.
– More ships piloted into the port, more cargo movements, and
more oil storage activities.
July 23, 2013 8
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Economic development CuraçaoEconomic development Curaçao
July 23, 2013 9
0.6%
-0.1%
2.3%
3.2%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2008 2009 2010 2011 2012
Real GDP Inflation
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Curaçao GDP by expenditureCuraçao GDP by expenditure
July 23, 2013 10
Real percentage changes 2011 2012
Domestic expenditure, of Domestic expenditure, of
which:which: --0.20.2 --1.01.0
Private sector 1.8 -0.3
-Consumption 1.4 -0.5
- Investment 0.4 0.2
Public sector -2.0 -0.7
-Consumption -2.0 -0.1
-Investment 0.0 -0.6
Foreign net expenditure, of Foreign net expenditure, of
which:which: 2.02.0 0.70.7
-Exports of G&S 8.6 3.8
-Imports of G&S 6.6 3.0
Real GDP by expenditureReal GDP by expenditure 0.60.6 --0.10.1
Source: Estimates by the Central Bank of Curaçao and Sint Maarten.
*Expenditure categories data are weighted contributors to GDP growth
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Main economic developments
Sint Maarten in 2012
Main economic developments
Sint Maarten in 2012
• Real GDP growth of 1.5%.
• Inflation rate decelerated to 4.0% owing
largely to a slowdown in the growth in
international oil prices.
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Sectoral performance in
Sint Maarten in 2012 (1)
Sectoral performance in
Sint Maarten in 2012 (1)• Increase in restaurants & hotels sector
– Increase stay-over tourism.
– Growth cruise tourism, albeit at slower pace compared to
2011.
• Increase in transport, storage & communication sector
– More passengers handled.
– More ships piloted into the port and more cargo movements.
• Growth in wholesale & retail trade sector
– More tourism spending.
– Less domestic spending.
July 23, 2013 12
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Sectoral performance in
Sint Maarten in 2012 (2)
Sectoral performance in
Sint Maarten in 2012 (2)
• Growth in utilities sector
• Increased production and consumption of water and
electricity.
• Growth in financial services sector
• Increase in net interest income of the domestic banks.
• Growth remained flat in the construction sector
• Decline in the manufacturing sector
• Less ship repair activities on yachts.
July 23, 2013 13
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July 23, 2013 14
Economic development
Sint Maarten
Economic development
Sint Maarten
-1.5%
1.5%
4.6%4.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2008 2009 2010* 2011* 2012*
Real GDP Inflation
*Estimate CBCS
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July 23, 2013 15
Public sectorPublic sector
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July 23, 2013 16
Main developments CuraçaoMain developments Curaçao
• Third consecutive government budget
deficit.
• Negative yet improved primary balance.
• In July 2012, the government was instructed
by the Kingdom Council of Ministers to
balance its 2012 budget and multi-annual
projections.
• The instruction was removed for the most
part early in April 2013.
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July 23, 2013 17
Budget development CuraçaoBudget development Curaçao
-110.3
0
-500
0
500
1,000
1,500
2,000
2,500
3,000
2009 2010 2011 2012 2013*
NA
f. m
ln
Budget balance
* 2013 Government budget
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July 23, 2013 18
Budget development CuraçaoBudget development Curaçao
-110.3
0
1,717 1,765 1,610
-500
0
500
1,000
1,500
2,000
2,500
3,000
2009 2010 2011 2012 2013*
NA
f. m
ln
Budget balance Total expenditures
* 2013 Government budget
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July 23, 2013 19
Budget development CuraçaoBudget development Curaçao
-110.3
0
1,717 1,765 1,610
1,5641,655 1,610
-500
0
500
1,000
1,500
2,000
2,500
3,000
2009 2010 2011 2012 2013*
NA
f. m
ln
Budget balance Total expenditures Total revenues
* 2013 Government budget
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July 23, 2013 20
Total public debt CuraçaoTotal public debt Curaçao
2,208
1,667 1,667
5,439.3 5,607.9
0
1,000
2,000
3,000
4,000
5,000
6,000
2010 2011 2012
NA
f m
ln
Total public debt Outstanding government bonds GDP
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July 23, 2013 21
Total public debt-to-GDP ratio
Curaçao
Total public debt-to-GDP ratio
Curaçao
41%39%
0%
10%
20%
30%
40%
50%
60%
2009 2010 2011 2012*
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July 23, 2013 22
Interest burden CuraçaoInterest burden Curaçao
-154-110
0
50 50 52
-200
0
200
400
600
800
1,000
2009 2010 2011 2012 2013*
Budget balance Interest payments
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July 23, 2013 23
Main developments Sint MaartenMain developments Sint Maarten
• Preliminary budget surplus.
• Positive and improved primary balance.
• Ongoing focus on establishing the necessary
institutions to become a full-fledged
government administration.
• However, financial constraints form a barrier
in this development.
• The 2013 budget has not been signed into
law yet.
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July 23, 2013 24
Interest, debt and GDP Sint MaartenInterest, debt and GDP Sint Maarten
12 11
354 353
1,487.81,569.6
0
250
500
750
1,000
1,250
1,500
1,750
2009 2010 2011 2012
NA
f m
ln
Interest Total public debt GDP
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July 23, 2013 25
Total public debt-to-GDP ratio
Sint Maarten
Total public debt-to-GDP ratio
Sint Maarten
24% 22%
0%
5%
10%
15%
20%
25%
30%
2009 2010 2011 2012
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July 23, 2013 26
External sectorExternal sector
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July 23, 2013 27
Main developmentsMain developments
• Current account improved in 2012 due to:
– improvement in the services balance;
– mitigated by deterioration in the trade, current transfers and
income balances.
• Further decline in net capital transfers.
• Increase in external financing moderated due to:
– substantial smaller increase in loans and credits balance.
• Developments resulted in balance of payments deficit
and drop in gross foreign exchange reserves.
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July 23, 2013 28
Balance of payments (transaction basis, NAf mln)
Balance of payments (transaction basis, NAf mln)
277.4-48.4-27.6-538.9-371.6Change in reserves
573.7182.2-1,529.3-188.7-126.6Portfolio investments
261.61,076.21,456.0786.71,210.2Loans and credits
112.188.4228.6196.4449.0Direct investments
947.41,346.9155.4794.41,532.6External financing
69.8123.11,200.8200.6244.8Capital account
-1,382.1-1,466.5-1,427.8-608.6-1,513.9Current account
20122011201020092008
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July 23, 2013 29
Balance of payments developments (in % of GDP)
Balance of payments developments (in % of GDP)
-21.2% -21.3%
-18.8%
4.1%
19.0%
12.9%
-30%
-20%
-10%
0%
10%
20%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Current account balance External financing to the private sector
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Contribution to foreign exchange income*
in 2012
(Curaçao)
Contribution to foreign exchange income*
in 2012
(Curaçao)
July 23, 2013 30*Income from the export of goods and services
Freezone19%
Bunkering14%
Merchandise excl. freezone
7%
Transportation7%
Refining14%
Tourism23%
International financial services
4%
Other services11%
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Contribution to foreign exchange income*
in 2000
(Curaçao)
Contribution to foreign exchange income*
in 2000
(Curaçao)
July 23, 2013 31*Income from the export of goods and services
Freezone17%
Bunkering6%
Merchandise excl. freezone
11%
Transportation7%
Refining16%
Tourism14%
International financial services
18%
Other services11%
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Contribution to foreign exchange income*
in 2012
(St. Maarten)
Contribution to foreign exchange income*
in 2012
(St. Maarten)
July 23, 2013 32*Income from the export of goods and services
Bunkering1%
Merchandise 10%
Transportation3%
Tourism72%
International financial services
1%
Other services13%
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July 23, 2013 33
Tourism sectorTourism sector
811.4
971.7
1287.3
1506.6
0
400
800
1,200
1,600
2008 2009 2010 2011 2012
NA
f. m
illi
on
Curacao St. Maarten
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July 23, 2013 34
Tourism sectorTourism sector
$542.8 $569.7
$841.7 $858.5
0
250
500
750
1,000
2008 2009 2010 2011 2012 2013*
US$ m
illi
on
Curacao St. Maarten
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July 23, 2013 35
International financial sectorInternational financial sector
*Projection CBCS
0
150
300
450
2008 2009 2010 2011 2012
NA
f. m
illi
on
Net operational income Profit tax BRK windfall 2010
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en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Refining feeRefining fee
July 23, 2013 36*Projection CBCS
0
100
200
300
400
500
600
700
2006 2007 2008 2009 2010 2011 2012
NA
f. m
illi
on
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 37
Monthly import coverageMonthly import coverage
0
1
2
3
4
5
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Mo
nth
s
Import coverage norm Import coverage
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 38
Monetary and financial sectorMonetary and financial sector
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 39
Main monetary developmentsMain monetary developments
• Moderate increase in money supply.
• Moderation in private credit extension.
• Declining trend in interest rates continued.
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 40
Money supplyMoney supply
0
1,000
2,000
3,000
4,000
5,000
2008 2009 2010 2011 2012
NA
f. m
illi
on
Net domestic assets Net foreign assets
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 41
Net domestic creditNet domestic credit
84
196
610
218
-162-100
-1,100
-800
-500
-200
100
400
700
2008 2009 2010 2011 2012
NA
f. m
illi
on
Government Private sector Other
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 42
Domestic interest rates (commercial bank lending rates)
Domestic interest rates (commercial bank lending rates)
0%
4%
8%
12%
16%
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Mortgages Time loans
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 43
Domestic interest rates (borrowing rates)
Domestic interest rates (borrowing rates)
0%
2%
4%
6%
8%
10%
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Passbook savings Time deposits (12 months)
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 44
Domestic interest rates(government securities)
Domestic interest rates(government securities)
0%
2%
4%
6%
8%
10%
Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Gov. bond (5yr, eff. yield) Treasury bills (1 month)
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Loans to the private sector(year-on-year growth)
Loans to the private sector(year-on-year growth)
July 23, 2013 45
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Jan
-11
Feb
-11
Mar-
11
Ap
r-11
May-1
1
Jun
-11
Jul-
11
Au
g-1
1
Sep
-11
Oct-
11
Nov-1
1
Dec-1
1
Jan
-12
Feb
-12
Mar-
12
Ap
r-12
May-1
2
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct-
12
Nov-1
2
Dec-1
2
Jan
-13
Feb
-13
Mar-
13
Ap
r-13
May-1
3
Loans to the private sector Loans to the private sector Curaçao
Loans to the private sector Sint Maarten
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 46
Main financial developmentsMain financial developments
• Banks:
– Improved capitalization.
– Further increase in non-performing loans.
– Decrease in earnings and profitability.
• Institutional investors:
– Increase in assets.
– Decrease in profitability, except non-life
insurance industry.
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 47
Capital adequacyCapital adequacy
9.9% 10.1%
0%
2%
4%
6%
8%
10%
12%
2008 2009 2010 2011 2012
Tier 1 capital-to-total assets 4% norm
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 48
Assets qualityAssets quality
3.0% 3.2%
6.8%
8.1%
3.0% 3.1%
0.0%
3.0%
6.0%
9.0%
2008 2009 2010 2011 2012
Gross specific provisions-to-total loans Non-performing loans-to-total loans
Gross general provisions-to-total loans
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 49
Earnings & profitabilityEarnings & profitability
1.9%1.7%
0%
1%
2%
3%
2008 2009 2010 2011 2012
Return-on-assets 0.6% norm
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 50
Outlook 2013 & 2014Outlook 2013 & 2014
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2013Expected developments in 2013
July 23, 2013 51
2012 2013
Current account balance (in mln NAf.) -1,382.1 -1,258.4
Change in foreign reserves (in mln NAf.)* 277.4 165.2
GDP growth (%)
Curaçao -0.1 -0.7
Sint Maarten 1.5 1.1
Inflation (%)
Curaçao 3.2 3.0
Sint Maarten 4.0 3.0
*- sign means an increase
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2013Expected developments in 2013
• Real GDP of Curaçao is expected to contract by
0.7% in 2013.
• The economic contraction is due to a decline in
domestic demand, mitigated by an increase in net
foreign demand.
• Inflation will decelerate to 3.0%, owing largely to a
projected decline in international oil and food
prices.
July 23, 2013 52
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2013Expected developments in 2013
• Sint Maarten’s GDP is estimated to expand by
1.1% in 2013, a deceleration compared to the real
growth of 1.5% in 2012.
• The economic slowdown is largely attributable to
weakened activities in the restaurants & hotels and
the wholesale and retail trade sectors.
• Inflation will ease to 3.0%, reflecting mainly lower
projected international oil and food prices.
July 23, 2013 53
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Balance of payments projectionBalance of payments projection
July 23, 2013 54
165.2277.4-48.4-27.6-538.9Change in reserves
240.0573.7182.2-1,529.3-188.7Portfolio investments
455.0261.61,076.21,456.0786.7Loans and credits
110.0112.188.4228.6196.4Direct investments
805.0947.41,346.9155.4794.4External financing
12.369.8123.11,200.8200.6Capital account
-1,258.4-1,382.1-1,466.5-1,427.8-608.6Current account
2013*2012201120102009
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2014Expected developments in 2014
• In the baseline scenario, the economy of Curacao
is projected to expand by 0.1% in 2014.
• Growth will be driven by increased net foreign
demand. By contrast, domestic demand will
contract.
• Inflation will decelerate to 2.8% in line with the
development of the inflation rate in the United
States.
July 23, 2013 55
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2014Expected developments in 2014
• Assuming the construction of a new hospital will
commence in 2014, real GDP will expand by 1.1%
• Growth will be driven by increased domestic
demand, particularly government investment,
mitigated by a decline in net foreign demand.
July 23, 2013 56
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Expected developments in 2014Expected developments in 2014
• The economy of Sint Maarten is projected to grow
by 1.0% in 2014, driven mainly by the tourism,
transportation, and marine trade sectors.
• Growth in tourism will stem primarily from more
stay-over tourism as cruise tourism is projected to
remain flat.
• Inflation will ease further to reach 2.7% supported
by the projected decline in international oil and
food prices. An increase in excises on tobacco and
alcohol will contribute to inflationary pressures.
July 23, 2013 57
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Economic developments 2011-2014Economic developments 2011-2014
2011 2012 2013* 2014*
Real GDP growth Real GDP growth (%)(%)
Curaçao 0.6 -0.1 -0.7 0.1
Sint Maarten -1.5 1.5 1.1 1.0
Inflation Inflation (%)(%)
Curaçao 2.3 3.2 3.0 2.8
Sint Maarten 4.6 4.0 3.0 2.7
Current account balance (in mln NAf) -1,466.5 -1,382.1 -1,258.4 -1,072.8
Current account balance (% GDP) -21.3 -18.8 -17.0 -14.1
July 23, 2013 58* Estimate CBCS
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
2011 2012 2013* 2014*
Government balanceGovernment balance
Curaçao (in mln NAf.) -153.7 -110.3 0 0
% GDP -2.8 -2.0 0 0
Sint Maarten (in mln NAf.) 10.3 27.9 0 0
% GDP 0.7 1.8 0 0
DebtDebt--toto--GDP GDP ratio (%)ratio (%)
Curaçao 40.6 39.4 38.5 37.4
Sint Maarten 23.8 22.5 21.4 20.6
July 23, 2013 59* Estimate CBCS
Assumption: no debt accumulation in 2013 and 2014
Economic developments 2011-2014Economic developments 2011-2014
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 60
Caribbean benchmarkingCaribbean benchmarking
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
61 July 23, 2013
GDP growth rate (%)GDP growth rate (%)
Source: IMF World Economic Outlook,
estimates CBCS, Central Bank of Aruba
-0.1
1.5
-0.7
1.1
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2012 2013
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
62 July 23, 2013
Inflation (%)Inflation (%)
Source: IMF World Economic Outlook,
estimates CBCS, Central Bank of Aruba
3.24.0
3.0 3.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
2012 2013
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
63 July 23, 2013
Government expenditure (percentage of GDP)
Government expenditure (percentage of GDP)
32
2628 27
0
5
10
15
20
25
30
35
40
45
2012 2013
Source: IMF World Economic Outlook,
estimates CBCS, Central Bank of Aruba
* No estimates for 2013
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
64 July 23, 2013
Public debt-to-GDP ratio (%)Public debt-to-GDP ratio (%)
Source: IMF World Economic Outlook,
estimates CBCS, Central Bank of Aruba
* No estimates for 2013
39
22
39
22
0
20
40
60
80
100
120
140
160
2012 2013
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 65
-2.8
-18.8
-30
-25
-20
-15
-10
-5
0
Antigua and Barbuda Aruba Bahamas Barbados
Curaçao & SXM Dominica Grenada
2004 2012
Current account deficit(percentage of GDP)
Current account deficit(percentage of GDP)
Source: IMF World Economic Outlook,
estimates CBCS, Central Bank of Aruba
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
Cen
trale
Ban
k v
an
Cu
raçao
en
Sin
t M
aart
en
July 23, 2013 66
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