ECONOMY
Tourism and the financial services sector have been the mainstays of the Netherlands Antilles’ economy since the 1970s. The Central Bank reported that the economy of the Netherlands Antilles became somewhat stronger during 2006, backed by positive developments in the private and public sectors, led by the construction, wholesale and retail, and financial services sectors. The higher economic activities did translate into more jobs, as the unemployment rate fell to 14.7% in 2006. Inflationary pressures were up in 2006 as the annualized inflation rate soared to 3.4%, largely fueled by higher world oil prices. The islands’ public finances are characterized by structurally high deficits and a high and rising debt ratio and as a result, interest payments absorb an increasing part of revenues. Overall, the islands enjoy a high per-capita income and a well-developed infrastructure compared with other countries in the region.
Economy (2005)
GDP: $3.3 billion.
Real growth rate: 1.2%.
GDP per capita: $17,800.
Natural resources: Beaches.
Tourism/services (84% of GDP): Curaçao, Sint Maarten, Bonaire.
Industry (15% of GDP): Types--petroleum refining (Curaçao), petroleum transshipment facilities (Curaçao and Bonaire), light manufacturing (Curaçao).
Agriculture (1% of GDP): Products--aloes, sorghum, peanuts, vegetables, tropical fruit.
Trade: Exports ($3.4 billion)--petroleum products. Major markets--U.S. 24%, Venezuela 15%, Guatemala 10%, Singapore 6%. Imports ($3.5 billion)--machinery and electrical equipment, crude oil (for refining and re-export), chemicals, foodstuffs. Major suppliers--Venezuela 59.8%, U.S. 12.55%.
Exchange rate (2005): U.S.$1=1.78 ANG (fixed).
