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GENERAL ECONOMIC DEVELOPMENTS
Real GDP of Curaçao dropped significantly by 9.6% in the first quarter of 2020, following a contraction of 2.1% in the first quarter of 2019. The sharp economic contraction during 2020’s first quarter can be ascribed largely to the closing of the refinery on December 31, 2019, and the measures that the government took from mid-March 2020, particularly the closure of the borders, to limit the local spread of the COVID-19 virus. Meanwhile, the inflation rate rose to 3.1% due mainly to price increases of beverages & tobacco and food.