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While inflation eased
Post-pandemic recovery continued in 2023
Willemstad/Philipsburg – Following a robust post-pandemic expansion in 2022, real GDP growth subsided but remained strong across the monetary union in 2023. Growth moderated in Curaçao to 4.2%, following an increase of 7.9% in 2022. Meanwhile, Sint Maarten recorded a real GDP expansion of 3.8%, down from a very strong 13.9% increase in 2022.
Inflationary pressures weakened significantly in both countries reflecting lower domestic fuel and energy prices on the back of a drop in international crude oil prices. Hence, inflation broadly halved in Curaçao from 7.4% in 2022 to 3.6% in 2023, while it eased in Sint Maarten to 2.1% from 3.8% a year earlier, according to the June 2024 Economic Bulletin of the Centrale Bank van Curaçao en Sint Maarten (CBCS).