2011-III – 2015-III - Central · PDF fileBusiness Loans 1,261.5 1,397.4 1,461.1 1,344.7 1,278.5 * Stock value, end of period. ... Money, Credit and Interest Rates (in millions NAf.)

The Economy of Curaçao and Sint Maarten in Data and ChartsQuarterly Overview

CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN

70,000

90,000

110,000

130,000

Num

ber

of A

rriv

als

Stay-over Arrivals Curacao

2011-III – 2015-III

2/12/2016

DATAQuarterly Overview, Curaçao 1Quarterly Overview, St.Maarten 2Quarterly Overview, Monetary Union 3

GRAPHSCuraçao1. Real Sector Quarterly Overview1a. GDP 51b. Real GDP Growth 51c. Inflation (12 months average) 51d. Unemployment Rate 51e. Stay-over Arrivals 51f. Occupancy Rate 51g. Cruise Arrivals 51h. Airport Passengers 51i. Freezone Visits 61j. Ships Piloted 61k. Container Movements 61l. Electricity Production 61m. Water Production 61n. Construction Index 61o. Ship Repair 61p. Refining Index 6

2. Public Finances Quarterly Overview2a. Government Budget 72b. Budget Balance 72c. Government Debt 7

3. Balance of Payments Quarterly Overview3a. Current Account Balance 83b. Trade Balance 83c. Service Balance 83d. Tourism 83e. International Financial and Business Services 83f. Capital and Financial Account 83g. License Fee 8

4. Monetary Sector Quarterly Overview4a. Private Loans 94b. Private Loans, Mortgages 94c. Private Loans, Consumer 94d. Private Loans, Business 9

CONTENTPage:

Sint Maarten1. Real Sector Quarterly Overview 101a. GDP 101c. Inflation (12 months average) 101d. Stay-over Arrivals 101e. Occupancy Rate 101f. Cruise Arrivals 101g. Airport Passengers 101h. Ships Piloted 101i. Container Movements 111j. Electricity Production 111k. Water Production 111l. Issued Building Permits 11

2. Public Finances Quarterly Overview2a. Government Budget 122b. Budget Balance 122c. Foreign Government Debt 12

3. Balance of Payments Quarterly Overview3a. Current Account Balance 133b. Trade Balance 133c. Service Balance 133d. Tourism 133e. International Financial and Business Services 133f. Capital and Financial Account 133g. License Fee 13

4. Monetary Sector Quarterly Overview4a. Private Loans 144b. Private Loans, Mortgages 144c. Private Loans, Consumer 144d. Private Loans, Business 14

Monetary Union5. Money, Credit and Interest Rates5a. Total Money 155b. Net Foreign Assets 155c. Net Domestic Credit 155d. Private loans 15

6. International Reserves6a. Import Coverage 156b. International Reserves 15

7. Balance of Payments7a. Current Account Balance 157b. Trade Balance 157c. Service Balance 167d. Tourism 167e. International Financial and Business Services 167f. License Fee 16

8. Macroprudential Indicators8a. Total Capital-to-Total Risk Weighted Assets 168b. Total Loans-to-Total Deposits 168c. Liquid Assets-to-Short Term Liabilities 168d. Return-on-Assets 168e. Non Performing Loans-to-Total Gross Loans 17

9. International Indicators9a. GDP 189b. Inflation (12 months average) 189c. Unemployment 189d. Consumer Confidence 18

10. Curaçao compared with Sint Maarten10a. GDP 1910c. Inflation (12 months average) 1910d. Stay-over Arrivals 1910e. Cruise Arrivals 1910f. Ships Piloted 19

Notes 20

2011-III 2012-III 2013-III 2014-III 2015-III 1. Real SectorGDP (in billions NAf.)* 5.4 5.6 5.6 5.7 5.7Real GDP Growth (%) 0.6 0.3 -1.0 -1.0 0.3Inflation (%)** 2.1 3.2 1.9 1.2 0.3Unemployment Rate (%) 9.8 9.8 13.0 12.6 11.7Stay-over Arrivals 100,813 107,997 108,438 115,090 116,653Occupancy Rate (%) 74.2 70.3 65.7 68.0 68.9Cruise Arrivals 18,467 25,478 74,309 99,293 70,936Airport Passengers 446,049 478,526 446,020 438,096 449,950Freezone Visits 9,286 8,392 6,482 5,566 4,340Ships Piloted (Total GRT) 10,666 14,146 13,662 15,170 15,854Container Movements (TEU) 24,349 24,687 20,538 22,137 23,720Electricity Production (MwH index) 188.2 188.7 186.2 180.8 168.8Water Production (M3 index) 131.2 132.2 129.2 132.0 122.8Construction Index (2000=100) 199.5 174.7 186.8 126.3 134.2Ship Repair (Manhours Worked in thousands) 209 159 173 159 147Refining Index (1993=100) 74.5 78.6 72.5 87.2 87.2

2. Public Finances (in millions NAf.) Budget Balance -14.3 19.8 49.4 -19.5 17.1Budget Balance (% of GDP) -0.3 0.4 0.9 -0.3 0.3Revenues 377.0 375.5 369.2 365.4 414.5Expenditures 391.3 355.8 319.8 384.9 397.4

Financing 14.3 -19.8 -49.4 19.5 -17.1 Monetary 56.3 -6.0 -118.5 124.8 22.3 Nonmonetary -42.0 -13.8 69.1 -105.3 -39.4

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENQuarterly Overview, Curaçao

2011-III - 2015-III

Government Debt* 2,208.0 1,934.3 1,979.7 2,149.5 2,392.2 Domestic**** 559.0 285.3 268.1 190.9 188.1 Foreign 1,649.0 1,649.0 1,711.6 1,958.6 2,204.1

Government Debt (% of GDP) 40.9 34.8 35.2 38.0 41.9 Domestic (% of GDP) 10.3 5.1 4.8 3.4 3.3 Foreign (% of GDP) 30.5 29.6 30.4 34.7 38.6

3. Balance of Payments (in millions NAf.)Current Account Balance -457.9 -419.5 -350.9 -252.1 -306.4 Trade Balance -540.7 -586.7 -518.8 -553.2 -491.5 Exports 468.4 425.0 278.7 305.5 177.9 Imports 1,009.1 1,011.8 797.4 858.7 669.4 Service Balance 140.7 211.4 241.3 363.3 229.2 Exports 523.7 603.6 633.3 802.0 639.9 Tourism 197.0 229.1 248.1 282.5 263.7 International Financial and Business Services 37.9 33.6 37.2 43.6 55.0 Imports 383.0 392.2 392.0 438.7 410.7 Income Balance -14.2 -6.5 -18.5 -15.9 -18.8 Current Transfers Balance -43.7 -37.7 -55.0 -46.3 -25.3Capital and Financial Account 465.7 398.3 351.7 262.1 329.2Net Change in International Reserves*** -23.2 95.3 34.6 -65.9 18.6License Fee (in thousands NAf.) 12,858 12,480 12,227 12,670 11,764

4. Monetary Sector (in millions NAf.)Private Loans* 3,759.0 4,098.8 4,192.3 4,086.1 4,015.9 Mortgages 1,533.9 1,753.0 1,826.1 1,861.3 1,849.4 Consumer Loans 963.6 948.4 905.0 880.0 888.0 Business Loans 1,261.5 1,397.4 1,461.1 1,344.7 1,278.5

* Stock value, end of period. ** 12 months average. *** - Sign means an increase in reserves. *** - Sign means an increase in reserves. 1

2011-III 2012-III 2013-III 2014-III 2015-III

1. Real SectorGDP (in billions NAf.)* 1.7 1.7 1.8 1.9 1.9Real GDP Growth (%) n.a. n.a. 0.7 1.2 -0.3Inflation (%)** 3.6 4.5 2.8 2.2 0.7Unemployment Rate (%) 11.5 n.a. 9.2 n.a. n.a.Stay-over Arrivals 85,975 92,466 93,325 98,171 n.a.Occupancy Rate (%) 47.5 49.8 59.1 55.9 56.8Cruise Arrivals 194,028 216,861 235,551 317,088 246,830Airport Passengers 356,373 381,561 385,973 407,369 n.a.Ships Piloted (Total GRT) 8,390 9,305 9,806 12,669 10,128Container Movements (TEU) 16,979 19,257 17,688 19,808 23,816Electricity Production (Mwh index) 208.0 211.8 216.4 214.4 216.4Water Production (M3 index) 394.7 396.2 433.6 434.8 439.2Issued Building Permits 68 60 117 98 41

2. Public Finances (in millions NAf.)Budget Balance 12.3 -10.4 -21.4 -17.1 -15.7Budget Balance (% of GDP) 0.7 -0.6 -1.2 -0.9 -0.8Revenues 108.7 94.5 123.2 92.9 96.5Expenditures 96.4 104.9 144.6 110.0 112.2

Financing -12.3 10.4 21.4 17.1 15.7 Monetary 16.8 11.6 8.1 19.8 15.1 Nonmonetary -29.1 -1.2 13.3 -2.7 0.6 Government Debt* 351.7 352.6 392.6 662.8 675.5 Domestic**** 49.8 24.7 64.7 191.9 174.2 Foreign 301.9 327.9 327.9 470.9 501.3

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENReal Sector Quarterly Overview, Sint Maarten

2011-III - 2015-III

Government debt (% of GDP) 21.3 20.2 21.6 35.2 35.2 Domestic (% of GDP) 3.0 1.4 3.6 10.2 9.1 Foreign (% of GDP) 18.3 18.8 18.1 25.0 26.1

3. Balance of Payments (in millions NAf.)Current Account Balance -42.5 -63.7 -72.2 -74.8 n.a. Trade Balance -228.9 -255.9 -299.7 -290.3 n.a. Exports 47.5 44.6 50.2 53.8 n.a. Imports 276.4 300.5 349.9 344.1 n.a. Service Balance 202.3 236.2 233.6 258.8 n.a. Exports 292.8 342.1 342.2 383.1 n.a. Tourism 220.9 262.1 267.1 295.6 n.a. International Financial and Business Services 4.8 3.1 3.6 8.4 n.a. Imports 90.5 106.0 108.6 124.3 n.a. Income Balance -13.0 -13.4 -4.7 -21.9 n.a. Current Transfers Balance -2.9 -30.6 -1.4 -21.4 n.a.Capital and Financial Account 29.9 37.6 18.3 25.0 n.a.Net Change in International Reserves*** -8.2 33.5 12.1 -23.2 n.a.License Fee (in thousands NAf.) 4,980 4,937 5,224 5,620 5,446

4. Monetary Sector (in millions NAf.)Private Loans* 1,553.3 1,498.5 1,445.5 1,405.9 1,409.3 Mortgages 647.2 622.1 635.7 658.2 651.5 Consumer Loans 382.1 361.5 339.9 307.3 295.9 Business Loans 524.0 514.9 469.9 440.4 461.9

* Stock value, end of period. ** 12 months average. *** - Sign means an increase in reserves.**** For the years up to 2013, the domestic government debt excludes some of the debt to the social security bank, the government pension fund, and other companies.

2

2011-III 2012-III 2013-III 2014-III 2015-III5. Money, Credit and Interest Rates (in millions NAf.)Total Money (M2)* 7,237.7 7,629.4 7,329.6 7,757.3 7,923.6Total Money (% of GDP) 102.6 104.5 98.5 103.0 103.9Net Domestic Credit* 2,743.0 3,456.9 3,634.5 3,653.4 3,738.9Net Foreign Assets* 4,494.7 4,172.5 3,695.2 4,103.9 4,184.7Change in Money Supply -49.6 -140.6 -124.8 54.9 -16.7 Domestic Sector (net) 0.1 -5.2 -255.6 129.7 27.4 Former Central Government -7.8 -16.0 -1.1 5.0 -0.1 Curaçao Government 56.3 -5.9 -118.5 124.8 22.3 St. Maarten Government 16.8 11.6 8.1 19.8 15.1 Private Sector 7.2 158.1 -82.1 -126.8 -61.7 Miscellaneous -72.4 -153.1 -62.0 106.8 51.8 Foreign Sector (net) -49.7 -135.3 130.8 -74.8 -44.1

Pledging Rate (%) 1.00 1.00 1.00 1.00 1.00 Current Account Overdrafts (%) 6.83 6.74 6.68 6.97 8.11 Government Bond (5-years) (%) 1.58 0.82 1.09 0.28 0.09

Private Loans* 5,312.4 5,597.3 5,637.8 5,492.0 5,425.2 Mortgages 2,181.1 2,375.1 2,461.9 2,519.5 2,500.9 Consumer Loans 1,345.7 1,309.8 1,244.9 1,187.3 1,184.0 Business Loans 1,785.5 1,912.3 1,931.0 1,785.1 1,740.3

6. Net International Assets (in millions NAf.)Net International Assets* 3,841.4 3,630.1 3,225.5 3,642.8 3,853.7Central Bank 2,743.6 2,714.4 2,444.4 2,867.6 2,984.0Gold 1,219.1 1,336.5 998.2 915.4 838.3Official Foreign Exchange Reserves 2,159.1 1,993.4 1,941.6 2,430.7 2,530.4

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENQuarterly Overview, Monetary Union**

2011-III - 2015-III

Official Foreign Exchange Reserves 2,159.1 1,993.4 1,941.6 2,430.7 2,530.4Short-term Foreign Liabilities Central Bank 634.6 615.4 495.4 478.6 384.7

Commercial Banks 1,097.9 915.8 781.1 775.2 869.7Import Coverage (months) 3.7 3.3 3.5 4.1 n.a.

7. Balance of Payments (in millions NAf.)Current Account Balance -502.0 -477.8 -420.9 -309.4 n.a. Trade Balance -769.1 -842.7 -818.0 -831.8 n.a. Exports 514.3 469.6 329.3 371.1 n.a. Imports 1,283.4 1,312.3 1,147.3 1,202.8 n.a. Service Balance 343.1 448.8 477.2 627.5 n.a. Exports 819.8 948.1 979.3 1,192.8 n.a. Tourism 417.9 491.2 515.2 575.5 n.a. International Financial and Business Services 42.6 36.7 40.8 52.1 n.a. Imports 476.7 499.4 502.1 565.3 n.a. Income Balance -29.6 -18.4 -23.8 -37.5 n.a. Current Transfers Balance -46.5 -65.5 -56.3 -67.6 n.a.Capital and Financial Account 495.8 440.3 369.2 286.2 n.a.Net Change in International Reserves*** -31.4 128.8 46.7 -89.1 25.2License Fee (in thousands NAf.) 17,898 17,812 17,516 18,359 17,361

* Stock value, end of period. ** Due to the constitutional changes, the Netherlands Antilles were dissolved on October 10, 2010. Curaçao and Sint Maarten became autonomous countries and formed a monetary union, while Bonaire, Sint Eustatius and Saba (BES) became special municipalities of the Netherlands. Therefore, the data presented here refer to the the monetary union. *** - Sign means an increase in reserves.

3

2011-III 2012-III 2013-III 2014-III 2015-III8. Macroprudential Indicators (%)Total Capital-to-Total Risk Assets (%) 10.6 14.9 15.6 14.0 13.5Total Loans-to-Total Deposits (%) 69.6 70.1 72.2 65.9 71.2Liquidity (in millions NAf.)* 33.2 32.9 35.6 44.1 41.8Return-on-Assets (%) 1.4 1.7 1.5 1.7 1.2Nonperforming Loans-to-Total Loans (%) 10.1 10.3 12.0 11.5 10.9

9. International Indicators Real GDP Growth (%) USA 1.2 2.4 1.5 2.9 2.2Real GDP Growth (%) Netherlands 1.6 -1.3 -0.4 1.2 1.9Real GDP Growth (%) Europe 1.4 -0.8 -0.1 0.8 1.6Real GDP Growth (%) Venezuela 4.4 5.5 1.1 -2.3 n.a.Inflation (%) USA 3.8 1.7 1.6 1.8 0.1Inflation (%) Netherlands 2.9 2.3 2.8 0.9 0.8Inflation (%) Europe 2.7 2.5 1.3 0.4 -0.1Inflation (%) Venezuela 25.8 18.5 45.8 63.2 n.a.Unemployment Rate USA 9.0 8.0 7.2 6.1 5.2Unemployment Rate Netherlands 4.8 5.7 7.3 7.0 6.6Unemployment Rate Europe 10.2 11.5 12.0 11.5 10.9Unemployment Rate Venezuela 8.2 7.7 7.8 6.9 n.a.Consumer Confidence Index USA 50.0 65.7 81.0 89.9 98.3Consumer Confidence Index Netherlands -20.0 -30.0 -33.0 -4.3 6.3Consumer Confidence Index Europe -16.3 -22.2 -13.0 -6.7 -5.0

* Stock value, end of period. ** Due to the constitutional changes, the Netherlands Antilles were dissolved on October 10, 2010. Curaçao and

2011-III - 2015-III

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENQuarterly Overview, Monetary Union**

** Due to the constitutional changes, the Netherlands Antilles were dissolved on October 10, 2010. Curaçao and Sint Maarten became autonomous countries and formed a monetary union, while Bonaire, Sint Eustatius and Saba (BES) became special municipalities of the Netherlands. Therefore, the data presented here refer to the the monetary union. *** - Sign means an increase in reserves.

4

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENReal Sector Quarterly Overview, Curaçao

2011-III - 2015-III

4

5

6

7

8


NA

f. B

illio

ns

Graph 1a. GDP

130,000Graph 1e. Stay-over Arrivals

90Graph 1f. Occupancy Rate

-2

-1

0

1

2


Per

cent

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Graph 1b. Real GDP Growth

8

10

12

14

16


Per

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Graph 1d. Unemployment Rate

0

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3

4


Per

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Graph 1c. Inflation (12 months avg.)

5

70,000

85,000

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130,000


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f Arr

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Graph 1e. Stay-over Arrivals

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Graph 1f. Occupancy Rate

10,000

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Graph 1g. Cruise Arrivals

350,000

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550,000


Num

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f Pas

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Graph 1h. Airport Passengers

5

CENTRALE BANK VAN CURAÇAO EN ST. MAARTEN Real Sector Quarterly Overview, CuraçaoReal Sector Quarterly Overview, Curaçao

2011-III - 2015-III

CENTRALE BANK VAN CURAÇAO EN ST. MAARTEN

2,000

4,000

6,000

8,000

10,000


Num

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f Vis

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Graph 1i. Freezone Visits

10,000

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14,000

16,000

18,000


Tot

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RT

Graph 1j. Ships Piloted

18,000

20,000

22,000

24,000

26,000


TE

U

Graph 1k. Container Movements

160

170

180

190

200


Mw

h (I

ndex

)Graph 1l. Electricity Production

140

Graph 1m. Water Production 250

Graph 1n. Construction Index

6

120

125

130

135

140


M3

(Ind

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90

130

170

210

250


Inde

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00=

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Graph 1n. Construction Index

75

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175

225

275


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Graph 1o. Ship Repair

30

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70

90

110


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93=

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Graph 1p. Refining Index

6

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Public Finances Quarterly Overview, Curaçao

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENPublic Finances Quarterly Overview, Curaçao

2011-III - 2015-III

-50

-25

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NA

f. M

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Graph 2b. Budget Balance

0

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Graph 2c. Government Debt

200

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NA

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Graph 2a. Government Budget

Revenues Expenditures

77

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Balance of Payment Quarterly Overview, Curaçao

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENBalance of Payments Quarterly Overview, Curaçao

2011-III - 2015-III

-600

-450

-300

-150

0


NA

f. M

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Graph 3a. Current Account Balance

-700

-600

-500

-400

-300


NA

f. M

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Graph 3b. Trade Balance

100

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300

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500


NA

f. M

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Graph 3c. Service Balance

65

Graph 3e. International Financial andBusiness Services

150

200

250

300

350


NA

f. M

illio

nsGraph 3d. Tourism

Graph 3f. Capital and Financial Account

8

25

35

45

55

65


NA

f. M

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8,000

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Graph 3g. Licence Fee

150

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NA

f. M

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8

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Monetary Sector Quarterly Overview, Curaçao

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENMonetary Sector Quarterly Overview, Curaçao

2011-III - 2015-III

3,000

3,500

4,000

4,500

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NA

f. M

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Graph 4a. Private Loans

800

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900

950

1,000


NA

f. M

illio

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Graph 4c. Private Loans, Consumer

800

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1,600

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2,400


NA

f. M

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Graph 4b. Private Loans, Mortgages

1,100

1,200

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NA

f. M

illio

nsGraph 4d. Private Loans, Business

99

CENTRALE BANK VAN CURAÇAO EN ST. MAARTEN Real Sector Quarterly Overview, St. Maarten

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENReal Sector Quarterly Overview, Sint Maarten

2011-III - 2015-III

1.0

1.5

2.0

2.5

3.0


NA

f. B

illio

ns

Graph 1a. GDP

0

2

4

6

8


Per

cent

age

Graph 1c. Inflation (12 months avg.)

70,000

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Num

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Graph 1d. Stay-over Arrivals

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80


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Graph 1e. Occupancy Rate

150,000

200,000

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300,000

350,000


Num

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of A

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Graph 1f. Cruise Arrivals

300,000

350,000

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500,000


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asse

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s

Graph 1g. Airport Passengers

7,000

9,000

11,000

13,000

15,000


Tot

al G

RT

Graph 1h. Ships Piloted

10

CENTRALE BANK VAN CURAÇAO EN ST. MAARTEN Real Sector Quarterly Overview, St. MaartenReal Sector Quarterly Overview, Sint Maarten

2011-III - 2015-III


10,000

15,000

20,000

25,000

30,000


TE

U

Graph 1i. Container Movements

190

210

230

250


Mw

h (I

ndex

)

Graph 1j. Electricity Production

300

350

400

450

500


M3

(Ind

ex)

Graph 1k. Water Production

30

60

90

120

150


Num

ber

of P

erm

itsGraph 1l. Issued Building Permits

11

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Public Finances Quarterly Overview, St. Maarten

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENPublic Finances Quarterly Overview, Sint Maarten

2011-III - 2015-III

-60

-40

-20

0

20


NA

f. M

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ns

Graph 2b. Budget Balance

0

50

100

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200


NA

f. M

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Graph 2a. Government Budget

Revenues Expenditures

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NA

f. M

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Graph 2c. Government Debt

12

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Balance Of Payment Quarterly Overview, St. Maarten

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENBalance of Payments Quarterly Overview, Sint Maarten

2011-III - 2015-III

-150

-100

-50

0

50


NA

f. M

illio

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-500

-350

-200

-50

100


NA

f. M

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75

150

225

300

375


NA

f. M

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0

100

200

300

400


NA

f. M

illio

nsGraph 3d. Tourism

4,000

4,500

5,000

5,500

6,000


NA

f. T

hous

and

s

Graph 3g. Licence Fee

-50

0

50

100


NA

f. M

illio

ns


0

3

6

9

12


NA

f. M

illio

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13

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Balance Of Payment Quarterly Overview, St. Maarten

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENMonetary Sector Quarterly Overview, Sint Maarten

2011-III - 2015-III

1,000

1,250

1,500

1,750

2,000


NA

f. M

illio

ns

Graph 4a. Private Loans

500

600

700

800

900


NA

f. M

illio

ns

Graph 4b. Private Loans, Mortgages

250

300

350

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450


NA

f. M

illio

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Graph 4c. Private Loans, Consumer

300

400

500

600

700


NA

f. M

illio

nsGraph 4d. Private Loans, Business

14

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Quarterly Overview, Monetary Union

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENQuarterly Overview, Monetary Union

2011-III - 2015-III

4,000

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8,000

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12,000


NA

f. M

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Graph 5a. Total Money

2,000

3,000

4,000

5,000


NA

f. M

illio

ns

Graph 5c. Net Domestic Credit

1,500

2,500

3,500

4,500

5,500


NA

f. M

illio

ns

Graph 5b. Net Foreign Assets

1,000

1,500

2,000

2,500

3,000


NA

f. M

illio

ns

Graph 6b. Official Foreign Exchange Reserves

2.0

3.0

4.0

5.0

6.0


Mon

ths

Graph 6a. Import Coverage

Target Import Coverage (months)

4,000

5,000

6,000

7,000


NA

f. M

illio

nsGraph 5d. Private Loans

-800

-600

-400

-200

0


NA

f. M

illio

ns


-1,300

-1,100

-900

-700

-500


NA

f. M

illio

ns


15

CENTRALE BANK VAN CURACAO EN ST. MAARTEN Quarterly Overview, Monetary UnionQuarterly Overview, Monetary Union

2011-III - 2015-III


9

11

13

15

17


Per

cent

age

Graph 8a. Total Capital-to-Total Risk Weighted Assets

60

65

70

75


Per

cent

age

Graph 8b. Total Loans-to-Total Deposits

20

30

40

50

60


NA

f. M

illio

ns

Graph 8c. Liquid Assets-to-Short Term Liabilities

0.0

1.0

2.0

3.0

4.0


Per

cent

age

Graph 8d. Return-on-Assets

0

200

400

600

800


NA

f. M

illio

ns


20

40

60

80


NA

f. M

illio

ns


0

200

400

600

800


NA

f. M

illio

ns

Graph 7d. Tourism

12,500

15,000

17,500

20,000

22,500


NA

f. T

hous

and

sGraph 7f. Licence Fee

16

Quarterly Overview, Monetary Union2011-III - 2015-III


6.0

8.0

10.0

12.0

14.0


Per

cent

age

Graph 8e. Nonperforming Loans-to-Total Gross Loans

17

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENReal Sector Quarterly Overview, International Indicators

2011-III - 2015-III

-8.0

-4.0

0.0

4.0

8.0


Per

cent

age

Graph 9a. GDP

USA Neth Eur Ven

0

20

40

60

80

-5

-3

0

3

5


Per

cent

age

Graph 9b. Inflation (12 month avg)

USA (L) Neth (L) Eur (L) Ven (R)

1

4

7

10

13


Per

cent

age

Graph 9c. Unemployment

USA Neth Eur Ven

-150

-75

0

75

150


Inde

x

Graph 9d. Consumer Confidence

USA Neth Eur

1818

CENTRALE BANK VAN CURAÇAO EN ST. MAARTEN Real Sector Quarterly Overview, St. Maarten

CENTRALE BANK VAN CURAÇAO EN ST. MAARTENReal Sector Quarterly Overview, Curaçao compared with Sint Maarten

2011-III - 2015-III

0.0

2.0

4.0

6.0

8.0


NA

f. B

illio

ns

Graph 10a. GDP

St. Maarten Curaçao

0.0

2.0

4.0

6.0

8.0


Per

cent

age

Graph 10c. Inflation (12 month avg)


70,000

85,000

100,000

115,000

130,000


Num

ber

of A

rriv

als

Graph 10d. Stay-over Arrivals


0

100,000

200,000

300,000

400,000

500,000


Num

ber

of A

rriv

als

Graph 10e. Cruise Arrivals


5,000

9,000

13,000

17,000

21,000


Tot

al G

RT

Graph 10f. Ships Piloted


19

Curaçao1. Real Sector Yearly OverviewGDP (in billions NAf.)* Nominal GDP Curaçao (source CBS), current year CBCS estimate.Real GDP Growth (%) Growth in Real GDP Curaçao (source CBS), current year CBCS estimate based

on economic indicators.Inflation (%) Change in the 12 month average consumer price index of Curaçao, current

month compared to the same month previous year.Unemployment Rate (%) Number of jobseekers as a proportion of the workforce, source Labour Force

Survey.Stay-over Arrivals Total stay-over visitor arrivals, excl. Antilleans.Occupancy Rate (%) Hotel occupancy of all hotel members of CHATA.Cruise Arrivals Number of cruise passengers.Airport Passengers Number of arrivals, departures and transit passengers.Freezone Visits Number of free zone visits, excl. Antilleans.Ships Piloted Total gross tonnage of ships piloted into the harbors, excl. tugs.Container Movements Total m3 cargo movements loaded and unloaded, local and transshipment.Electricity Production Total MwH of electricity produced on Curaçao.Water Production Total m3 of water produced on Curaçao.Construction Index The average of the indices of produced bricks and produced sand. 2000=100

Ship Repair Index Manhours of ships repaired (2000=100).Refining Index Index of the amount of oil refined in Curaçao (1993=100).

2. Public Finances Yearly OverviewBudget Balance Revenues minus expenditures of the Curaçao government (accrual basis).Budget Balance (% of GDP) Operational balance of the Curaçao government as a percentage of nominal

GDP of Curaçao.Revenues Current revenues of the Curaçao government (accrual basis).Expenditures Current Expenditures of the Curaçao government (accrual basis).Financing Financing of the operational balance.Monetary Current account and net demand deposits minus loans and securities by the

government of Curaçao at the commercial banks and the Central Bank.Nonmonetary Government securities in the hands of the public and other non-bank

institutions.Government Debt* Total debt of the Curaçao government, including arrears.Domestic Domestic debt of the Curaçao government.Foreign Foreign debt of the Curaçao government.Government Debt (% of GDP) Total debt of the Curaçao government as a percentage of nominal GDP of

Curaçao.Domestic (% of GDP) Domestic debt of the Curaçao government as a percentage of nominal GDP of

Curaçao.Foreign (% of GDP) Foreign debt of the Curaçao government as a percentage of nominal GDP of

Curaçao.

3. Balance of Payments Yearly OverviewCurrent Account Balance The difference between export and import of goods and services, received and

paid income and current transfers between residents of Curaçao and the rest of the world in a given period.

Trade Balance The difference between export and import of goods between residents of Curaçao and the rest of the world in a given period.

Exports Export of goods of residents by Curaçao to the rest of the world.Imports Import of goods of residents by Curaçao from the rest of the world.

Explanatory notes to the data

20

Service Balance The difference between export and import of services (e.g. travel, transport) between residents of Curaçao and the rest of the world in a given period.

Exports Export of services (e.g. travel, transport) by residents of Curaçao to the rest of the world in a given period.

Tourism The amount of tourism income generated in Curaçao.International Financial and Business Services The amount of operational income (management fees) generated from

international financial & business services provided by Curaçao. Imports Import of services (e.g. travel, transport) by residents of Curaçao from the rest

of the world in a given period.Income Balance All net income from the factors of production labour (labour income) and

capital (investment income) from the rest of the world. Current Transfers Balance Transfers to and from the government of Curaçao, workers remittances and

other current transfers with the rest of the world.

Capital and Financial AccountCapital transfers and acquisition or disposal of nonproduced, nonfinancial assets and financial assets and liabilities with the rest of the world.

Net Change in International Reserves** The change in net international reserves of Curaçao due to foreign exchange transactions in a given period, excl. gold.

License Fee (in thousands NAf.) Total license fee (1% of payments abroad) collected on Curaçao.

4. Monetary Sector Yearly OverviewPrivate Loans* Loans to private sector by commercial banks of Curaçao. Private loans consist

of consumer loans, business loans and mortgages.Mortgages Outstanding mortgages to private sector by commercial banks of Curaçao.Consumer Loans Outstanding consumer loans to private sector by commercial banks of

Curaçao.Business Loans Outstanding business loans to private sector by commercial banks of

Curaçao.

Sint Maarten1. Real Sector Yearly Overview GDP (in billions NAf.)* Nominal GDP Sint Maarten (source Statistical Office), current year CBCS

estimate.Real GDP Growth (%) Growth in Real GDP Sint Maarten (source Statistical Office) current year CBCS

estimate based on economic indicators.Inflation (%) Change in the 12 month average consumer price index of Sint Maarten, current

month compared to the same month previous year.Unemployment Rate (%) Number of jobseekers as a proportion of the workforce, source Labour Force

Survey.Stay-over Arrivals Total stay-over visitor arrivals, excl. Antilleans.Occupancy Rate (%) Hotel occupancy of all hotel members of SHATA.Cruise Arrivals Number of cruise passengers.Airport Passengers Number of Arrivals, departures and transit passengers.Ships Piloted Total gross tonnage of ships piloted into the harbors, excl. tugs.Container Movements Total m3 cargo movements loaded and unloaded.Electricity Production Total MwH of electricity produced on Sint Maarten.Water Production Total m3 of water produced on Sint Maarten.Issued Building Permits Number of issued building permits by the Department of Public Housing and

Spatial development.

21

2. Public Finances Yearly OverviewBudget Balance Revenues minus expenditures of the Sint Maarten government (accrual

basis).Budget Balance (% of GDP) Operational balance of the Sint Maarten government as a percentage of nominal Revenues Revenues of the Sint Maarten government (accrual basis).Expenditures Expenditures of the Sint Maarten government (accrual basis).Financing Financing of the operational balance.Monetary Current account and net demand deposits minus loans and securities by the

government of Sint Maarten at the commercial banks and the Central Bank.Nonmonetary Government securities in the hands of the public and other non-bank

institutions.Government Debt* Total debt of the Sint Maarten government, including arrears.Domestic Domestic debt of the Sint Maarten government.Foreign Foreign debt of the Sint Maarten government.Government Debt (% of GDP) Total debt of the Sint Maarten government as a percentage of nominal GDP of

Sint Maarten.Domestic (% of GDP) Domestic debt of the Sint Maarten government as a percentage of nominal

GDP of Sint Maarten.Foreign (% of GDP) Foreign debt of the Sint Maarten government as a percentage of nominal GDP

of Sint Maarten.

3. Balance of Payments Yearly OverviewCurrent Account Balance The difference between export and import of goods and services, received and

paid income and current transfers between residents of Sint Maarten and the rest of the world in a given period.Trade Balance The difference between export and import of goods between residents of Sint

Exports Export of goods of residents by Sint Maarten to the rest of the world.Imports Import of goods of residents by Sint Maarten from the rest of the world.Service Balance

The difference between export and import of services (e.g. travel, transport) between residents of Sint Maarten and the rest of the world in a given period.

Exports of the world in a given period.Tourism The amount of tourism income generated in Sint Maarten.International Financial and Business Services The amount of operational income (management fees) generated from

international financial & business services provided by Sint Maarten. Imports Import of services (e.g. travel, transport) by residents of Sint Maarten from the

rest of the world in a given period.Income Balance All net income from the factors of production labour (labour income) and

capital (investment income) from the rest of the world. Current Transfers Balance Transfers to and from the government of Sint Maarten, workers remittances and

other current transfers with the rest of the world.Capital and Financial Account Capital transfers and acquisition or disposal of nonproduced, nonfinancial assets

and financial assets and liabilities with the rest of the world.Change in International Reserves** exchange transactions in a given period.License Fee (in thousands NAf.) Total license fee (1% of payments abroad) collected on Sint Maarten.

22

4. Monetary Sector Yearly OverviewPrivate Loans* Loans to private sector by commercial banks of Sint Maarten. Private loans

consist of consumer loans, business loans and mortgages.

MortgagesOutstanding mortgages to private sector by commercial banks of Sint Maarten.

Consumer Loans Outstanding consumer loans to private sector by commercial banks of Sint Maarten.

Business Loans Outstanding business loans to private sector by commercial banks of Sint Maarten.

Monetary Union5. Money, Credit and Interest Rates Total Money (M2)* Broad money (money + near money) Monetary Union of Curaçao and Sint

Maarten.Total Money (% of GDP) Broad money (money + near money) Monetary Union of Curaçao and Sint

Maarten as a percentage of the nominal GDP of Curaçao and Sint Maarten.Net Domestic Credit* The sum of net credit to the nonfinancial public sector, credit to the private

sector, and other accounts Monetary Union of Curaçao and Sint Maarten.Net Foreign Assets*

Net official reserves (gold+foreign assets CBCS-foreign liabilities CBCS) + net foreign assets commercial banks (total foreign assets - total foreign liabilities), Monetary Union of Curaçao and Sint Maarten.

Change in Money Supply Factors affecting changes in total liquid assets (total claims on domestic sectors + net foreign assets).

Domestic Sector (net) Change in liquid assets of the domestic sector.Former Central Government Change in liquid assets of the former Central Government.Curaçao Government Change in liquid assets of the Curaçao Government.St. Maarten Government Change in liquid assets of the Sint Maarten Government.Private Sector Change in liquid assets of the private sector of Curaçao and Sint Maarten.Miscellaneous Misscelaneous changes in liquid assets of Curaçao and Sint Maarten.Foreign Sector (net) Change in net official reserves.Pledging Rate (%) Interest rate at which commercial banks can get Certificates of Deposits with the

Central Bank.Current Account Overdrafts (%) Average interest rate of commercial banks on current account overdrafts.Government Bond (5-years) (%) Government Bonds effective yield (medium and long).Private Loans* Loans to private sector by commercial banks of Curaçao and Sint Maarten.

Private loans consist of consumer loans, business loans and mortgages.Mortgages Outstanding mortgages to private sector by commercial banks of Curaçao and

Sint Maarten.Consumer Loans Outstanding consumer loans to private sector by commercial banks of Sint

Maarten.Business Loans Outstanding business loans to private sector by commercial banks of Curaçao

and Sint Maarten.

23

6. International Reserves Net International Reserves* The net international reserves of the Monetary Union comprise the net foreign

assets of the Central Bank.Central Bank Net foreign assets of the Central Bank including gold.Gold Value of the Central Bank's claim on the Gold Fund, as of October 10, 2010

based on market value. Official Foreign Exchange Reserves Net foreign assets of the central Bank excluding gold.Commercial Banks Net foreign assets of the commercial banks.Import Coverage (months) The number of months of merchandise and services imports that can be paid

from the available gross official reserves (excl. gold) of the Central Bank in a given period.

7. Balance of Payments Current Account Balance The difference between export and import of goods and services, received and

paid income and current transfers between residents of the Monetary Union and the rest of the world in a given period.

Trade Balance The difference between export and import of goods between residents of the Monetary Union and the rest of the world in a given period.

ExportsExport of goods of residents of the Monetary Union to the rest of the world.

Imports Import of goods of residents of the Monetary Union from the rest of the world.

Service Balance The difference between export and import of services (e.g. travel, transport) between residents of the Monetary Union and the rest of the world in a given period.

Exports Export of services (e.g. travel, transport) by residents of the Monetary Union to the rest of the world in a given period.

Tourism The amount of tourism income generated in the Monetary Union.International Financial and Business Services international financial & business services provided by the Monetary Union. Imports Import of services (e.g. travel, transport) by residents of the Monetary Union

from the rest of the world in a given period.Income Balance All net income from the factors of production labour (labour income) and

capital (investment income) from the rest of the world. Current Transfers Balance Transfers to and from the government of the Monetary Union, workers

remittances and other current transfers with the rest of the world.Capital and Financial Account Capital transfers and acquisition or disposal of nonproduced, nonfinancial assets

and financial assets and liabilities with the rest of the world.Net Change in International Reserves** The change in net international reserves of the Monetary Union due to foreign

exchange transactions in a given period, excl. gold.License Fee (in thousands NAf.) Total license fee (1% of payments abroad) collected on the Monetary Union.

8. Macroprudential Indicators Total Capital-to-Total Risk Weighted Assets Tier 1 capital, adjusted for unrealized gains, plus Tier 2 capital, adjusted for

unconsolidated affiliates, as a percentage of gross risk weighted assets.Total Loans-to-Total Deposits Loans as a percentage of total deposits of the commercial banks.Liquid Assets-to-Short Term Liabilities Total liquid assets as a percentage of total liabilities ≤ 1 year. Return-on-Assets Total interest income minus total interest expenses plus other income and

realized gains on marketable securities minus operational expenses as a percentage of annualized average of total assets (including compensations and general provisions).

Non Performing Loans-to-Total Gross Loans Nonperforming loans (incl. specific provisions) as a percentage of total loans (incl. specific provisions and compensations).

24

9. International IndicatorsReal GDP Growth U.S.A. Real GDP Growth, percentage change quarter compared to same quarter

previous year.Real GDP Growth Europe Real GDP Growth, percentage change quarter compared to same quarter

previous year.Real GDP Growth Netherlands Real GDP Growth, percentage change quarter compared to same quarter

previous year.Real GDP Growth Venezuela Real GDP Growth, percentage change quarter compared to same quarter

previous year.Inflation U.S.A. (12 months avg.) Change in the 12 month average consumer price index of the United States of

America, current month compared to the same month previous year.Inflation Europe (12 months avg.) Change in the 12 month average consumer price index of the European Union,

current month compared to the same month previous year.Inflation Netherlands (12 months avg.) Change in the 12 month average consumer price index of the Netherlands,

current month compared to the same month previous year.Inflation Venezuela (12 month avg.) Change in the 12 month average consumer price index of Venezuela, current

month compared to the same month previous year.Unemployment U.S.A. Seasonally adjusted unemployment rate 16 years and older.Unemployment Europe Seasonally adjusted unemployment rate 15-64 years, European Union 28 area.

Unemployment Netherlands Seasonally adjusted unemployment rate 15-64 years.Unemployment Venezuela Unemployment rate 15 years and older.Consumer Confidence U.S.A. Consumer Confidence Index of the The Conference Board.Consumer Confidence Europe Confidence Indicator of the European Commission.Consumer Confidence Netherlands Confidence Indicator from the Consumer Confidence Survey, CBS Netherlands.

* Stock value, end of period** - Sign means an increase in reserves

25

Documents

2011-III – 2015-III - Central · PDF fileBusiness Loans 1,261.5 1,397.4 1,461.1 1,344.7 1,278.5 * Stock value, end of period. ... Money, Credit and Interest Rates (in millions NAf.)