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Curacao Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Curacao Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Most of Curacao's GDP results from services. Tourism, petroleum refining and bunkering, offshore finance, and transportation and communications are the mainstays of this small island economy, which is closely tied to the outside world. Curacao has limited natural resources, poor soil, and inadequate water supplies, and budgetary problems complicate reform of the health and education systems. Although GDP grew only slightly during the past decade, Curacao enjoys a high per capita income and a well-developed infrastructure compared to other countries in the region.

Curacao has an excellent natural harbor that can accommodate large oil tankers, and the port of Willemstad hosts a free trade zone and a dry dock. Venezuelan state-owned oil company PdVSA, under a contract in effect until 2019, leases the single refinery on the island from the government, directly employing some 1,000 people. Most of the oil for the refinery is imported from Venezuela and most of the refined products are exported to the US and Asia. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Venezuela being the major suppliers.

The government is attempting to diversify its industry and trade. Curacao is an Overseas Countries and Territories (OCT) of the European Union. Nationals of Curacao are citizens of the European Union, even though it is not a member. Based on its OCT status, products that originate in Curacao have preferential access to the EU and are exempt from import duties. Curacao is a beneficiary of the Caribbean Basin Initiative and, as a result, products originating in Curacao can be imported tax free into the US if at least 35% has been added to the value of these products in Curacao. The island has state-of-the-art information and communication technology connectivity with the rest of the world, including a Tier IV datacenter. With several direct satellite and submarine optic fiber cables, Curacao has one of the best Internet speeds and reliability in the Western Hemisphere.

GDP (purchasing power parity):
$3.128 billion (2012 est.)
$3.02 billion (2011 est.)
$2.96 billion (2010 est.)
note: data are in 2012 US dollars
country comparison to the world: 189
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2012 est.)
2% (2011 est.)
0.1% (2010 est.)
country comparison to the world: 95
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,000 (2004 est.)
country comparison to the world: 112
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 66.9% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 33.6% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.4% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 17.5% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7% (2012 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15.5% (2012 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 83.8% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
aloe, sorghum, peanuts, vegetables, tropical fruit

Industries:
tourism, petroleum refining, petroleum transshipment, light manufacturing, financial and business services

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
73,010 (2013)
country comparison to the world: 185
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 81.8% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
13% (2013 est.)
9.8% (2011 est.)
country comparison to the world: 166
[see also: Unemployment rate country ranks ]

Budget:
Taxes and other revenues:
16.6% (of GDP) (2012 est.)
country comparison to the world: 177

Budget surplus (+) or deficit (-):
-0.4% (of GDP) (2012 est.)
country comparison to the world: 56
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33.2% of GDP (2012 est.)
40.6% of GDP (2011 est.)
country comparison to the world: 158
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.6% (2013 est.)
2.8% (2012 est.)
country comparison to the world: 124
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA% (31 December 2010)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.5% (31 December 2011 est.)
14.5% (31 December 2010 est.)
country comparison to the world: 45
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.728 billion (31 December 2011 est.)
$1.618 billion (31 December 2010 est.)
country comparison to the world: 138
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.953 billion (31 December 2011 est.)
$4.31 billion (31 December 2009 est.)
country comparison to the world: 109
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.882 billion (31 December 2011 est.)
$3.799 billion (31 December 2010 est.)
country comparison to the world: 133
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$400 million (2011 est.)
-$600 million (2010 est.)
country comparison to the world: 112
[see also: Current account balance country ranks ]

Exports:
$555.6 billion (2017 est.)
$1.44 billion (2010 est.)
country comparison to the world: 6
[see also: Exports country ranks ]

Exports - commodities:
petroleum products

Imports:
$540.3 billion (2018 est.)
$453.8 billion (2017 est.)
country comparison to the world: 8
[see also: Imports country ranks ]

Imports - commodities:
crude petroleum, food, manufactures

Reserves of foreign exchange and gold:
$0 (31 December 2017 est.)
country comparison to the world: 191
[see also: Reserves of foreign exchange and gold country ranks ]

Exchange rates:
Netherlands Antillean guilders (ANG) per US dollar -
1.79 (2017 est.)
1.79 (2016 est.)
1.79 (2015 est.)
1.79 (2014 est.)
1.79 (2013 est.)

NOTE: 1) The information regarding Curacao on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Curacao Economy 2019 information contained here. All suggestions for corrections of any errors about Curacao Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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