The recently generated 2023 economic indicator table report for the first half of 2023 paints an encouraging picture of St. Maarten's economic landscape, showcasing growth and resilience across key indicators.
Real GDP Estimate
St. Maarten's Gross Domestic Product (GDP) forecasts a growth rate of 4.6% in 2021. With an estimated value of 2.27 billion Guilders, this trajectory signifies a positive economic landscape. Over the past few years, St. Maarten’s Gross Domestic Product (GDP) has experienced fluctuations as demonstrated in the GDP Table. This table provides valuable insights into the dynamics that influence our Country's GDP estimates. Among these factors are natural disasters, the pandemic, and the subsequent rebuilding efforts. These factors have all played a role in shaping our economic landscape.
Inflation
The calculation of the half-year inflation rate 2023, which stands at 1.61%, draws upon the inflation rates recorded during the first two quarters of this year. The inflation rate sheds light on changes in the general price levels of goods and services within the country. The graphs below show St. Maarten’s Inflation versus the USA Inflation rate which displays a very similar trend. As expected, the inflation rate is closely linked to the Inflation rate of the US Economy since many of our products come from the US, esp. food items. Compared to the previous 12 months there has been an increase in costs within the household expenditure items such as, Food and non-alcoholic beverages (+4.88%). There was however a double digit decrease in transport (-11.08%) this was primarily attributed to decreases in fuel prices compared to the same time last year.